Latest news with #Murabaha
Arab News
15-07-2025
- 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
15-07-2025
- 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
14-07-2025
- 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.
New Straits Times
08-07-2025
- Business
- New Straits Times
ChemOne secures US$350mil ICIEC cover for Pengerang project
KUALA LUMPUR: Singapore-headquartered petrochemicals company ChemOne Group has obtained US$350 million in insurance coverage from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to support the financing of its Pengerang Energy Complex (PEC) in Johor, Malaysia. ChemOne said the insurance cover is designed to facilitate the involvement of Islamic banks in the project's financing, reflecting strong institutional confidence in the PEC's long-term strategic value for the region. ICIEC is a wholly owned subsidiary of the Islamic Development Bank (IsDB). According to the company, the ICIEC insurance cover is structured under a Murabaha financing facility, offering 90 per cent coverage on both the principal and profit. This significantly reduces the risk for the participating Islamic banks, which include the National Bank of Kuwait (NBK), Qatar National Bank (QNB), Al Rajhi Bank Malaysia, and Al Rajhi Bank KSA. "In addition, the IsDB Group, through IsDB and the Islamic Corporation for the Development of the Private Sector (ICD), has reinforced its commitment through a direct investment of US$150 million via Istisna-Ijara structures. "The IsDB Group's total support for PEC, combining direct investments and credit enhancement, now stands at over US$500 million, marking one of the group's most substantial engagements in Southeast Asia," it added. ChemOne chief financial officer Mayank Vishnoi said ICIEC's backing serves as a strong endorsement of PEC's financial robustness and its broad developmental significance. "PEC will drive regional industrial growth, create thousands of jobs, and support regional value chains, all while adhering to global standards for sustainable and responsible financing. "We are honoured to lead one of Asia's most impactful private-sector-led financings," Vishnoi said.
Zawya
02-07-2025
- Business
- Zawya
CORRECTION: The International Islamic Trade Finance Corporation (ITFC) Wins Global Trade Review (GTR) Best Deals of 2025 for Türkiye Earthquake Response Financing
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, has been recognized with a GTR (Global Trade Review) Best Deals of 2025 for its innovative US$150 million Murabaha financing facility, to support Türkiye's post-earthquake economic recovery. Executed in close partnership with the Ministry of Treasury and Finance of the Republic of Türkiye, the Industrial Development Bank of Türkiye (TSKB), and the Development and Investment Bank of Türkiye (TKYB), this landmark Shariah-compliant financing was the first Islamic trade finance facility designed for post-disaster recovery. The financing was developed in response to the devastating earthquakes that struck Türkiye in February 2023, resulting in an estimated US$100 billion in damages and disrupting over 220,000 businesses. The facility delivered working capital support and laid the foundation for sustainable economic revival in key sectors including food security, agriculture, and trade. Commenting on the award, Nazeem Noordali, Chief Operating Officer, ITFC highlighted, ' This award is a testament to our continued commitment to support trade-driven resilience. By partnering with Türkiye's public sector and key development banks, we have introduced an Islamic finance solution that strengthens recovery and supports long-term trade sustainability.' Ms. Sedef Aydaş Head of Department the Republic of Türkiye Ministry of Treasury and Finance, stated that ITFC is one of the first financing organizations showing its willingness to support Türkiye's post-earthquake economic recovery and added that: 'We as Ministry of Treasury and Finance are delighted and thankful to receive GTR Best Deal of 2024 with the first transactions with ITFC for its financing support to Türkiye regarding food security, agriculture and SME trade financing in the earthquake region. I hope the deals we had with ITFC will be one of the landmark projects for future transactions in various areas.' The project has also accelerated the adoption of Islamic trade finance solutions in Türkiye's public sector. TSKB and TKYB utilized the opportunity to develop new Shariah-compliant frameworks with strategic impact across other sectors like renewable energy, climate resilience, employment and inclusive development. It also opened new avenues for Islamic financing in Türkiye's public sector, paving the way for future Murabaha based financing from international players. Commenting on the award, Ms. Meral Murathan, Executive Vice President&Sustainability Leader of TSKB, said: 'As Türkiye's first privately-owned development and investment bank, we have been committed to supporting sustainable and inclusive development for the past 75 years. In the aftermath of the February 2023 earthquake, we placed the sustainable redevelopment of the affected regions at the core of our mission. The US$ 150 million Murabaha-based agreement we signed with ITFC in August 2024 marks the first cooperation between TSKB and ITFC. We are pleased to have structured this partnership to support trade-driven recovery and resilience in the earthquake-impacted areas by addressing the urgent needs of local businesses.' The award was presented at the GTR Best Deals 2025 ceremony, where ITFC representative alongside officials from the Ministry of Treasury and Finance of the Republic of Türkiye and TSKB. İbrahim H. Oztop, the CEO of the Development and Investment Bank of Türkiye commented 'We are very pleased to be involved in this transaction, executed in collaboration with ITFC, our partner institution. This financing not only represents a step forward in strengthening our corporate financing structure but also helps us to achieve our strategic goals. We consider this award as a recognition of our institution's vision and mission on an international level.' This recognition reinforces ITFC's leadership in Islamic trade finance solutions and its contribution to achieving SDG 8 (Decent Work&Economic Growth) and SDG 9 (Industry, Innovation&Infrastructure). 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: About the International 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, which would ultimately contribute to the overarching goal of improving the socioeconomic 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 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, enabling them to successfully compete in the global market.
