ITFC’s Partners Forum highlights immense strength of Islamic finance globally

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A panel discuss at the ITFC Partners Summit in Jeddah on Wednesady.

JEDDAH — The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), Wednesday concluded its Partners Forum 2019: Investing for Impact here.

Hosted at the Ritz Carlton Hotel, under the auspices of Dr. Bandar Hajjar, president of the Islamic Development Bank Group (IsDB), the one-day event provided delegates with an opportunity to better understand how Islamic Finance across the globe is increasing trade and improving lives, contributing to the United Nation’s Sustainable Development Goals.

ITFC CEO Eng. Hani Salem Sonbol steered far reaching discussions with key partners who assist ITFC in achieving its mission as the preferred provider of trade solutions across the Islamic world.

In his opening speech, he reflected on the scale of the ITFC’s developmental impact, highlighting how, “In just 11 years, ITFC has provided $50 billion worth of trade financing in more than 750 financing transactions to all types of clients in member countries. These range from sovereign, public and government-related entities and financial institutions; to banks, private-sector corporations, and SMEs.

“These investments are improving the lives of people from all walks of life - farmers, workers, traders and poverty-stricken people in 51 members countries in Middle East, North Africa, Sub-Sahara Africa, South-Asia and CIS Regions. It is a record that our Partners should be proud of.”

ITFC was joined by a host of local, regional and international finance institutions alongside official delegates from Pakistan and other member countries. Sharing his perspective on the importance of increasing trade among OIC member countries, Muhammad Hammad Azhar, minister for economic affairs, government of Pakistan, stated, “It is absolutely critical for OIC member countries to strengthen their ties, so that citizens in all of our countries have the chance to improve their lives through free trade and economic opportunity. For Pakistan, there are enormous opportunities to boost exports and enrich value chains with our friends and partners in other regions.

“The strengthening of regulatory frameworks, financial institutions and support for SMEs in growing industries is a priority for us and we look forward to working with international partners to achieve these objectives.”

In addition to Partner banks from OIC member countries attending the Forum, the African Export Import Bank and Saudi-based NCB also took part in high-level panel discussions. Closing out the Forum, the top syndication partners of ITFC were recognized in an awards ceremony. — SG


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