#international trade finance
What is ITFC
The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of the IDB Group’s trade finance activities under a single umbrella increased the Corporation’s efficiency in service delivery by enabling rapid response to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its member countries. Its primary focus is to encourage intra-trade among OIC member countries. As a member of the IDB Group, ITFC has unique access to governments in its member countries and it works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps businesses in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market.
ITFC’s catalytic role in enhancing the member countries’ trade, intra-trade and international trade potentials is clearly reflected in its mission statement.
“We exist to be the catalyst for the development of trade among OIC member countries and with the rest of the world”
The mission statement is aligned with the Corporation’s mandate as stated in the Article 5 of ITFC’s Articles of Agreement (AOA).
“Our purpose shall be to promote trade of member countries of the Organization of Islamic Cooperation (OIC) through providing trade finance and engaging in activities that facilitate intra-trade and international trade.”
“ITFC is to be a recognized provider of trade solutions for OIC member countries’ needs”
ITFC is fully committed to fulfill its mandate and aspire to build a sustainable organization that will deliver high impact for its stakeholders.