ITFC bags top award at GIFA event in Bosnia

ITFC CEO Hani Salem Sonbol, center, receives the award in Sarajevo.
Updated 01 October 2018

ITFC bags top award at GIFA event in Bosnia

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. 


Hyundai donates 24 vehicles to Saudi Red Crescent

Updated 20 October 2020

Hyundai donates 24 vehicles to Saudi Red Crescent

Hyundai Motor Company is supporting the Saudi Red Crescent Authority’s (SRCA) ongoing efforts to combat the COVID-19 pandemic by contributing 20 fully equipped ambulances and four support vehicles of the Hyundai H-1 model. The automaker aims to assist the frontline workers and public during these unprecedented times by offering the H-1 ambulances to seamlessly transport the health care professionals, the elderly and others.

The contribution is part of Hyundai’s commitment to giving back to the community and supporting the SRCA’s remarkable work in addressing the spread of the coronavirus in Saudi Arabia.

Hyundai is working hand-in-hand with its authorized distributors in the Kingdom — Al-Wallan Trading Company, Mohamed Yousuf Naghi Motors Company and Almajdouie Motors — to align its efforts with the government’s directives to deal with the situation.

Hyundai’s distributors will work closely with the official authorities in Saudi Arabia to deliver the vehicles directly to the SRCA.

Bang Sun Jeong, vice president and head of Middle East and Africa operations at Hyundai, said: “Caring for humanity has always been at the heart of Hyundai’s vision. We did not hesitate in taking this initiative with Hyundai distributors in the Kingdom during these challenging times, and we are proud of their association with the Saudi Red Crescent Authority in the fight against this pandemic.

“This contribution is another step in the direction of making a positive difference in the Saudi community and we believe by strengthening the relationships between the private and public sectors, it will benefit the Saudi Red Crescent Authority and help support members of the community across the Kingdom.”

He added: “We sincerely hope our efforts contribute toward making a difference in this fight, and we believe if we stay together, we can overcome anything. We hope this pandemic can soon come to an end and we can help people get back to their daily lives.”

Established in 1967, Hyundai Motor Company offers a range of vehicles and mobility services in more than 200 countries. Hyundai Motor sold more than 4.4 million vehicles globally in 2019, and currently employs some 120,000 personnel worldwide. The company is enhancing its product lineup with vehicles designed to help usher in a more sustainable future, while offering innovative solutions to real-world mobility challenges.