26 October 2008 ISTANBUL - The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB) Group, signed partnership agreements with four leading Turkish banks on financing trade activities in the Republic of Turkey. The signing agreement with the Participation Banks Association of Turkey, an organization that includes four of the country's leading Islamic financial institutions - Turkey Finance, Al-Baraka Turk, Bank Asya and Kuwait Turk Bank - was held on Thursday in the presence of Turkish Deputy Prime Minister Nazim Ekren. In its mid-year financial report for 2008, ITFC's financing of trade operation activities amounted to a total of $1.6 billion, with 50 percent allocated to financing private sector trade and 50 percent allocated to the public sector. IDB member countries received the largest quota, with import financing amounting to $1.3 billion for member countries and $300 million allocated for non-member countries. The deal was held on the sidelines of the two-day ministerial meeting in Istanbul of the 24th session of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Conference (COMCEC) that ended on Friday. Dr. Waleed Al Wohaib, ITFC CEO, said: "The total amount of the signed agreements is $60 million and the aim is to further grow intra-trade financing between member countries of the Organization of Islamic Conference to bring economic and social prosperity and boost economic development." This is the first participation for ITFC at COMCEC and the objective is to closely monitor the latest cooperative schemes and activities relating to trade and economic agreements signed between member countries, as well as to be involved in planning and recommending processes to enhance the trade and economic capabilities of member countries. Moreover, the ITFC is also participating in the 12th MUSIAD International Trade Fair, which is being held in parallel with COMCEC, by sponsoring five trade promotion organizations (TPO's) representing Jordan, Syria, Palestine, Tunisia and Kazakhstan. This year, more than 500 companies from 61 countries are expected to participate in the 12th MUSAID International Trade Fair. ITFC promotes and finances intra-trade to bring economic prosperity to the Islamic world through channeling funds from the wealthiest member countries to less prosperous member countries and to help in the development of Islamic countries and the Islamic world at large. ITFC also aims to advance trade in order to improve lives of ordinary people across the Muslim world. By helping businesses in Islamic countries gain better access to trade finance and provide them with the necessary education and training to compete successfully in the global marketplace, ITFC is committed to improving the economies of member countries. To bring prosperity and improve living standards in the Islamic world, ITFC helps development by providing funds to credit-starved countries and contributes to job creation by supporting productive development. To support the ongoing process, the ITFC contributes to capacity building through skills transfers and technical assistance, and promotes intra-trade that contributes to constructive national development.

© The Saudi Gazette 2008 & omar 1.1:zy