Latest news with #ITFC
Zawya
4 days ago
- Business
- Zawya
The International Islamic Trade Finance Corporation (ITFC) Signs EUR 15 million Master Murabaha Agreement to Support Türkiye's Private Sector
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, has signed a EUR 15 million Master Murabaha Agreement with Ak Finansal Kiralama A.Ş. (Aklease), one of Türkiye's leading leasing institutions and a subsidiary of AkBank. The two-year facility aims to expand access to Shariah-compliant trade finance solutions for Türkiye's private sector, including small and medium-sized enterprises (SMEs), enabling the import and pre-export of essential goods and services. The partnership reflects ITFC's ongoing commitment to supporting economic development across member countries. Commenting on this partnership, Mr. Nazeem Noordali, COO of ITFC, stated: 'This agreement underscores our long-term commitment to supporting Türkiye's private sector. By partnering with leading institutions such as Aklease, we are furthering ITFC's mandate to promote trade and foster economic growth.' From his end, Mr. Eser Okyay, General Manager, AKLease, commented,"This partnership contributes to the development of innovative financing models in the leasing sector while also reinforcing our vision of providing resources for projects that prioritize sustainable development. This agreement, which marks ITFC's first contract signed with ITFC in Türkiye's leasing sector, brings a fresh perspective to the industry. We believe that this approach, which centers on sustainability, green financing, and accessibility for SMEs, offers a valuable alternative for the real sector." This agreement is aligned with ITFC's broader strategy in Türkiye, where the Corporation has committed significant resources to supporting the private sector through targeted trade finance and capacity-building initiatives. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact us: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Social media: Twitter: ( Facebook: ( LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
Gulf Today
5 days ago
- Business
- Gulf Today
ITFC signs $513 million financing with Pakistan
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs. The signing ceremony was witnessed by Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan. This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching $513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs. This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market. This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. WAM
Arab News
5 days ago
- Business
- Arab News
ITFC signs $513m syndicated Murabaha financing with Pakistan to support energy imports
RIYADH: The International Islamic Trade Finance Corp. has signed a $513 million syndicated Murabaha financing facility with Pakistan to fund vital oil and gas imports, bolstering the country's energy sector. This deal marks ITFC's largest syndicated financing for the South Asian country in the past three years, with the final amount raised being more than double the initial target, highlighting strong investor interest and confidence, the Emirates News Agency, or WAM, reported. This latest financing aligns with ITFC's commitment to delivering effective, Shariah-compliant trade solutions that meet the pressing needs of its member countries. This also corresponds with projections from Apex Solar, which expect Pakistan's energy storage market to expand at a compound annual growth rate of 22 percent in 2025. The newly released WAM statement said: 'The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas to meet Pakistan's energy needs.' It added: 'By supporting Pakistan's energy sector, the facility contributes to broader goals of economic stability, sustainable development, and enhanced trade integration across the Organization of Islamic Cooperation region.' In addition, Pakistan's climate change minister reaffirmed the country's commitment to launching its first national carbon market, following talks with an UN-supported initiative aimed at implementing policy guidelines introduced in 2024. Federal Minister for Climate Change and Environmental Coordination Musadik Malik hosted a delegation from the Supporting Preparedness for Article 6 Cooperation initiative, which is overseen by the UN Environment Program. The five-year undertaking is supporting Pakistan, Colombia, Thailand, and Zambia in developing the capacity to trade carbon credits under Article 6 of the Paris climate accord. SPAR6C's work in Pakistan includes technical assistance, student training, and pilot activities to help the country develop robust standards for carbon trading. Malik explained that the South Asian country is committed to building a robust, transparent, and inclusive carbon market, adding that deeper cooperation with international partners and the domestic private sector will be key to delivering on the country's climate goals, according to a statement released by his office. Pakistan ranks among the world's most climate-vulnerable countries, facing frequent floods and heatwaves, yet it contributes only a fraction of global greenhouse gas emissions. The nation has set a goal of generating 60 percent of its electricity from renewable sources by 2030 and cutting projected carbon emissions by 50 percent.
Zawya
5 days ago
- Business
- Zawya
ITFC signs landmark $513mln syndicated Murabaha financing with the Government of Pakistan to support energy imports
JEDDAH, Kingdom of Saudi Arabia -- The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, signed a US$513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs. The signing ceremony was witnessed by H.E. Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan. This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching US$513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs. This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market. On this occasion, Eng. Adeeb Y. Al-Aama, CEO of ITFC, stated: 'This syndicated financing is a clear vote of confidence by the market in both the ITFC capabilities and Pakistan's economic trajectory. It demonstrates the growing trust of our financing partners and ITFC's steadfast commitment to supporting energy security in Pakistan. Since 2008, our strategic partnership with the Government of Pakistan has resulted in the approval of more than US$8.1 billion in trade finance, reflecting our longstanding commitment to the country's economic growth. This agreement represents a continuation in that partnership, as we remain dedicated to mobilizing Shari'ah-compliant resources that support Pakistan's development priorities and strengthen its trade resilience." Commenting on the signing, Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, added that "This significant financing from the International Islamic Trade Finance Corporation (ITFC) underscores the growing confidence of international capital markets and development partners in Pakistan's economic trajectory. We are witnessing positive trends in our macroeconomic indicators, reflecting the resilient efforts towards economic recovery and stability. This facility will further bolster our trade capabilities and contribute to sustained growth. Pakistan remains committed to fostering an environment conducive to robust partnerships and enhanced economic cooperation. The Government of Pakistan is grateful for the continuous support extended by the ITFC'. This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. By supporting Pakistan's energy sector, the facility contributes to broader goals of economic stability, sustainable development, and enhanced trade integration across the OIC region. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact us: E-mail: ITFC@ Social media: Twitter: Facebook: LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Islamic Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market. SOURCE: International Islamic Trade Finance Corporation (ITFC)
Zawya
6 days ago
- Business
- Zawya
International Islamic Trade Finance Corporation (ITFC) Signs Landmark US$513 Million Syndicated Murabaha Financing with the Government of Pakistan to Support Energy Imports
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, signed a US$513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs. The signing ceremony was witnessed by H.E. Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan. This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching US$513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs. This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market. On this occasion, Eng. Adeeb Y. Al-Aama, CEO of ITFC, stated: 'This syndicated financing is a clear vote of confidence by the market in both the ITFC capabilities and Pakistan's economic trajectory. It demonstrates the growing trust of our financing partners and ITFC's steadfast commitment to supporting energy security in Pakistan. Since 2008, our strategic partnership with the Government of Pakistan has resulted in the approval of more than US$8.1 billion in trade finance, reflecting our longstanding commitment to the country's economic growth. This agreement represents a continuation in that partnership, as we remain dedicated to mobilizing Shari'ah-compliant resources that support Pakistan's development priorities and strengthen its trade resilience." Commenting on the signing, Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, added that " This significant financing from the International Islamic Trade Finance Corporation (ITFC) underscores the growing confidence of international capital markets and development partners in Pakistan's economic trajectory. We are witnessing positive trends in our macroeconomic indicators, reflecting the resilient efforts towards economic recovery and stability. This facility will further bolster our trade capabilities and contribute to sustained growth. Pakistan remains committed to fostering an environment conducive to robust partnerships and enhanced economic cooperation. The Government of Pakistan is grateful for the continuous support extended by the ITFC'. This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. By supporting Pakistan's energy sector, the facility contributes to broader goals of economic stability, sustainable development, and enhanced trade integration across the OIC region. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact us: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Social media: Twitter: Facebook: LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Islamic Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
