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 - TRADE FINANCE - Move towards more trade between MENA and East Asia

A number of new initiatives have given Islamic trade finance and export credit insurance a major boost. MUSHTAK PARKER explains Trade facilitation between member countries of the Organisation of Islamic Cooperation (OIC), especially the Middle East and North Africa (MENA) states, and an increased role for Islamic trade finance and export credit insurance, is set for a major boost. This is due to the launching of several new initiatives and the fact that the stated target for intra-Islamic trade of 20 per cent of the total trade of OIC countries has been achieved. (source)

INDONESIA - TRADE FINANCE - The ITFC signed a with MoU with Bank Muamalat Malaysia Berhad and two $1 million Murabaha financing agreements with Indonesian coffee exporting companies, CV Arvis Sanada and CV Ujang Jaya.

Jakarta, May, 2011: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a memorandum of understanding with Bank Muamalat Malaysia Berhad and two $1 million Murabaha financing agreements with Indonesian coffee exporting companies, CV Arvis Sanada and CV Ujang Jaya.

The signing took place during the “IDB Day” in Indonesia which was held by the Government of the Republic of Indonesia and the Islamic Development Bank in Ritz Carlton Hotel in Jakarta.(source)

WORLD - TRADE - Inter-Islamic countries trades booming

International Islamic Trade Finance Corporation (ITFC) inter-Islamic countries trade has risen to 17 pc.

Members of the Organization of the Islamic Cooperation (OIC) are aimed at increasing the trade to 20 pc by 2015, reported Taqrib News Agency (TNA).

Latest surveys announced by the Center for International Islamic Trade Development, affiliated to the Islamic Development Bank (IDB) shows that the trade between Islamic countries has risen to 17pc while the members of OIC are aimed at increasing the number to 20 pc. (source)

IDB - FINANCE - IDB urged to make trade financing more competitive

Behind the resolutions, the statements and the rhetoric of the Board of Governors of the Islamic Development Bank (IDB) at the recent 36th Annual Meeting which was held in Jeddah on June 29-30, were some commendable suggestions from member countries aimed at speeding up the efficiency and effectiveness of the bank. (source)

WORLD - IDB seeks new economic order

JEDDAH: Islamic Development Bank President Ahmed Mohamed Ali called for a new economic order to promote global progress and prosperity at the group’s annual conference here Monday.

“I call upon Islamic financial institutions to make use of the available opportunity to establish international investment banks in order to present a new vision and a different methodology to the world in asset management and fund investment … and contribute to the reform of global financial system and stability,” Ali said at the event, which attracted the participation of over 1,000 delegates including ministers, economists, businessmen and bankers. (source)

WORLD - EVENTS - KSA - Jeddah to host major Islamic economic and finance conference: IDB official

JEDDAH: Finance, economy and planning ministers from 56 Muslim countries will attend a major Islamic economic and finance conference here next week, which is likely to be opened by Custodian of the Two Holy Mosques King Abdullah at Jeddah Hilton on Monday. (source)

TRADE FINANCE - Islamic trade finance sector to see expansion

Islamic trade finance has benefitted from shifting preferences towards Shariah-compliant banking and could serve as one of the key growth drivers to help the nearly $1 trillion Islamic finance industry double in size. 

The global Islamic finance industry, which has been growing between 15 to 20 per cent a year, is widely expected to reach $2 trillion in the next three to five years.

While Islamic banking and Islamic bonds, or sukuk, are expected to lead growth, bankers say Islamic trade finance could serve as the dark horse emerging to propel the industry further.

Trade finance, the lifeblood of global commerce, underpins 60-80 per cent of the $12-13 trillion trade in global merchandise and practitioners say it is safer than other forms of lending. (source)

TRADE FINANCE - Islamic trade finance seen lifting growth of sector

DUBAI, June 9 (Reuters) - Islamic trade finance has benefitted from shifting preferences towards Sharia-compliant banking and could serve as one of the key growth drivers to help the nearly $1 trillion Islamic finance industry double in size.\

The global Islamic finance industry, which has been growing between 15 to 20 percent a year, is widely expected to reach $2 trillion in the next three to five years. (source)