Jakarta, Indonesia – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, in collaboration with the Indonesian Coffee Exporters and Industries Association (AICE) embarked on an innovative financing and trade development program to model a transformation change in the whole Indonesian Coffee Supply Chain. This program was launched on the sideline of the World Islamic Economic Forum (WIFE) occurring in Jakarta from the 2nd-4th August, 2016.
The launching event was held in the JW Marriot Hotel on the 4th August and attended by H.E. Eng. Hani Salem Sonbol, Chief Executive Officer – ITFC, Mr. Irfan Anwar, Chairman- AICE, Prof. Savas Alpay, Group Chief Economist – IDB Group, Mr. Syed Habib, General Manager, Trade Cooperation & Promotion Program (TCPP) – ITFC, Mr. Nazeem Noordali, General Manager Corporate & Structured Finance (CSF) – ITFC and invitees from interested parties.
Commenting on this program, Eng. Hani Salem Sonbol, CEO, ITFC said “This program will not only promote ITFC’s activities & initiatives, but also highlight the direct developmental impact that such initiatives have on the entire coffee chain in Indonesia, starting from the small farm-holders right up-stream through to supply chain actors including district traders, exporters, Exporters Association, processors”. He added “This program has been designed and implemented to strengthen trade development and promotion, and capacity building activities for the coffee sector. The financing will also allow Coffee Cooperatives and SMEs in Indonesia to increase their exports to global markets”.
Building on this year’s WIEF theme for decentralization of growth, the increasing role of SMEs, the role of ICT development, shifting comparative advantages from multinationals to SMEs, ITFC’s participation and program received excellent praise and acceptance amongst the delegates and industry representatives including the Indonesian Coffee Exporters Association.
One of the most important highlights of this program is the relative ease with which it can be replicated in other member countries and industries across the globe including the coffee industry in Africa.
The International Islamic Trade Finance Corporation (ITFC) is an autonomous entity within the Islamic Development Bank (IDB) Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group. It commenced operations in January 2008. The consolidation of the IDB Group’s trade finance activities under a single umbrella increased the Corporation’s efficiency in service delivery by enabling rapid response 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 intra-trade among OIC (Organization of Islamic Cooperation) member countries. As a member of the IDB Group, ITFC has unique access to governments in its member countries and works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps businesses 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.
Operating to world-class standards, the ITFC’s mission is clear from its mandate to be a catalyst for the development of trade among OIC member countries and with the rest of the world. ITFC aspires to be a recognized provider of trade solutions for the OIC Member Countries’ needs; in order to fulfill its brand promise of ‘Advancing Trade & Improving Lives”.