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FINANCIAL NEWS
Intl Islamic Finance Corp to boost trade among Islamic countries
10 Oct 2011
(MENAFN) The International Islamic Trade Finance Corporation’s (ITFC) CEO, Waleed Al-Wohaib, said that by 2015, the ITFC would boost trade among members of the Organization of Islamic Cooperation (OIC) to 20 percent of their total trade, reported Arab News.
Al-Wohaib added that the group would give around USD3 billion in order to finance trade, adding that in the past three years, the ITFC gave around USD13 billion to fund trade.
He also said that in 2010, the intra-OIC trade reached 17 percent with trade exchanges of member countries exceeding USD500 billion.
It is worth noting that the ITFC was established in 2006 and launched its operations in 2008. The corporation aims at promoting intra-OIC trade by strengthening coordination between the various trade-related organizations in the OIC nations.
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