The International Islamic Trade Finance Corporation (ITFC) has commenced business with a start-up capital of US$3 billion. The ITFC aims to increase trade volume and development among Organization of Islamic Conference (OIC) member countries.
As an independent organization, the ITFC will also monitor market trends and launch specialized funds in its efforts to combat poverty and improve economic performance in the Islamic world. The ITFC will also support Islamic Development Bank investments and initiatives.
Dr Ibrahim Bin Abdul Aziz Al-Assaf, Saudi Arabian Minister of Finance and National Economy, affirmed: “The IFTC has been created to boost the economic development of member countries by enhancing intra-trade volumes from the current 14% to as high as 20% by 2015.”