A Partnership with CISL to Shape the Future of Innovation Sustainability
London, United Kingdom, 11th July 2018: The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group, and the University of Cambridge Institute for Sustainability Leadership (CISL), an academic institution within the University of Cambridge that builds sustainability leadership capacity to tackle critical global challenges, join together in partnership for shaping the future of sustainability through innovation, policy advancement and technology development.
“In Supporting innovation, and innovation catalysts, we have the intention to intensify collaboration in the coming months and years. As a first step to this end, ITFC and CISL will work towards a grant agreement in which ITFC provides a grant to CISL to develop a bespoke blue print for a Sustainable Trade and Innovation Hub in Dubai”, commented Eng. Hani Salem Sonbol, CEO ITFC.
ITFC and CISL have worked together to identify areas of common interest that would shape their joint investment and advisory work program in respect of the following, non-exhaustive areas of collaboration, areas that supports innovation, Green Trade Fintech Solutions, research and publications, training & Education, Awareness raising about the overlap between Islamic Finance and broader Sustainable Finance.
Since its inception, through its qualitative work, the CISL has become a renowned institution in the field of Innovating for Sustainability. By aiming at becoming the leading provider of trade solutions for OIC Member Countries’ needs, ITFC has an important role in mainstreaming and supporting innovative and sustainable Trade.
For her part, Dame Polly Courtice, Director of CISL, said ”CISL has the expertise and the legitimacy to discuss and push further the global agenda in subjects such as Finance for Sustainability, and ITFC, as a leading provider of Islamic Finance instruments for Trade has the expertise and the legitimacy to showcase the effects of the use of such instruments on Sustainability and Development. In light of this, both institutions have the intention to explore and raise awareness about the contribution of Islamic Finance instruments to Sustainability and its overlap with Sustainable conventional finance.”
Eng. Hani Salem Sonbol, CEO ITFC, was one of the participants in the Roundtable with, UK Treasury Minister John Glen MP, on Green Fintech market development, where in this meeting, Eng. Hani has highlighted ITFC’s achievements in Trade Finance, and the shared vision of ITFC and the CISL on the importance of the issues that would shape the future of trade.
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About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008 (Muharram 1429H), ITFC has since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group. Earning the A1 rating by Moody’s reflects the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market- driven business environment.
Since 2008, ITFC has provided more than US$40.2 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs. With a mission of being a catalyst for trade development among OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.