The International Islamic Trade Finance Corporation, member of the Islamic Development Bank Group, signed a $100m Murabaha-structured line of trade finance with Mizuho Bank in Malaysia, a subsidiary of Mizuho Bank Japan.
This financing is expected to help ITFC extend its support to the member countries under its COVID-19 Response Plan targeted towards supporting both in public and private sectors.
The financing is ITFC’s first partnership with a Japanese bank, signalling an expansion of its partners around the world.
The virtual signing ceremony took place between Hani Salem Sonbol, the Chief Executive Officer of ITFC and Shojiro Mizoguchi, the Managing Director and CEO, Mizuho Bank (Malaysia) Berhad and was witnessed by Hidekatsu Take, the Managing Executive Officer of Mizuho Bank Limited, along with other high-level representatives from both sides.
Commenting on the Murabaha Financing Facility, Sonbol said, “This Mizuho Bank Malaysia’s line of financing will help ITFC meet its commitment to building capacity and economic growth in Organisation of Islamic Cooperation member countries across the world’s markets. This is an important milestone in ITFC’s international presence and its strategy of extending partnership globally through partnership with banks both inside and outside of the OIC. Such relationships will help significantly to enhance trade and improve livelihoods across our member countries.”
From his end, Mizoguchi said, “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 just a beginning to more collaborations with ITFC in the near future.”
