Riyadh – Mubasher: The International Islamic Trade Finance Corporation (ITFC) inked a $100 million Murabaha-structured line of trade finance with Malaysia’s Mizuho Bank, a subsidiary of Mizuho Bank Japan.
The financing facility will help ITFC extend its support to the member countries under its COVID-19 Response Plan which supports both the public and private sectors, according to a press release on Wednesday.
The ITFC is a member of the Islamic Development Bank (IsDB) Group.
The financing is ITFC’s first partnership with a Japanese bank, signalling an expansion of its partners around the world.
“This is an important milestone in ITFC’s international presence and its strategy of extending partnership globally through partnerships with banks both inside and outside of the Organisation of Islamic Cooperation (OIC),” said CEO of ITFC, Hani Salem Sonbol.
Meanwhile, Mizuho Malaysia's CEO, Shojiro Mizoguchi, remarked, "Mizuho Bank Malaysia is proud and honoured to sign this agreement with ITFC today. This reflects our commitment to promote the Shariah-compliant finances globally and we believe this is a just a beginning to more collaborations with ITFC in the near future."
