The International Islamic Trade Finance Cooperation (ITFC), a member of the Islamic Development Bank Group (IDB), signed a Memorandum of Understanding (MoU) with Attijariwafa Bank, a Moroccan Bank and one of the largest in Africa. The MoU will focus on opportunities for joint trade financing in Morocco and Africa in accordance with the principles of Islamic Shariah. The signing ceremony took place in line with the opening ceremony of the 4th International Forum for Africa Development, organized by Attijariwafa bank on Feb. 25-26 in Morocco. The MoU was signed by Hani Salem Sonbol, acting CEO of ITFC, and Mohamed El Kettani, chairman and CEO of Attijariwafa bank. The main objective of the MoU is to promote a long term and comprehensive relationship between ITFC and Attijariwafa bank in different areas that include bilateral treasury and interbank transactions for liquidity investment and borrowing foreign exchange. In addition, the cooperation will involve identifying opportunities for structured trade finance operations in Morocco and other markets. Commenting on the signing of the agreement, Sonbol said, "This signing is a set up for a strategic partnership and aims at developing unique trade finance solutions which serve the needs of our member countries in the region. It is ITFC's mandate to seek partnerships to promote intra-trade among OIC Member countries and improve the livelihood of its people". From his end, El Kettani added that, "the signing of this MoU with ITFC reflects our mutual willingness to support Dar Safaa in its first steps in the Islamic Finance arena, and on the continental level, to spearhead the trade flows between Morocco and Sub Saharan Africa." It is worth mentioning that ITFC provided over $2 billion in financing to support Morocco's strategic sectors since its inception in 2008, specifically for the energy and steel industries. The International Islamic Trade Finance Corporation (ITFC) is an autonomous entity within the Islamic Development Bank (IDB) Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group. It commenced operations in January 2008. The consolidation of the IDB Group's trade finance activities under a single umbrella increased the Corporation's efficiency in service delivery by enabling rapid response to customer needs in a market-driven business environment. — SG
