ITFC, HSBC sign co-operation deal
Jeddah, June 29, 2011
The International Islamic Trade Finance Corporation (ITFC) has signed a MoU with HSBC Bank Middle East to expand their participation in co-financing and syndicated trade finance operations.
Besides the duo will also invest ITFC’s liquid funds in Shariah-compatible investments and provide related treasury products and assist the implementation of ITFC’s trade operations.
The MoU also highlights areas on exchange of knowledge, expertise, best practices and information under trade finance and treasury, said Dr Waleed Al-Wohaib, chief executive officer of ITFC and Razi S Fakih, HSBC deputy CEO after signing the deal.
Mohanna Sobieh, GM treasury of ITFC and Ayub Khan, AGM Operations along with Shamzani Hussain, director of Financial Institutional Group of HSBC and Ian Rogers, head of Trade Sales (Mena) attended the signing ceremony held during the Islamic Development Bank Group (IDB)'s 36th annual meeting on Tuesday.
“This MoU is a milestone towards enhancing the co-operation between the two entities at the Operational and Institutional levels,” said Dr Al-Wohaib.
“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,” he noted.
Razi said the agreement opens the doors of new opportunities and co-operation 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.-TradeArabia News Service