The International Islamic Trade Finance Corporation (ITFC) has established a branch in Dubai, which it says will become a gateway for facilitating and promoting intra-regional trade among the Organisation of the Islamic Co-operation (OIC) member countries.

At the signing ceremony, Obaid Humaid Al Tayer, minister of state for financial affairs of the government of the UAE, emphasised the importance of the launch, stating: “The UAE has strong ties with various international organisations 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 organisations and the establishment of its branches. Moreover, this agreement will enable ITFC to access new trade finance markets on a larger scale.”

The ITFC has approved 13 trade financing operations in favour of the UAE for a total amount of US$288.5mn. The 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, petroleum products and essential oils.