ITFC forum highlights strength of Islamic finance

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Jeddah

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), recently concluded its “Partners Forum 2019: Investing for Impact” in Jeddah.
Hosted at the Ritz Carlton Hotel, under the auspices of Dr. Bandar Hajjar, president of the IsDB, the one-day event provided delegates with an opportunity to better understand how Islamic finance across the globe is increasing trade, improving lives, and contributing to the UN’s sustainable development goals.
ITFC CEO 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, saying: “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,” he added. ITFC was joined by a host of local, regional and international finance institutions alongside official delegates from Pakistan and other member countries.—Arab News