The award comes as a recognition of the work being done by the institution to promote Islamic trade financing globally and the investments made in the past year in supporting OIC member States in their recovery of the Covid-19 pandemic
JEDDAH, Kingdom of Saudi Arabia, October 12, 2021/ — The Global Islamic Finance Awards has announced ITFC (ITFC-idb.org) as the winner of the Islamic Trade Finance Institution category at the 2021 edition of the Global Islamic Finance Awards.
Commenting on the reception of the award, CEO of ITFC, Eng. Sonbol said: “ITFC is honored to have been once again awarded as the best Islamic trade finance institution globally after winning same in 2018. This is not only an announcement we celebrate as a team, but it also gives us the opportunity to take stock of the impact our projects and investments have had on the economies of the regions we operate in from the start of the Covid-19 pandemic up until now. We are happy of the outcome while gearing up to do more to support our member-countries.”
Eng. Sonbol added: “ITFC since inception in 2008, provided US$58 billion of trade financing while disbursements stood at US$48 billion, with trade support extended to the the strategic sectors in Member countries including critical sectors of Health, Energy, Agriculture, and SMEs, among others during the pandemic. Additionally, total cumulative funds mobilized from partner banks and financial institutions reached US$32.8 billion, reflecting ITFC’s leading role as a trade catalyst for our member countries.”
When the pandemic hit, the ITFC swiftly repurposed its existing financing engagements and made available new financing to focus on the critical needs of OIC member countries. ITFC’s initial Rapid Response Initiative provided US$605 million available to assist OIC member countries in purchasing emergency medical equipment and supplies, as well as strategic commodities, such as staple food. Moreover, as part of its Recovery Response Initiative, ITFC has allocated an additional US$550 million to support strategic sectors over the next two years, as part of the Islamic Development Bank (IsDB) Group US$2.3 billion 3Rs (Respond, Restore, Restart) Strategic Preparedness and Response Program (SPRP) for COVID-19 pandemic.
In the area of trade development, ITFC continued to extend its services, technical assistance, and implement capacity building activities through various programs, including the Arab Africa Trade Bridges Program (AATB) and the Aid for Trade Initiative for Arab States (AfTIAS). The strategic priorities of ITFC over the coming years will focus on several areas including building partnerships to create sustainable development impact through providing integrated trade finance and trade development solutions to member countries. Furthermore, as an active player on the global front, ITFC remains committed to efforts aimed at achieving the UN SDGs.