ITFC Trade Finance Operations Helps Bolsters Intra-OIC Trade and Assists with Sustainable Economic Development in Order to Enhance the Welfare of Millions of Lives across the Muslim World
Jeddah,, Thursday, August 12th 2010 [ME NewsWire]:
The International Islamic Trade Finance Corporation, ITFC, a member of the Islamic Development Bank Group, announced that it carried out 36 trade finance operations with a total value of $1.253 billion in favour of 16 countries during the first half of 1431 (2010).
Commenting on the results of the first half of 1431 (2010), Dr. Waleed Bin Abdul Mohsen Al-Wohaib, CEO ITFC, said: “These results reflect our continued efforts to advance trade by contributing to the development of markets and trading capacities to help member countries do business more effectively, in addition to being catalysts for economic solidarity, to facilitate and develop trade through the establishment of new trade links among the Organization of Islamic Conference (OIC) Member Countries".
The report showed that public sector trade finance operations amounted to $816 million, which accounts for 65% of the total finance operations in the first half, while the private sector operations amounted $437.1 million over the same period.
Given the ITFC's overall objective of being a catalyst for increased intra-trade, the lion’s share of trade financing went to OIC Member Countries, which received more than 80% or $1.014 billion of the total value of the trade finance operations. While non OIC member countries received $239 million for the same period.
Al-Wohaib added; "One of the ITFC's primary objectives is to enhance the economic welfare of least developed member countries and our mid-year financial results reflects this orientation as the volume of trade finance for the Least Developed Member Countries (LDMC's) reached $501 million or 40% of the total finance operations. He went on to add; "By providing LDMC's with funds for trade helps to bring prosperity by supporting the growth and development of economic sectors that expand and diversify business opportunities, in addition to helping to alleviate poverty through trade financing that contributes to the preservation of jobs and creation of new employment opportunities".
Geographically, Asia and CIS member countries accounted for the largest portion of the trade finance volume, representing 51% of the total trade finance operations in the period covered. This is in line with the general orientation of Islamic Development Bank Group to expand its trade finance operations in Asia while establishing and providing greater trade finance support to countries of the CIS.
Additionally, ITFC managed to increase the amount of resources mobilized significantly during this period. The amount mobilized from external resources reached $476.6 million, representing more than 38% of the total value of trade finance operations.
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About the International Islamic Trade Finance Corporation - ITFC:
The International Islamic Trade Finance Corporation (ITFC) is advancing trade to improve the economic situation and livelihoods of people across the Islamic world. As an autonomous entity within the Islamic Development Bank (IDB) Group, the ITFC was formed to merge the trade finance business that was formerly undertaken by various windows within the IDB Group. This consolidation under a single umbrella increased the efficiency of service delivery and enabled the ITFC to rapidly respond to customer needs in a market-driven business environment.
A rich heritage that spans more than 30 years in trade finance by the IDB Group puts the ITFC in a leadership position to foster socio-economic development through trade, set new benchmarks in trade financing, enhancing trade, ethical-based business standards, and developing innovative Shariah-compliant trade financing instruments.
Operating based on world-class standards; the ITFC promotes IDB Group's developmental objectives by being a catalyst for the development of trade among OIC member countries and with the rest of the world and to become the recognized provider of trade solutions for the OIC member countries in order to fulfil its promise of 'Advancing Trade & Improving Lives.'
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