Jun 29 2011 |
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MOU Signing Ceremony Between Itfc And HSBC Bank Middle East Limited, UAE
Jeddah: - In an effort to provide assistance and cooperation between the two entities, the International Islamic Trade Finance Corporation (ITFC) and HSBC Bank Middle East Limited, UAE today signed a Memorandum of Understanding (MoU) during the IDB Group's 36th Annual Meeting on 28 June 2011, outlining their plans to work together to expand their participation in co-financing and syndicated trade finance operations, as well as investing ITFC's liquid funds in Shariah-compatible investments , providing related treasury products and assisting the implementation of ITFC's trade Operations.
The signing ceremony witnessed Dr. Waleed Al-Wohaib, CEO of ITFC and Mr. Razi S Fakih, Deputy CEO of HSBC ; in the presence of Mr. Mohanna Sobieh, GM Treasury of ITFC and Mr. Ayub Khan, AGM Operations along with Mr. Shamzani Hussain, Director of Financial Institutional Group of HSBC and Mr. Ian Rogers, Head of Trade Sales Middle East and North Africa.
"This MoU is a milestone towards enhancing the cooperation between the two entities at the Operational and Institutional levels", commented Dr. Waleed Al-Wohaib. He added, " HSBC is a premier global trade bank with strong trade service operations in the Middle East, Africa, Asia Pacific and Europe, this helps ITFC in its mandate to promote and develop the intra-OIC trade and reach out to our LDMCs"
From his end, Mr. Razi added that this Agreement opens the doors of new opportunities and cooperation between the two entities in finding new trade finance solutions for the benefit of IDB's member countries, that will contribute to the development of the Intra-OIC trade.
About the International Islamic Trade Finance Corporation - ITFC:
The International Islamic Trade Finance Corporation (ITFC) commenced operations on 1st of Muharram 1429H (January 10, 2008G), with an Authorized Capital of $3 billion of which $750 million were issued for subscription.
As an autonomous entity within the Islamic Development Bank Group (IDB), the ITFC was formed to merge the trade finance business that was formerly undertaken by various windows within the IDB Group. This consolidation under a single umbrella increased the efficiency of service delivery and enabled the ITFC to rapidly respond to customers' needs in a market-driven business environment. A rich heritage that spans more than 30 years in trade finance by the IDB Group, puts ITFC in a leadership position in fostering socio-economic development, setting new benchmarks in ethical trade financing and developing innovative Shariah-compliant solutions.
Operating to world-class standards, the ITFC's mission is clear from its mandate to promote the IDB Group's developmental objectives by being a catalyst for the development of trade among OIC Member Countries and with the rest of the world and aspires to be a recognized provider of trade solutions for the OIC Member Countries' needs; in order to fulfill its brand promise of 'Advancing Trade, Improving Lives.' (www.itfc-idb.org)
For more information:
Corporate Marketing, ITFC
itfc@itfc-idb.org
© Press Release 2011
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