ITFC strengthens partnership with NCB

The signing took place during a meeting between ITFC CEO Hani Salem Sonbol and NCB CEO Faisal Omar Alsaggaf.
Updated 05 February 2019
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ITFC strengthens partnership with NCB

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.


Top CEO Conference & Awards wraps up in Bahrain

Updated 17 April 2019
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Top CEO Conference & Awards wraps up in Bahrain

The Top CEO Conference & Awards 2019, organized by TRENDS magazine — Mediaquest and international business school INSEAD, has concluded at the Al-Areen Palace and Spa in Bahrain. The event, held on Thursday, included seven key panel discussions under the theme “Growth in a Volatile Future” as well as the Top CEO Awards 2019 ceremony, which recognized the region’s most successful and trendsetting CEOs from more than 700 companies listed on GCC stock exchanges.

Top business leaders and more than 30 speakers from across the GCC shed light on the Middle East’s dynamic but volatile region and the burning issues facing the corporate world today. This year’s theme focused on a score of relevant issues, such as oil price fluctuations, tech disruptions, armed and political schisms that pose new risks, and opportunities. Speakers such as renowned economist Professor Nouriel Roubini provided growth solutions and road maps for businesses in the GCC region.

Alexandre Hawari, CEO of Mediaquest, said: “In its fifth edition, the Top CEO Conference & Awards fully encapsulated the theme of ‘Growth in a Volatile Future’ by acknowledging and exploring the growth transformation that the region is undergoing through digitalization and the fourth industrial revolution amid geopolitical tensions, looming trade wars and a rapidly evolving business environment. Building on the huge success of the previous years, the Top CEO Awards 2019 recognized CEOs and companies who have raised the bar by navigating challenges, implementing new strategies, and have demonstrated unquestionable growth, profitability and excellence in corporate governance.”

The conference kicked off with an opening keynote from Jassim Al-Seddiqi, CEO of the Abu Dhabi Financial Group and chairman of GFH Financial Group, who delved into the potential of transforming the region into a fintech hub and the importance of jumping on the digital bandwagon. 

The prime panel discussion on the “Future of Growth Amid Volatility” brought together five CEOs who explored methods to create future-proof strategies that can not only tackle challenges but also boost growth in a tough geopolitical and economic climate. 

Hisham Al-Rayes, CEO and board member of the GFH Financial Group, said: “Investing in the future in areas such as fintech, education and technology, the foundations for strong, enduring knowledge-based economies, is a priority for the group and the governments of the region in which we invest.”

“The Blockchain Opportunity” and “The Human Factor and Tech Innovation” panels brought together industry experts from Facebook, the Bahrain FinTech Bay and King Abdul Aziz University. 

“The Future of Women’s Business Leadership” panel discussed positive strides taken by GCC governments and businesses in leveling the playing field for women professionals.