The
International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org),
a member of the Islamic Development Bank (IsDB) Group, has been named ‘Best
Islamic Financier’ by the trade finance platform, Trade Finance Global (www.TradeFinanceGlobal.com),
in cooperation with BAFT (www.BAFT.org).
The international work carried out by banks, financial institutions and
technology vendors to enable trade has never been more important, particularly
in an age of rapid digitization, interconnected supply chains and increased
competition.
The winners were selected by an independent steering committee of industry
experts from around the world.
Commenting on the achievement, ITFC CEO, Eng. Hani Salem Sonbol, said: “ITFC is
proud to have been recognized as the Best Islamic Financier. This prestigious
accolade is a testament to the effectiveness of the Corporation’s strategic
approach to advance trade and improve lives in all OIC member nations. The
recognition also underscores the relevance and viability of ITFC’s unique blend
of trade finance and trade development solutions that are designed to support
the strategic sectors of member countries, thereby enabling them to improve
their trading capacity”.
ITFC’s overarching goals are directly aligned with the UN SDGs aimed at
creating greater inclusive prosperity in the developing world. A key component
of the Corporation’s strategic focus is to work through partnerships with
banks, financial institutions and key stakeholders who have long-term vested
interest in the socio-economic development of Member Countries. This allows
ITFC to develop Integrated Trade Solutions with Trade Finance and Trade
Development components to help remove barriers to trade while providing
stronger access to the financing of new trading opportunities.
Mark Abrams, Director at Trade Finance Global and a member of the Awards
Steering Panel said: “A core aim of TFG is to help companies access information
and education around trade finance. It is important to highlight those leading
the way in trade and receivables finance, whether that be from the perspective
of financiers, insurers, logistics, law firms or tradetechs.”
“Continuous innovation is needed from within the trade industry, to support
businesses around the world, as they navigate the changing landscape of trade
finance in uncertain times. We are delighted to be cooperating with BAFT on
this industry initiative.”
“At a time when companies face significant challenges fulfilling cross-border
trade, it is critical that banks are able to demonstrate leadership in
providing financing and innovative solutions that evolve with the changing
needs of their clients,” said Tod Burwell, President & CEO, BAFT. “We
congratulate the organizations being recognized for their leadership and
commend TFG for showcasing these institutions.”
In 2019, ITFC approved US$ 2.1 billion of financing to Least Developed Member
Countries, representing 36% of its total portfolio. Of this, US$ 565 million
went towards the food and agriculture sector, including pre-export financing in
key value chains, such as cotton and groundnuts and import of key commodities
for the food security of member countries. ITFC’s financing has provided
incomes and contributed to better livelihoods for over 480 000 farmers.
Around US$ 4.5 billion of financing was extended to support a sustainable
supply of energy inputs in member countries, which provided an estimated 13
million people with access to electricity. Additionally, in 2019 ITFC
strengthened its support to the private sector by channelling US$ 821 million
of financing to private sectos and SMEs through 16 partner banks.