International Islamic Trade Finance Corporation (ITFC) has announced its half year results, revealing it has carried out trade finance operation activities totalling US$1.6bn. The ITFC is an autonomous entity within the Islamic Development Bank (IDB) group.
Business results have exceeded last year’s results recorded in the same period. This year’s US$1.6bn is divided equally between financing private sector trade and 50% is in support of the public sector.
The largest portion of financing was between members of the IDB, with import financing reaching US$1.3bn, compared to the US$300mn financing raised for non-member countries.
Dr Waleed Al Wohaib, ITFC CEO, comments: "for over 30 years we have looked at trade as a vehicle for economic development in member countries and in our first year of operations our trade finance objectives were surpassed as the numbers show. We will continue to support the growth of intra-trade between member countries and to qualitatively and quantitatively increase trade finance operations in the private sector."
Dr Al Wohaib adds that the ITFC is aiming to expand its business base to include new clients such as the Lebanese Islamic Bank, Jordan Pharma, and the Afribank Nigeria.
ITFC has an authorised capital of US$3bn and a subscribed capital of US$750mn. It was formed to consolidate branches of financing previously undertaken by various windows within the IDB group. Through bringing together all its trade finance activities under one umbrella it hopes to offer a more efficient service.
Last Updated September 26, 2008
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