THE International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the National Commerce Bank (NCB) signed Commodity Murabaha Agreements. The signing took place during a meeting between ITFC CEO Eng. Hani Salem Sonbol, and NCB CEO Faisal Omar Alsaggaf to discuss the existing strategic partnership and new venues of cooperation in future.

“This meeting shall be the stepping stone for an even stronger partnership between ITFC and NCB in the future and chance to showcase ITFC’s keen interest to partner and strengthen relationship with Saudi banks for the benefit of the Saudi local market and SME sector and beyond,” said Sonbol.

Alsaggaf said this cooperation with ITFC is in line with NCB Treasury Group’s strategic aim of expanding its counterparties while dealing in Shariah-compliant solutions.

NCB is also a long strategic syndicate partner of ITFC. Total NCB participation in ITFC’s syndication has reached up to $2.7 billion since the start of the collaboration of the two Institutions in 2009. — SG