Jeddah, Saudi Arabia – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a US$ 9 Million 2-Step-Murabaha-Financing Agreement with Coris Bank International (CBI), a leading bank in West Africa, with headquarters in Burkina Faso.The Agreement was signed by Mr. Idrissa Nassa, CEO, Coris Bank International (CBI),Burkina Faso and Mr. Nazeem Noordali, GM Corporate & Structured Finance, ITFC at the ITFC headquarters in Jeddah.
ITFC’s financing will support CBI, as they have recently launched a range of Shariah compliant financial products and services to the local market. CBI is as of today the sole provider of Islamic products in Burkina Faso.
Burkina Faso has a huge potential for the development of Islamic finance considering the sizeable Muslim population. This agreement also aims at boosting the funding to the private sector of the Burkinabe economy, and consequently alleviate the funding challenges of this crucial sector of the economy while contributing to job creation and income generation.
Mr. Nazeem Noordali stated that this new operation is in line with one of ITFC’s Africa Initiative objectives to establish strategic partnership with regional banks with sound knowledge of the local market in order to reach SMEs more easily in the region, knowing the high development impact of financing the SME sector.
From his end, Mr. Idrissa Nassa, thanked ITFC for its cooperation highlighting the importance of ITFC’s financing operations for Burkina Faso, as it would help them in having practical understanding of Islamic finance and help support its recently established Islamic Window, and would enhance the growth and profile of Islamic finance within Burkina Faso.
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”. www.itfc-idb.org
About Coris Bank International
Coris Bank International (CBI) has developed an expertise that made its reputation as a leading institution in the financing of SMEs / SMIs. CBI has received several awards for its product offerings and services specifically tailored to this target. CBI isBurkina’s first bank to be certified ISO 9001: 2008, and is also the first to offer an alternative to conventional finance by opening an Islamic Finance window. CBI Group has been expanding rapidly since 2013 and is currently active in Burkina Faso, Cote d’Ivoire, Mali and Togo. Before the end of 2016, CBI shall open branches in Benin and Senegal. Today, CBI is positioned as a financial group of reference in Africa and a growth accelerator in its host countries. www.coris-bank.com