The International Islamic Trade Finance Corporation (ITFC) was awarded the “Best Islamic Trade Finance Institution 2018” at the 8th Global Islamic Finance Awards (GIFA).
The award ceremony was held in Sarajevo, Bosnia and Herzegovina, on Saturday.
The Award was received by Hani Salem Sonbol, CEO, ITFC, in the presence of Bosnian President Bakir Izetbegovic.
Since its inception in 2008, ITFC, a member of the Islamic Development Bank Group (IsDB), has risen to become one of the world’s most important facilitators of trade and financing in Organization of Islamic Cooperation (OIC) countries.
Commenting on the occasion, Sonbol said: “ITFC is honored to accept this award from GIFA, which comes at a momentous milestone as we commemorate 10 years of development impact.
“The award is a validation of ITFC’s founding values of advancing trade and improving lives through Islamic trade finance. The recognition underscores the ever-growing importance, relevance and viability of Islamic trade finance in rising above today’s global market volatility to do its part in facilitating a new era of global trade.”
Over the past 10 years, ITFC has played a pivotal role in supporting its member countries to access trade finance and create development impact across a range of areas including economic growth, job creation, youth empowerment, poverty alleviation and access to electricity.
To date, ITFC has provided over $40.2 billion to meet its member countries’ needs.
Almost 70 percent of its transaction volume went toward supporting intra-regional trade amounting to $28.5 billion.
In line with its new strategy and to respond to the needs of member countries, ITFC in 2017 took major steps to enhance synergies between trade finance and trade development to achieve ITFC’s three main strategic objectives of expanding intra-OIC trade, supporting the diversification process of member countries’ economies and driving global growth of Islamic finance.
GIFA 2018 presented awards in more than 60 categories to celebrate the success of institutions and individuals from around the world who are charting new territories in Islamic trade and finance.
Past GIFA laureates include Djibouti President Ismail Omar Guelleh (2017) and Indonesian President Joko Widodo (2016), among many other illustrious and notable world leaders.
ITFC was established for the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world.
ITFC has consolidated trade finance businesses that used to be handled by various windows within the IsDB Group.
Earning the A1 rating by Moody’s reflects the corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.