Latest news with #InternationalIslamicTradeFinanceCorporation
Zawya
30-04-2025
- Business
- Zawya
International Islamic Trade Finance Corporation (ITFC) and Asakabank Ink US$ 20 Million Trade Finance Deal to Strengthen Uzbekistan's Private Sector
The International Islamic Trade Finance Corporation (ITFC) ( the trade finance arm of the Islamic Development Bank (IsDB) Group, has signed a US$ 20 million Line of Trade Finance Agreement with Asakabank to bolster trade finance solutions for SMEs and private sector clients in Uzbekistan. Structured under Murabaha, this facility is designed to support trade finance needs of SMEs, enabling business expansion, strengthening economic resilience, and contributing to sustainable development. By advancing UN SDG 8 (Decent Work and Economic Growth), the agreement empowers businesses to thrive, create jobs, and drive long-term economic progress. Through this financing, private sector companies in Uzbekistan will gain access to vital import and pre-export funding, further stimulating trade and enhancing key industries that drive the nation's economic growth. This strategic partnership marks a key milestone, making Asakabank ITFC's newest partner institution and increasing the number of active ITFC partner banks in Uzbekistan to 12. Commenting on the signing, Mr. Abdihamid Aweis Abu stated: 'The private sector serves as a key driver of economic growth in Uzbekistan, making access to funding essential for its contribution to the country's development. At ITFC, we are delighted to launch this strategic collaboration with Asakabank and are committed to strengthening our partnership to enhance trade finance accessibility for Uzbekistan's private sector and SMEs, empowering them to drive economic progress, as well as supporting the growth of Islamic finance in the country'. 'This agreement opens up new horizons for mutually beneficial cooperation and strengthens our bank's position on the international stage. The agreement with ITFC marks a strategic step for Asakabank, as ITFC is an organization that provides financial support at the international level and supports projects aligned with the principles of Islamic finance. This partnership will unlock new opportunities for Asakabank to attract investment, expand the range of services offered to our clients, and introduce innovative financial products. The agreement with ITFC paves the way for the development of the banking sector, promotes capital markets, and helps attract needed funding to support the private sector and SMEs.' Said Mr Tulyaganov Kudratilla, Chairman of the Board of AsakaBank. This financing aligns with the US$ 600 million Framework Agreement signed between ITFC and the Republic of Uzbekistan in March 2024, reinforcing ITFC's ongoing efforts to enhance trade finance access for SMEs and private sector businesses. Since 2019, ITFC has approved over US$ 168 million in financing for Uzbekistan's private sector, facilitating trade and contributing to economic development. Distributed by APO Group on behalf of 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 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.
Zawya
24-04-2025
- Business
- Zawya
Adeeb Y. Al Aama Appointed as Chief Executive Officer of the International Islamic Trade Finance Corporation
The International Islamic Trade Finance Corporation (ITFC) ( the trade finance arm of the Islamic Development Bank (IsDB) Group, is pleased to announce the appointment of Engineer Adeeb Y. Al Aama as Chief Executive Officer (CEO) ITFC, effective April 20, 2025. The appointment was approved by the ITFC Board of Directors, following the recommendation of H.E. Dr. Muhammad Al Jasser, Chairman of the ITFC Board and President of the IsDB Group. Upon his appointment, Eng. Al Aama stated: 'It is a great honor to assume leadership of ITFC as we embark on the next chapter of our growth journey. Building on the solid foundations laid over the years, I am committed to advancing ITFC's mission of empowering our member countries through innovative trade financing and development solutions. Together with the dedication of our talented team and the steadfast support of our partners, I am confident that we will drive greater impact, foster strategic partnerships, and contribute to sustainable and inclusive economic growth across our member countries.' Eng. Al Aama brings over three decades of leadership experience spanning international organizations, multinational corporations and government institutions. He has extensive experience in international trade, energy markets, strategic planning, and economics among others. His distinguished career includes serving as Saudi Arabia's Governor for OPEC and Deputy Minister of Energy for Kingdom Affairs in OPEC and Global Oil Markets, where he played a pivotal role in shaping energy policies and strengthening economic cooperation. Throughout his distinguished career, he has advised three Saudi Energy Ministers and held executive roles at Saudi Aramco and Saudi Petroleum Overseas Ltd., driving international trade partnerships and strategic initiatives. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). About the International Islamic Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries through facilitating intra-trade and international trade by providing trade finance and enhancing the trade capabilities of OIC member countries. Commencing operations in January 2008, ITFC has provided over 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.
Leaders
20-04-2025
- Business
- Leaders
ITFC Participates in Uzbekistan Trade Finance Conference 2025
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, took part in the Uzbekistan Trade Finance Conference 2025, held on Friday in Tashkent. The conference aimed to spotlight Uzbekistan's investment potential and foster connections within its business community. It served as a platform to attract foreign investors, financial institutions, and companies exploring opportunities in the Uzbek market. Key sessions covered a range of topics, including future investments, technological innovation, finance, the role of business in society, green energy, supply chain dynamics, and sustainable development in Central Asia. Throughout the event, ITFC shared insights on its role in strengthening trade resilience across the region. By providing Shariah-compliant financial solutions, ITFC supports SMEs, enhances capital access, and promotes inclusive economic growth. Since 2019, ITFC has invested over $700 million in Uzbekistan's private sector, contributing to trade expansion, food security, green initiatives, and overall business development. Related Topics : Saudi Arabia's Cultural Development Fund to Showcase Cultural Innovation at Expo 2025 Osaka Saudi Arabia to Participate in 1st Round of Free Trade Agreement between GCC, Turkey Bloomberg: Saudi Arabia Becomes New China in Attracting Investors Saudi Arabian-African Economic Conference to be Launched Next Thursday Short link : Post Views: 5
Arab News
11-04-2025
- Business
- Arab News
ITFC inks $45m energy deal with Comoros
RIYADH: The International Islamic Trade Finance Corporation has signed a €40 million ($45.43 million) Murabaha financing agreement with the African nation of Comoros to support its energy sector, the Saudi Press Agency reported. A member of the Islamic Development Bank Group, ITFC stated that the funding will ensure a stable supply of refined petroleum products and help drive growth in vital sectors such as agriculture, manufacturing, and services. The agreement aligns with the UN's Sustainable Development Goal 7, which focuses on ensuring universal access to affordable, reliable, sustainable, and modern energy by 2030. It aims to increase renewable energy adoption, enhance fuel efficiency, and expand infrastructure in developing countries.. This financing deal addresses Comoros' immediate energy needs while enhancing its resilience to global supply disruptions by guaranteeing uninterrupted fuel access for its economy. ITFC has a long-standing track record of delivering trade finance solutions to member countries, particularly those with developing economies. Its latest agreement with Comoros reflects a broader commitment to strengthening cooperation with African nations and supporting inclusive, sustainable development across the region. ITFC has provided Comoros with over $657 million in total financing since its inception in 2008, underscoring a strong and enduring partnership. This latest Murabaha deal is part of a broader $330 million framework agreement signed in September 2023, which is expected to meet up to 100 percent of Comoros' annual petroleum needs — a transformative step toward national energy security and long-term development. ITFC serves as the trade finance arm of the Islamic Development Bank Group and has provided over $83 billion in financing to OIC member countries. Its mission is to promote trade, improve socio-economic conditions, and offer member countries access to finance and trade development tools. Murabaha, a widely used Islamic finance structure, complies with Shariah law by avoiding interest-based lending. It is commonly employed for trade finance purposes, including the procurement of energy products, raw materials, and equipment — making it especially relevant in development-driven financing, such as this agreement with Comoros.
Zawya
24-03-2025
- Business
- Zawya
The International Islamic Trade Finance Corporation (ITFC) Signs US$ 20 Million Line of Financing Agreement with Trustbank in Uzbekistan
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, signed a US$20 million Line of Trade Financing Agreement with Trustbank in Uzbekistan under the Murabaha structure. This agreement aims to bolster trade finance accessibility for SMEs, women entrepreneurs, green financing initiatives, and food security aimed at reinforcing Uzbekistan's economic resilience. Under this facility, import and pre-export financing will be available to private-sector businesses in Uzbekistan, driving trade and supporting sectors critical to the country's economic development. The signing ceremony took place at ITFC's headquarters, with Mr. Sardor Normukhamedov, Chairman of the Management Board of Trustbank, and Mr. Nazeem Noordali, Officer-in-Charge, CEO ITFC, formalizing the agreement. Commenting on the signing, Nazeem Noordali stated: "The private sector remains a key driver of Uzbekistan's economic development, and Trustbank's commitment to supporting its growth is commendable. At ITFC, we are dedicated to empowering businesses through strategic trade finance solutions, and this partnership with Trustbank provides a robust platform to achieve tangible and lasting economic impact." 'Our bank always strives for innovation, reliability and dynamic development. Cooperation with ITFC will allow us to combine our experience and advanced financial instruments to create effective solutions that meet modern challenges.' stated Mr. Sardor Normukhamedov. This financing falls within the US$600 million Framework Agreement signed between ITFC and the Republic of Uzbekistan in March 2024, which underscores ITFC's long-term commitment to fostering private sector development and strengthening the trade ecosystem of Uzbekistan. This agreement, the third consecutive facility between ITFC and Trustbank, brings the total financing provided to the bank to over US$44 million, further unlocking trade opportunities and enhancing financial inclusion. Since 2019, ITFC has approved over US$168 million in support of Uzbekistan's private sector, reinforcing its role in driving economic opportunities and advancing UN SDG 8 (Decent Work and Economic Growth). 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: @ITFCCORP ( Facebook: @ITFCCorp ( 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 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.
