International Islamic Trade Finance Corporation Launches New Waqf Fund

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group announced the launch of a new trade development Waqf Fund (Fund) with an initial target capital of USD 50 million.

The purpose of the Fund is to support trade development projects in the Organisation of Islamic Cooperation (OIC) member nations, as well as within Muslim communities in non-member countries. So far, the Fund has provided support to member countries primarily to combat the socio-economic impacts of COVID-19, concentration in particular on the provision of food and critical medical supplies.

According to media reports, investment returns obtained from the Fund will go...