The International Islamic Trade Finance Corporation (ITFC) – a member of the Islamic Development Bank (IsDB) Group – ranked both globally and regionally (Europe, Middle East and Africa – EMEA) at number two under the islamic finance listing of the Bloomberg Syndicated Loans League Tables 2019.
The company ranked for being one of the largest bookrunner and mandated lead arranger, that provided finance of over US$2bn in 2019. This news helps to solidify the organisation’s position as a solid and reputable partner – something which all banks and financial institutions strive to achieve.
“The ITFC’s ranking in the 2019 Bloomberg Global Syndicated Loans League Tables represent a major milestone in our journey towards boosting inclusive socio-economic growth across OIC member countries. Thanks to our partners, ITFC was able to make widespread progress in developing strategically important relationships with OIC member countries and in facilitating financing for incredibly important industry sectors,” said Eng. Hani Salem Sonbol, CEO, ITFC.
It was also reported that the ITFC’s share of the Global Bookrunner Islamic Finance was over 9%, with a volume of US$2.04bn, in addition to its shares in the Global MLA Islamic FInance Market was more than 6.9%.
These results place the ITFC in the major leagues for international and regional financial institutions around the world. Since its founding in 2005, the institution has provided over US$51bn in trading finance to OIC member countries. In 2019, ITFC completed syndicated deals for several member companies in Egypt, Pakistan, Bangladesh, Turkey, Tunisia, Djibouti and Gambia.
The important syndicated deals supported key sectors including the energy, industrial, healthcare and agriculture sectors to name a few. The ITFC aims to continue its expansion and development of its members alongside its dependable investor base.
The IFTC is an autonomous entity within the Islamic Development Bank (IDB) Group. Its purpose is to advance trade, by encouraging intra-trade among Organisation of Islamic Cooperation (OIC) member countries, as well as providing better access to finance and trade-related capacity building tools to improve the economic conditions and livelihoods of people across the Islamic world.
As a member of the IDB Group, the ITFC has unique access to governments in member countries to facilitate the mobilisation of private and public resources towards achieving its objectives.
“We exist to be the catalyst for the development of trade among OIC member countries and with the rest of the world. Our purpose shall be to promote trade of member countries of the Organisation of Islamic Cooperation (OIC) through providing trade finance and engaging in activities that facilitate intra-trade and international trade,” said an ITFC representative. “ITFC vision is to be a recognised provider of trade solutions for OIC member countries’ needs.”
Source Business Chief