Dubai, February 9, 2016

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed an agreement with the Government of United Arab Emirates, represented by the Ministry of Finance, on the establishment and operation of its branch in Dubai. This branch will become a gateway for facilitating and promoting Intra trade among the Organization of the Islamic Cooperation (OIC) Member Countries.

The signing took place at Mina A'Salam Hotel in Jumeirah city on Tuesday, February 9, 2016. The Country Host Agreement was signed by H.E.Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the Government of the United Arab Emirates, and H.E. Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank (IDB) Group and Chairman of ITFC's Board of Directors, in the presence of Eng. Hani Salem Sonbol, the Acting CEO of the Corporation.

During the signing ceremony, H.E. Dr. Ahmad Mohamed Ali, complied that the ITFC has almost completed nine years and is perceived as a recognized provider of trade solutions for OIC member countries' needs. He added, "with ITFC's establishment of its new branch, ITFC is committed to provide the best trade solutions to its member countries hence achieve growth the financing volume and strengthen its regional presence. With UAE's partnership, ITFC will be able to expand its lines of services provided to clients to achieve IDB's mission of enhancing intra-OIC trade".

From his part, H.E. Obaid Humaid Al Tayer emphasized on the importance of this event, stating: "United Arab Emirates has strong ties with various international organizations and financial institutions, particularly the Islamic Development Bank Group. This agreement is a reinforcement of our relationship with the IDB Group and the country's position as a hub to attract International Financial Organizations and the establishment of its branches, Moreover, this agreement will enable ITFC to access new trade finance markets on a larger scale. "

From his end, Eng. Hani Salem Sonbol stressed that this agreement aims to contribute to the promotion and facilitation of intra-OIC and international trade that assists OIC member countries in creating investment opportunities in these countries to enhance their capacities in the international trade arena. ITFC also provides technical assistance and capacity building to private and public banks and institutions that operate in the field of trade finance and trade development in the OIC Member Countries.

It is worth mentioning that ITFC had approved (13) trade financing operations in favor of the UAE since 1430H, with a total amount of US$288.5 million. Additionally, ITFC team is currently working on adding new clients from the UAE market and offering new financing opportunities in various sectors such as electronic equipment, food as well as petroleum products and essential oils.

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About ITFC
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".

© Press Release 2016