The International Islamic Trade Finance Co-operation (ITFC), has signed an agreement with Agroinvestbank, a private commercial bank headquartered in Dushanbe, Tajikistan.

The main objective of the memorandum of understanding is the promotion of Islamic finance. In addition, the two entities will identify, structure and finance trade operations in Tajikistan.

Murodali Alimardon, chairman of Agroinvestbank, notes in a joint statement that “both parties will use their best efforts to bring together those capabilities and resources to search opportunities for joint trade financing co-operation in Tajikistan that are within the parameters of shariah principles”.

The ITFC has supported Tajikistan since its inception in 2008, and has provided a total of US$64mn to its government, in co-operation with Agroinvestbank.