The International Islamic Trade Finance Corporation (ITFC) was inaugurated in Jeddah today. The ITFC is the first specialized organization dedicated to developing trade and finance in the Muslim world.
More than 50 finance and planning ministers from the Organization of the Islamic Conference (OIC) member countries attended the inaugural meeting of the ITFC. Saudi Arabia was represented by Minister of Finance Ibrahim Al-Assaf, who was also elected chairman of the meeting.
In an address to the conferees, Al-Assaf said that the establishment of the ITFC is the result of efforts by the Islamic Development Bank (IDB) and initiatives of Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz. It is a big step towards integration and economic cooperation among OIC countries, he noted.
In a press conference afterwards, Al-Assaf said that meeting participants approved a number of codes and regulations for the new organization. Ten member states were elected to its board of directors, including Saudi Arabia.
Al-Assaf noted that the ITFC has an initial capital of $3 billion. He added that the organization will begin implementing its programs at the next meeting, which will take place in Dakar.
The ITFC seeks to increase and finance trade among OIC member countries in accordance with the principles of Islamic law. It also aims to upgrade the export capacity of OIC countries.