Abidjan, March 2017: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, and Atlantic Business International, member of Banque Centrale Populaire du Maroc (BCP) Group inked a €40 million Euros two step Murabaha agreement.
The signing took place on the sidelines of the Economic forum between Mr Abou JALLOW General Manager at ITFC and Mr Habib KONE General Manager of ABI.
This agreement provides two-step Murabaha Financing Line to Atlantic Business International on behalf of its subsidiaries Banque Atlantique operating in West Africa. The financing aims at supporting funding access to the Bank and in turn support the SME’s and the private sector in West African OIC member countries in addition to promote Islamic Finance. This facility is viewed as a component of the Arab Africa Trade Bridges (AATB) Program, where ITFC aims to cooperate with Financial Institutions to serve the needs of its member countries from both regions.
Speaking on the occasion, Mr. Abou Jallow said “By extending a line of financing for Banque Atlantique in order to support the Private Sector, ITFC will play an important role in enhancing the productive and active role that Private Sector play in a robust domestic business market and improve its access to Global Trade with the objective to accelerate Financial Inclusion of SME’s” He went to add “From a strategic positioning perspective, leveraging the cooperation with BCP Group will ensure to ITFC the expansion of its portfolio and increase its geographical presence”.
From his part, Mr Habib KONE extended his appreciation to the ITFC for partnering with BCP Group and highlighted the importance of this partnership in leveraging and developing a strong know-how in Islamic financing solutions.
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About the International Islamic Trade Finance Corporation – ITFC:
The International Islamic Trade Finance Corporation (ITFC) is an autonomous entity within the Islamic Development Bank Group. It was 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 since 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 Sharia-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 57 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.
About Atlantic Business International
Atlantic Business International, abbreviated “ABI”, financial control and development Holding, is since 2012 part of the Groupe Banque Centrale Populaire from Morocco (Best African Bank 2015-1st banking group in Morocco in terms of deposit collection and network agencies), which owns 74,6% of is capital.
ABI is present in 8 countries of WAEMU zone and it embodies ; its commercial bank banque Atlantique (Bénin, Burkina-Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo,), its Insurance companies (Atlantique Assurances Côte d’Ivoire, Atlantique Assurance Vie Côte d’Ivoire, GTAC2A VIE and GTAC2A IARD,Togo), its business banks Atlantique Finance and Atlantic Asset Management. The Banque Populaire Maroco-Guinéenne (BPMG and the Banque Populaire Maroco-Centrafricaine (BPMC) are also part of it operationaly speaking.
The new dynamics of the Group is part of a logical transformation from a banking group to a financial group in Sub Saharan Africa.
The Group aims to become the reference bank for people and African partner organizations, in terms of quality of service, cultural proximity and listening, while ensuring a satisfactory return on capital to its shareholders, the development of employees, the support to communities and the protection of the environment. www.banqueatlantique.net