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( Source of the document: ICC Digital Library )
HSBC Holdings has signed a memorandum of understanding (MoU) to provide letters of credit in a program to facilitate Shariahcompliant trade financing activities operated by an affiliate of the Islamic Development Bank (IDB). The affiliate, International Islamic Trade Financing Corp (IITF), hopes to disburse over US$2 billion of trade financing to companies in Asia, the Commonwealth of Independent States, the Middle East and Africa. The program aims to boost trade amongst the 57-member countries of the Organization of the Islamic Conference. HSBC will provide the L/ Cs on behalf of IITF customers who import or export goods and offer syndication and co-financing to help boost Islamic trade finance. Under the MoU, IITF is also expected to invest in HSBC's Shariah-compliant overnight commodity Murabaha investment product. Total trade finance amongst OIC member states, which include Saudi Arabia, Malaysia and Turkey, is expected to reach US$4 trillion by 2012.