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Jeddah, KSA: – The International Islamic Trade Finance Corporation (ITFC) in collaboration with the National Bank of Tajikistan hosted a workshop on Trade Finance Solutions for Financial Institutions operating in the Republic of Tajikistan. Held at the premises of the National Bank in Dushanbe, the workshop was organized in partnership with the State Committee on Investment, the State Property Management of the Republic of Tajikistan, and the Islamic Training and Research Institute (IRTI).
In his opening remarks, Mr. Abou Jallow, Senior Advisor to CEO and General Manager of Operations, ITFC, highlighted the importance of this workshop as being a platform for knowledge transfer within the financial sector and particularly of Islamic financing tools. He reiterated that the goal of a closer cooperation between ITFC and local and regional Financial Institutions is to increase trade promotion; offer new trade solutions and financing access to the private sector, mainly SMEs; and finance the import and export of commodities.
Topics of discussion ranged from ITFC trade finance solutions, the fundamentals of Islamic Finance, methods of settlement in international trade to export promotion and advanced tools for export credit banks. Mr. Gadoev Davlatmah Odinaevich, Head of Human Capital Department, National Bank of Tajikistan made the opening remarks, and speakers included Mr. Hojamurod Hojaev, Relationship Manager, CIS Region, ITFC, Dr. Mohammad Saleh Ayyash, Islamic Finance Expert, IRTI and Mr. Ayub Ahmad Khan, Division Manager, ITFC.
Participating in the workshop were representatives from selected local financial institutions, representatives from the Central Bank, representatives from the State Committee on Investment of Tajikistan and other State Agencies.
ITFC initially made a breakthrough into CIS markets in 2008 with the import financing facility in favor of the Government Tajikistan, following which the organization has rolled out a number of key initiatives. Since 2018, ITFC has allocated US$ 114 million in favor of the Republic of Tajikistan to finance the import of strategically important commodities.
In 2010, ITFC launched its first Structured Trade Financing (STF) operation in the CIS region through financing the agriculture sector.
The ITFC Regional Strategy for CIS, of which this workshop is a key element, is focused on enhancing cooperation with local and regional Financial Institutions. By offering trade solutions to private sector participants (mainly SMEs), financing the import/export of strategically important commodities and meeting the trade finance needs of selective corporates, ITFC and its partners aim to further enhance economic diversification and sustainable development.
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About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008 (Muharram 1429H), ITFC has since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group. Earning the A1 rating by Moody’s reflects the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
Since 2008, ITFC has provided more than US$40.2 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs. With a mission of being a catalyst for trade development among OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
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Linkedin: International Islamic Trade Finance Corporation (ITFC)
Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: ITFC@itfc-idb.org
Website: http://www.itfc-idb.org/en
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