Dubai, UAE, 9 February 2016 - The International Islamic Trade Finance Corporation (ITFC), the trade financing arm of the Islamic Development Bank (IDB) Group, signed an agreement with the Government of United Arab Emirates, represented by the Ministry of Finance, on the establishment and operation of its branch in Dubai. This branch will become a gateway for facilitating and promoting intra-trade among the Organization of the Islamic Cooperation (OIC) member countries.

The Country Host Agreement was signed by H.E.Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the Government of the United Arab Emirates, and H.E. Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank (IDB) Group and Chairman of ITFC’s Board of Directors. Also present was Eng. Hani Salem Sonbol, the Acting CEO of ITFC.

During the signing ceremony, H.E. Dr. Ahmad Mohamed Ali noted that ITFC has been in existence for nine years and is a recognized provider of trade solutions for OIC member countries’ needs.
“With the establishment of its new branch, ITFC is committed to provide the best trade solutions to its member countries to achieve growth the financing volume and strengthen its regional presence,” he said. “With UAE’s partnership, ITFC will be able to expand its lines of services provided to clients to achieve IDB’s mission of enhancing intra-OIC trade.”
H.E. Obaid Humaid Al Tayer emphasized the importance of this event.

“United Arab Emirates has strong ties with various international organizations and financial institutions, particularly the Islamic Development Bank Group,” he said. “This agreement reinforces our relationship with the IDB Group and the country's position as a hub to attract International Financial Organizations and establish its branches. Moreover, the agreement will enable ITFC to access new trade finance markets on a larger scale."

Eng. Hani Salem Sonbol stressed that the agreement aims to promote and facilitate intra-OIC and international trade that helps OIC member countries create investment opportunities in these countries to enhance their capacities in the international trade arena. ITFC also provides technical assistance and capacity building to private and public banks and institutions that operate in the field of trade finance and trade development in the OIC Member Countries.

ITFC has approved (13) trade financing operations in favor of the UAE since 1430H, with a total amount of US $288.5 million. Additionally, the ITFC team is currently working on adding new clients from the UAE market and offering new financing opportunities in various sectors such as electronic equipment, food, petroleum products, and essential oils.