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)

TRADE FINANCE - IDB entities boost trade finance ties with Indonesia

The Jeddah-based Islamic Development Bank (IDB) Group) is boosting its ties with Indonesia, the world's most populous Muslim country, under its Member Country Partnership Strategy (MCPS), a new initiative launched by the IDB in 2010 to identify, target, allocate, implement and evaluate its financing more efficiently in member countries. Thus far, already $3.5 billion have been allocated under this program to Indonesia for 2011-2014.

The latest initiatives under the MCPS include a Strategic Partnership Agreement (SPA) signed during the IDB Group/Indonesia meeting held in Jakarta on in May 2011 by the Islamic Cooperation for the Development of the Private Sector (ICD), the private sector financing arm of the IDB Group, and the Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank), to jointly explore investment opportunities in Indonesia and other IDB member countries. (full story - arab news)