Istanbul, Turkey – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group signed a Memorandum of Understanding (MoU) with KOSGEB (SME Development and Support Agency of Turkey), to enhance cooperation and coordination in trade finance for the development of SMEs. The signing ceremony took place during the 32nd Session of the COMCEC in IDB Group Country Gateway Office in Istanbul on 24th November, 2016.
The MoU was signed by Eng. Hani Salem Sonbol, CEO ITFC and Mr. Recep Bicer, President KOSGEB, with the presence of high level representatives from both entities.
During the ceremony, Mr. Recep Bicer on behalf of the KOSGEB stated that they believe the MoU they have signed with ITFC will provide and enhance the opportunities for SMEs in Turkey to grow tremendously in a short period of time benefiting from the facility provided by ITFC. He also added that the MoU will enhance cooperation and coordination in their own finance sector more than ever.
Eng. Hani Salem Sonbol, CEO ITFC also made a statement on the MoU signed with KOSGEB; “As a developmental institution, ITFC is dedicated to provide Islamic trade finance amongst its member countries and the rest of the world to improve the lives and the well-being of people. ITFC does not limit its activities to trade financing only, but also assists its clients with business advisory services, introduce them to different partners in other OIC Member Countries, building capacities of SMEs in collaboration with local institutions, and exchanging expertise and experiences among traders through Reverse Linkages. “
The MoU also examines the possibility of providing Islamic Trade Finance solutions to SMEs in Turkey. The suggested cooperation program includes developing joint programs for capacity building activities for SMEs in Turkey and Reverse Linkage Programs for transferring know how of KOSGEB to other OIC Member Countries.
It is worth mentioning that Turkey has been one of the largest recipients of the IDB Group as well as ITFC’s trade financing facilities. Since inception in 2008, ITFC has approved USD 3.417 billion of financing in Turkey.
The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade, which would ultimately contribute to the overarching goal of improving socioeconomic condition of the people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of IDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. Its primary focus is to encourage more intra-trade among OIC member countries. As a member of IDB Group, ITFC has unique access to member countries’ governments and it works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market. www.itfc-idb.org