The International Islamic Trade Finance Cooperation (ITFC), a member of the Islamic Development Bank Group (IsDB), signed a Memorandum of Understanding (MoU) with Attijariwafa Bank, a Moroccan Bank and one of the largest in Africa. The MoU will focus on opportunities for joint trade financing in Morocco and Africa in accordance with the Principles of Islamic Shariah.
The signing ceremony took place in line with the opening ceremony of the 4th International Forum for Africa Development, organized by Attijariwafa bank 25th & 26th Feb 2016 in Morocco.The MoU was signed by Eng. Hani Salem Sonbol, Acting CEO of ITFC and Mr. Mohamed El Kettani, Chairman and CEO of Attijariwafa bank.
The main objective of the MoU is to promote a long term and comprehensive relationship between ITFC and Attijariwafa bank in different areas that include bilateral treasury and interbank transactions for liquidity investment and borrowing foreign exchange. In addition, the cooperation will involve identifying opportunities for structured trade finance operations in Morocco and other markets.
Commenting on the signing of the agreement, Eng. Hani Sonbol, said, "This signing is a set up for a strategic partnership and aims at developing unique trade finance solutions which serve the needs of our member countries in the region. It is ITFC's mandate to seek partnerships to promote intra-trade among OIC Member countries and improve the livelihood of its people".
From his end, Mr. Mohamed El Kettani added that, "the signing of this MoU with ITFC reflects our mutual willingness to support Dar Safaa in its first steps in the Islamic Finance arena, and on the continental level, to spearhead the trade flows between Morocco and Sub Saharan Africa".
It is worth mentioning that ITFC provided over US$2 billion in financing to support Morocco's strategic sectors since its inception in 2008, specifically for the energy and steel industries.
The International Islamic Trade Finance Corporation (ITFC) is an autonomous entity within the Islamic Development Bank (IDB) Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group. It commenced operations in January 2008. The consolidation of the IDB Group's trade finance activities under a single umbrella increased the Corporation's efficiency in service delivery by enabling rapid response to customer needs in a market-driven business environment.
As a leader in Shari'ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its member countries. Its primary focus is to encourage intra-trade among OIC (Organization of Islamic Cooperation) member countries. As a member of the IDB Group, ITFC has unique access to governments in its member countries and works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps businesses 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.
Operating to world-class standards, the ITFC's mission is clear from its mandate to be a catalyst for the development of trade among OIC member countries and with the rest of the world. ITFC 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
© Press Release 2016