(Istanbul, Turkey 28th November 2019) – The International Islamic Trade Finance Corporation (ITFC) in collaboration with the Istanbul School of Central Banking (ISCB) and the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) hosted a four-day training on Islamic Banking and Finance. The workshop provided an overview of existing financial products, explained how Islamic financial institutions operate and elaborated on the main differences between conventional banking and finance and the Shari’ah compliant banking.
The training brought together about twenty representatives of Central Banks and other relevant authorities from Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Uzbekistan and Afghanistan who are responsible for the regulation and development of Islamic banking and finance, as well as the representatives of four Turkish Participative Banks.
This workshop, the latest in series of workshops organized by ITFC in the CIS region that aim to promote and raise awareness about Islamic Finance as part of ITFC’s Trade Development activities, delivered by Islamic Finance experts and designed to provide a thorough understanding of Islamic Banking and Finance.
About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. Its primary focus is to encourage intra-trade among Organization of Islamic Cooperation (OIC) Member Countries.
Commenced operations in January 2008, ITFC has since consolidated all 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.
Since 2008, ITFC has provided more than US$45.4 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs.
ITFC was successful in establishing cooperation with leading financial institutions in Kyrgyz Republic and Uzbekistan, while further enhancing the strategic partnership with the Governments of Kyrgyz Republic, Tajikistan and Uzbekistan.
Since inception, the overall cumulative amount extended to CIS region stands at US$1.1 billion.