The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB) Group, said it financed $1.6 billion toward trade operations in the first half of 1429 (Hijri; 2008 - Gregorian). 

The ITFC's mid-year financial report for 1429, showcased positive results, exceeding the figure achieved during the same period last year, 1428.

The $1.6 billion was divided equally, or 50 per cent each allocated to the private and public sector trades.

In terms of intra-trade, the IDB member countries received the bigger slice, with financing of imports reaching $1.3 billion compared to $300 million for non-member countries.
 
Dr Waleed Al Wohaib, ITFC CEO, said: 'For over 30 years we have looked at trade as a vehicle for economic development in member countries and in our first year of operations our trade finance objectives were surpassed as the numbers show.

'We will continue to support the growth of intra-trade between member countries and to qualitatively and quantitatively increase trade finance operations in the private sector.'

Dr Al Wohaib said the ITFC is expanding it base by including new clients such as the Lebanese Islamic Bank, Jordan Pharma Co, and the Afribank Nigeria Plc. - TradeArabia News Service