The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among Organization of Islamic Cooperation (OIC) member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world.
Commencing operations in January 2008, ITFC has provided more than US$66 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with trade-related technical assistance Programmes, which would enable them to have the necessary tools to successfully compete in the global market.
EXCLUSIVE INTERVIEW
- How does ITFC’s work and activities specifically touch upon e-commerce and the digital economy?
ITFC tackles emerging trade issues through innovation by adopting innovative approaches and embracing digitalization, paperless trade, and other cutting-edge strategies to address emerging trade issues effectively.
In 2022, ITFC was awarded for having executed a ‘Cash Against Documents’ transaction between SOFITEX and Louis Dreyfus Company (LDC), using an electronic bill of lading issued by the CMA CGM Group, a world leader in shipping and logistics. The transaction, which was the first transaction processed through Bolero’s digital trade finance platform, covered a cotton shipment originating from Burkina Faso and shipped by CMA CGM Group from the Port of Lomé in Togo.
ITFC is committed to being a catalyst for trade development among the Organization of Islamic Cooperation (OIC) Member Countries and is a recognized leader in the use of technology to make international trade dealings paperless and more efficient. By applying an innovative approach to trade transactions, the Corporation will continue to increase the socioeconomic impact of trade finance operations.
International Islamic Trade Finance Corporation and UNCTAD sign partnership agreement to support a diagnosis of e-commerce readiness in the Republic of Iraq.Iraq’s ambassador to Kenya welcomed the 13 December signing of an agreement between the International Islamic Trade Finance Corporation (ITFC) and UNCTAD to assess the readiness of post-conflict Iraq to engage in and benefit from e-commerce.“Iraq is entering a second phase of reconstruction after about three or four years of war against terrorism,” Ambassador Burhan N. S.
