INDONESIA - TRADE FINANCE - ITFC Signs US$60 million Structured Trade Finance Sugar Deal with Indonesia

http://www.itfc-idb.org - Jeddah, January  2012: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a US$60 million Syndicated Structured Finance with an Indonesian sugar refinery, PT Angels Products at IDB Headquarters in Jeddah.

The US$60 million structured trade financing for Indonesia’s PT Angels is for the purchase of raw sugar for the domestic demand. The agreement was signed by Mr Tony Wijaya Ng, Director, PT Pasifik Agro Sentosa, Indonesia and Eng. Hani Salem Sonbol, Deputy CEO of ITFC. Mr. Hasjim Oemar, President Director, PT Pasifik Agro Sentosa, and Mr. Teh Choon Bok, Independent Commissioner, PT Pasifik Agro Sentosa, attended the signing ceremony along with representatives from ITFC. (source)

INDONESIA - BANKING - Embraces Garuda, BMI Develop Travel Savings

Jakarta (21/11) - By holding PT Garuda Indonesia, PT Bank Muamalat Indonesia (BMI) to open Travel Savings program. A savings plan for tour packages with special pricing options that will be facilitated by Garuda Indonesia Holiday (GIH).

Director of Retail BMI, Adrian A. Gunadi said the tour savings, customers can plan vacation well and provided a variety of packages with prices and adequate facilities. (source)

ISLAMIC TRADE FINANCE - ITFC - Angels Products Indonesia - 25 million USD deal

This BLOG will also follow up on "Islamic trade finance". This item often gets neglected, but will proof to be of big importance for the Indonesian Islamic banks in the years to come. 

The Indonesian Islamic banks are therefor invited to keep us updated on any remarkable deals.

2009 was a successful year for the Islamic Trade Finance Corporation ITFC ( a division of the Islamic Development Bank IDB) and especially the deal with Angels Products Sugar Refinery in Banten-Indonesia got a lot of international attention.

PT ANGELS PRODUCTS – INDONESIA

The International Islamic Trade Finance Corporation (ITFC) inherited the pioneering mantle of its trade finance expertise and its application of innovative Islamic finance products developed over a period of more than 30 years to develop markets and trading capacities to help the member countries of the Organization of the Islamic Conference (OIC) do business more effectively amongst themselves and with the rest of the world. This savoir-faire, positions ITFC at the forefront of international trade finance and as a vehicle for enhancing economic development.