The International Islamic Trade Finance Corporation (ITFC) Supports SMEs and Private Sector in Member Countries

ITFC  has  organized a  side-event  during  the  IDB  Group  Private  Sector  Forum, in conjunction with the IDB Group 42nd Annual Meeting held in Jeddah-Saudi Arabia. Given the importance of this forum and the high profile audience that   this  event  has attracted,  ITFC  has  shown  keenness  to  highlight  its  role,  as an Islamic Trade Finance Institution, in contributing to the economic and social development of its member countries through trade finance and trade development. In addition, ITFC is   seeking   to   use   this   opportunity   to showcase its role in promoting the development of the Small & Medium-Sized Enterprises (SMEs) and its support to the Private Sector through Islamic Banking.

Asked about the event, Eng. Hani Salem Sonbol, CEO of ITFC who delivered the opening remarks and was one of speakers in the event responded :" The need for Trade Finance, which is a catalyst  for  trade,  has  become  more  imperative  now. However,  many  providers  of  trade  finance  have  reduced  their    exposure to businesses, leading to a gap in trade finance  for  companies,  importers  and exporters,  just  at  a  time  when  they  most  need  it.  ITFC  is pushing its efforts to positively contribute to the SME sector by  extending innovative   financing structures and platforms”.

In the event Mr. Nazih Al-Naser, CEO of Catalyst Group has presented the  role     of  SMEs  Development  Program  in partnership with ITFC in  the  Kingdom  of Saudi Arabia.

The forum was moderated by Mr.Mohd. Rithaudden Makip, Deputy CEO, SME Corp. Malaysia and speakers included Eng. Hani Salem Sonbol, CEO ITFC, Mr. Muwaffaq Jamal, Deputy Governor of SME Authority in KSA, Mr. Recep Bier, President of    SME Development Turkey (KOSGEB) and Mr. Adetokunbo Mukhail Abiru,  CEO  of Skye Bank Plc. The event has attracted numerous audiences of  government officials, chairmen, presidents & CEOs of local/international private sector companies, financial institutions, state owned enterprises (SOEs) and entrepreneurs/small  businesses/associations   it   is expected to increase awareness about ITFC & its role in trade finance and trade development, better knowledge on market trends covering Islamic Trade Finance for SMEs and the Private Sector, Increased understanding on the market barriers

SMEs face in accessing trade finance and the role that Islamic Finance can play in enhancing access to finance, solutions on how ITFC can better design SME solutions to overcome market barriers and play an active role in driving private sector growth in Member Countries and understanding the development impact ITFC SME trade finance solutions can have on Member Country populations.