By Yousef Al-Saeedi (with photos)
JEDDAH, Saudi Arabia, May 12 (KUNA) -- The International Islamic Trade
Finance Corporation (ITFS) said Wednesday it was keen on developing markets
and increasing the abilities of the trade sector in Islamic countries.
ITFS Chief Executive Officer (CEO) Dr. Waleed Al-Wuhaib told KUNA that the
USD 2.166 billion operations of the corporation in 2009 aimed to increase
trade among member countries of the Organization of Islamic Conference (OIC).
The annual average growth of trade among the member states of the Islamic
Development Bank (IDB) was 16.5 percent in 2009, he said.
He pointed out that he expects that the growth would reach 20 percent in
ITFS, which has a leading economic role, has the highest insurance rating
of AAA from specialized agencies, he noted.
ITFS, which is a member of the IDB group, also received international
economic prizes, he added.
The corporation stresses economic and social development and encourages the
development of trade between IOC member countries and other countries of the
world, he pointed out.
He said that ITFS has strong relations with more than 80 banks and
financial bodies from around the world.
Although it was founded recently, during a meeting of IDB governors in
Kuwait in 2007, the corporation has a three-decade expertise in finance,
marketing, and trade cooperation, as several channels were responsible of
those issues in IDB prior to its establishment, he said.
Since its establishment, ITFS played a leading role in stressing economic
and social development in compliance to the Islamic Sharia, he noted.
Al-Wuhaib highlighted that the corporation was based on the Islamic funding
system that aims to fulfill the needs of marketing just trade and dealing with
income differences, not on trade alone or ignoring ethics and principles.
A total of 30 percent of ITFS's shares are owned by IDB, while the rest is
owned by IDB member states and other financial corporations, (end)
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