International Islamic Trade Finance Corporation and Islamic Solidarity Fund for Development Sign USD 150 Million Mudaraba Agreement
January 19, 2023 | Updated at January 19, 2023
The International Islamic Trade Finance Corporation (ITFC) and the Islamic Solidarity Fund for Development (ISFD), which are both part of the Islamic Development Bank (IsDB) Group, have signed a USD 150 million agreement for the Trade Finance Support Program using the Mudaraba financial structure, as announced on the 18th of January 2023.
Why it Matters?
The programme is designed to help least developed member countries (LDMCs) that have been impacted by both the COVID-19 pandemic and food security crisis. Additionally, the partnership looks to promote small and medium-sized enterprises, which are seen as the foundation of many economies in IsDB member states, particularly those that have been greatly affected by the global crises.