International Islamic Trade Finance Corporation (ITFC)

International Islamic Trade Finance Corporation (ITFC)


The Global Islamic Finance Awards has announced ITFC (ITFC-idb.org) as the winner of the Islamic Trade Finance Institution category at the 2021 edition of the Global Islamic Finance Awards.

Commenting on the reception of the award, CEO of ITFC, Eng. Sonbol said: “ITFC is honored to have been once again awarded as the best Islamic trade finance institution globally after winning same in 2018. This is not only an announcement we celebrate as a team, but it also gives us the opportunity to take stock of the impact our projects and investments have had on the economies of the regions we operate in from the start of the Covid-19 pandemic up until now. We are happy of the outcome while gearing up to do more to support our member-countries.”

Eng. Sonbol added: “ITFC since inception in 2008, provided US$58 billion of trade financing while disbursements stood at US$48 billion, with trade support extended to the the strategic sectors in Member countries including critical sectors of Health, Energy, Agriculture, and SMEs, among others during the pandemic. Additionally, total cumulative funds mobilized from partner banks and financial institutions reached US$32.8 billion, reflecting ITFC’s leading role as a trade catalyst for our member countries.”

When the pandemic hit, the ITFC swiftly repurposed its existing financing engagements and made available new financing to focus on the critical needs of OIC member countries. ITFC’s initial Rapid Response Initiative provided US$605 million available to assist OIC member countries in purchasing emergency medical equipment and supplies, as well as strategic commodities, such as staple food.  Moreover, as part of its Recovery Response Initiative, ITFC has allocated an additional US$550 million to support strategic sectors over the next two years, as part of the Islamic Development Bank (IsDB) Group US$2.3 billion 3Rs (Respond, Restore, Restart) Strategic Preparedness and Response Program (SPRP) for COVID-19 pandemic.

In the area of trade development, ITFC continued to extend its services, technical assistance, and implement capacity building activities through various programs, including the Arab Africa Trade Bridges Program (AATB) and the Aid for Trade Initiative for Arab States (AfTIAS). The strategic priorities of ITFC over the coming years will focus on several areas including building partnerships to create sustainable development impact through providing integrated trade finance and trade development solutions to member countries.  Furthermore, as an active player on the global front, ITFC remains committed to efforts aimed at achieving the UN SDGs.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Contact Us:
Twitter: @ITFCCORP
Facebook: @ITFCCORP
LinkedIn: International Islamic Trade Finance Corporation (ITFC)
Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: ITFC@itfc-idb.org

About the International Trade 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 primary objective 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. Commencing operations in January 2008, ITFC has provided US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for 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.

Send us your press releases to pressrelease.zawya@refinitiv.com


© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.