Jeddah - In its mid-year financial report for 1429, the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB) GroupIslamic Development Bank (IDB) Group, announced the execution of trade finance operation activities amounting to a total of US$1.6 billion.

The report showcased positive results, represented by exceeding the trade finance operations executed during the first half of 1429 compared to what was achieved during the same period last year, 1428. The US$ 1.6 billion was divided equally, with 50 percent allocated to financing private sector trade and 50 percent allocated to the public sector.

Breaking down the amount in terms of intra-trade, the IDB member countries received the bigger slice, with financing of imports reaching US$1.3 billion compared to US$300 million for non-member countries.

Dr. Waleed Al Wohaib, ITFC CEO, stated; "for over 30 years we have looked at trade as a vehicle for economic development in member countries and in our first year of operations our trade finance objectives were surpassed as the numbers show. We will continue to support the growth of intra-trade between member countries and to qualitatively and quantitatively increase trade finance operations in the private sector."

Dr. Al Wohaib highlighted the expanding of ITFC's business base to include more new clients such as the Lebanese Islamic Bank, Jordan Pharma Co., and the Afribank Nigeria Plc.

- Ends -

About the International Islamic Trade Finance Corporation - ITFC:
The ITFC with an authorized capital of US$3 billion and a subscribed capital of US$750 million is an autonomous entity within the Islamic Development Bank Group formed to consolidate financing business that was formerly undertaken by various windows within the IDB Group. The consolidation of the bank's trade finance activities under a single umbrella increases the efficiency of service delivery by enabling rapid response to customer needs in a market-driven business environment.

A rich heritage of 30 years trade finance experience by the IDB Group puts the ITFC in a leadership position to foster socioeconomic development, set new benchmarks for trade financing and ethical based business standards, and develop innovative Shariah compliant trade financing instruments. Operating to world-class standards the ITFC promotes IDB developmental objectives through its two main pillars, Trade Finance and Trade Promotion, to fulfill its brand promise of 'Advancing Trade & Improving Lives'.

For more information, please contact:
Farah Ibrahim
TRACCS
Tel: +9714 3672530
Fax: +9714 3672531
Email: farah.ibrahim@traccs.net

© Press Release 2008

 

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