Sharm El Sheikh: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), has renewed a Murabaha Trade Financing agreement for US$ 175 million to support the import of essential commodities with the State Trading Organization (STO), Maldives. 

The financing facility will support the procurement of essential commodities, including petroleum products, staple food and medicine and medical equipment. This original Murabaha Trade Facility was signed between ITFC and the Republic of Maldives in October 2019.  

The facility agreement was signed by Eng. Hani Salem Sonbol, CEO, ITFC and Mr. Husen Amru Mohamed Rashed, CEO and MD, State Trading Organization, Maldives during theon the sidelines of  IsDB 2022 Annual Meeting.  

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About The International Islamic Trade 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 primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$61.41 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for 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. 

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