The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the National Commerce Bank (NCB) have signed a Commodity Murabaha agreement. The signing took place during a meeting between ITFC CEO Hani Salem Sonbol and NCB CEO Faisal Omar Alsaggaf to discuss the existing strategic partnership and new areas of cooperation in the future.
“This meeting shall be the stepping stone for an even stronger partnership between ITFC and NCB in the future and a chance to showcase ITFC’s keen interest to partner and strengthen relationship with Saudi banks for the benefit of the local Saudi market and SME sector and beyond,” ITFC CEO Sonbol said.
NCB CEO Alsaggaf said that the agreement with ITFC is in line with NCB Treasury Group’s strategic aim of expanding its counterparties while dealing in Shariah-compliant solutions.
NCB is also a strategic syndicate partner of ITFC. The total NCB participation in ITFC’s syndication has reached up to $2.7 billion since the start of the collaboration of the two institutions in 2009.
Since 2008, ITFC has provided more than $45 billion of trade financing to OIC member countries, with a mission of being a catalyst for trade development among those countries.