DUBAI: HSBC Holdings signed a memorandum of understanding with an affiliate of the Islamic Development Bank (IDB) to facilitate Shariah-compliant trade financing activities on behalf of the affiliate’s customers, the lender said in a statement.
The affiliate, International Islamic Trade Financing Corp., (ITFC)is expected to disburse over $2 billion of trade financing to companies in Asia, the Commonwealth of Independent States, Middle East and North Africa (MENA) and Africa, said Waleed Al-Wohaib, chief executive of the ITFC.
It seeks to develop and increase trade among the 57-member countries of the Organization of the Islamic Conference (OIC). The statement did not provide any financial details regarding the partnership. Continue reading