MoU signing ceremony between ITFC and HSBC Bank Middle East Limited, UAE
In an effort to provide assistance and cooperation between the two entities, the International Islamic Trade Finance Corporation (ITFC) and HSBC Bank Middle East Limited, UAE today signed a Memorandum of Understanding (MoU) during the IDB Group’s 36th Annual Meeting on 28 June 2011, outlining their plans to work together to expand their participation in co-financing and syndicated trade finance operations, as well as investing ITFC’s liquid funds in Shariah-compatible investments , providing related treasury products and assisting the implementation of ITFC’s trade Operations.
The signing ceremony witnessed Dr. Waleed Al-Wohaib, CEO of ITFC and Mr. Razi S Fakih, Deputy CEO of HSBC; in the presence of Mr. MohannaSobieh, GM Treasury of ITFC and Mr. Ayub Khan, AGM Operations along with Mr. ShamzaniHussain, Director of Financial Institutional Group of HSBC and Mr. Ian Rogers, Head of Trade Sales Middle East and North Africa.
“This MoU is a milestone towards enhancing the cooperation between the two entities at the Operational and Institutional levels”, commented Dr. Waleed Al-Wohaib. He added, “HSBC is a premier global trade bank with strong trade service operations in the Middle East, Africa, Asia Pacific and Europe, this helps ITFC in its mandate to promote and develop the intra-OIC trade and reach out to our LDMCs”
The MoU also highlights areas on exchange of knowledge, expertise, best practices and information under trade finance and treasury.
From his end, Mr. Razi added that this Agreement opens the doors of new opportunities and cooperation between the two entities in finding new trade finance solutions for the benefit of IDB's member countries, that will contribute to the development of the Intra-OIC trade.
International Islamic Trade Finance Corporation (ITFC)
The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of the IDB Group’s trade finance activities under a single umbrella increased the Corporation’s efficiency in service delivery by enabling rapid response to customer needs in a market-driven business environment.
HSBC is one of the largest banking and financial services organisations in the world, with operations in 66 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.
Islamic Development Bank
The Islamic Development Bank is a multilateral development bank (MDB), working to improve the lives of those we serve by promoting social and economic development in Member countries and Muslim communities worldwide, delivering impact at scale.
We provide the infrastructure to enable people to lead better lives and achieve their full potential.