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FINANCIAL NEWS
Saudi ITFC eyes to spread globally
12 Jun 2016
(MENAFN) The Jeddah-based International Islamic Trade Finance Corp (ITFC), plans to increase up its global network of offices in an effort to strengthen the use of Sharia-compliant banking in merchandise trade.
“We want to be closer to member countries – to do this we need to decentralise our activities,” chief executive of the ITFC said.
The ITFC, which currently has offices in Jakarta, Dakar and Istanbul, will move more staff there and open a branch in Dubai this year to serve as a gateway to Africa, he added.
Islamic trade finance, which follows religious principles such as a ban on interest, accounts for only a tiny fraction of the trillions of dollars of bank-intermediated trade finance conducted globally every year.
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