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Jeddah, Saudi Arabia - The International Islamic Trade Finance Corporation (ITFC), the multilateral trade financing institution and a member of the Islamic Development Bank Group (IDB) has signed a Memorandum of Understanding (MoU) with Istanbul Zaim University (ZIU), an institution of higher learning incorporated in Turkey that offers undergraduate and graduate programs in many branches of modern science and humanities.
The purpose of the MoU is to provide a general framework for facilitating collaboration and cooperation between ITFC and IZU in order to raise the awareness for Islamic trade finance solutions and maintain joint research and studies on Islamic financial products.
The signing ceremony took place in ITFC’s headquarters – Jeddah, where Eng. Hani Salem Sonbol, the CEO of ITFC signed the memorandum for the corporation and Prof. Mehmet Bulut, the President of IZU signed for the university.
ITFC provides trade financing facilities in addition to business advisory services to its clients, introduce them to different partners in other OIC Member Countries, building capacities of SMEs in collaboration with local institutions, and exchanging expertise and experiences among traders through Reverse Linkages.
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About ITFC
The International Islamic Trade Finance Corporation (ITFC) is an autonomous entity within the Islamic Development Bank Group. It was created with the purpose of advancing trade, which would ultimately contribute to the overarching goal of improving socioeconomic condition of the people across the Islamic world. ITFC has since consolidated all the trade finance businesses that used to be handled by various windows within IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of IDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
As a leader in Sharia-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. Its primary focus is to encourage more intra-trade among OIC Member Countries. As a member of IDB Group, ITFC has unique access to Member Countries’ governments and it works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market. www.itfc-idb.org
About Istanbul Zaim University
Istanbul Zaim University (IZU) is an institution of higher learning incorporated in Turkey. The university offers undergraduate programs in many branches of modern science and humanities in twenty two departments as well as graduate studies in eight departments. IZU aims to position itself as the main academic research and training center for Islamic Economics and Islamic Finance in Turkey. The university has mutual and Erasmus agreements with many universities around the globe and currently embraces 500 international students from 60 countries.
© Press Release 2017
