Press Release (ePRNews.com) - JEDDAH, Saudi Arabia - May 08, 2016 - The rich heritage, portrayed by many years of experience and knowledge under the Islamic Development Bank (IDB) Umbrella, has placed the International Islamic Trade Finance Corporation (ITFC) in a leading position as the recognized provider of Islamic Trade Finance Solutions. This pioneering differentiation has also aided in developing, and implementing the anticipated objectives with the aim of promoting economic and social development among OIC Member Countries. Also, the latter has contributed in formulating Shariah-compliant innovative finance tools, and establishing standards and ethics to be followed in the business.
Complementary to the march of progress and prosperity, ITFC has won the 2016’s Best Islamic Commodities Provider Award.
That is within the framework of the annual awards granted by “Global Finance” to the best Islamic financial institutions in the world for the ninth consecutive year.
About the Corporation
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IDB) Group, as the provider of Islamic Trade Finance and Trade Development.
The Corporation’s main objective is to facilitate and promote trade among the Member Countries of the Organization of Islamic Cooperation (OIC).
It is in fact the leading Corporation in providing Islamic financial services to governments and companies on a global scale.
In his statement, Eng. Hani Salem Sonbol, Acting Chief Executive Officer of ITFC, confirmed that the main purpose for establishing this Corporation as a catalyst for the development of trade among OIC Member countries and in doing so, help countries engage through trade with the rest of the world.
He added that ITFC has a mandate to finance the strategic commodities in countries where it have major impact and strong potential to make a positive difference in the lives of the common people, particularly in rural areas.”
All in all, this leading Corporation always strives to increase the intra trade size to support the sustainable economic development, and increase the welfare of millions of people across the world.
The Islamic Corporation, as a financial company, works on providing a range of Islamic trade finance products and services; so that companies can use effective global products and services that fully comply with the Shariah provisions, which help in removing trade barriers, facilitating transactions, reducing costs, and strengthening partnerships.
About the Award:
Within the framework of the annual awards granted by “Global Finance” to the best Islamic financial institutions in the world for the ninth consecutive year, the Islamic Trade Finance Corporation (ITFC) has won Best Islamic Commodities Provider Award for this year.
This Corporation has won numerous international awards and recognitions for its outstanding and distinguished achievements; as the Corporation, since its launch, has obtained the highest operational and institutional construction levels, and has won more than twenty prestigious awards from media organizations since its inception, such as: The Euro, the Global Foundation, the Trade Review and other awards.
The editorial team of Global Finance Magazine selected the winners, after extensive consultations with the bankers and the companies’ financial managers, in addition to analysts from all over the world.
The selection process of these major financial institutions has undergone a combination of factors represented in the following:
They include asset growth, profitability, geographic reach, strategic relationships, new business development, and innovation in the products.
They include reputation, customer satisfaction, and the analysts’ views, and others involved in this sector.
Mr. Joseph Giarraputo, Global Finance Editorial Director, said: “Islamic finance continues to expand rapidly- both geographically and in terms of structures and products”.
He added: “Those firms that have been named as this year’s Best Islamic Financial Institutions have consistently supported the needs of their clients. They are able to respond dynamically to the changing environment for Shariah compliant financing, while upholding both the spirit and the letter of Shariah law”.
Among the winning bodies and institutions for this year the following:
Best Islamic Financial Institution Samba
Best Bank for Islamic IPOs J.P. Morgan
Best Up-and-Coming Islamic Financial Institution Qatar First Bank
Best Islamic Custodian Deutsche Bank
Best Provider of Shariah-Compliant Funds Al Rajhi Capital
Best Islamic Financial Institution for SMEs Abu Dhabi Islamic Bank
Best Shariah-Compliant Index Provider MSCI Islamic Index Family
Best Islamic Trade Finance Provider Dubai Islamic Bank
Best Islamic Commodities Provider International Islamic Trade Finance Corporation
Best Sukuk Bank Maybank Islamic
Award Handover Date:
Winners will be honored at an Awards Ceremony held on the 8th of October during the International Monetary Fund (IMF) and World Bank Annual Meeting in Washington, DC. Source :