CAPITAL MARKETS - Pmex representation in Turkey: commodity trading policy frameworks discussed

Pakistan Mer-cantile Exchange (Pmex) was recently invited to participate and make a formal presentation in a seminar on 'Experiences in Establishing Effective Commodity Exchanges in IDB member Countries.' The seminar was held on 15th-16th December 2011 in Ankara, Turkey and was organised by the Islamic Development Bank, its subsidiary International Islamic Trade Finance Corporation and the Union of Chambers and Commodity Exchanges of Turkey.

Participants in the seminar included commodity exchanges and chambers of commerce from IDB member countries, financial institutions, as well as international consultants and specialists in the area of commodity trading, financing and warehousing. (source)

FINANCE - Aktif Bank made a Trade Finance Program Agreement with Asia Development Bank and Islamic Trade Finance with ICIEC

Aktif Bank has been one of the 5 banks with which Asia Development Bank has signed a Trade Finance Program (TFP) agreement for strengtening trade with Turkey

Achieving very successful Results in retail and institutional banking fields thanks to its innovative approach called “New Generation Banking”, and to its technology-focused unique business model, and being Turkey’s first and only direct bank launching many new products into banking sector, Aktif Bank signed a “Trade Finance Program (FTP)” agreement with Asia Development Bank, whereby Aktif Bank customers will now be capable of expanding their trade opportunities and trade cooperation between Turkey and Asia will grow. (source)

FINANCE - Aktif Bank agrees two-step murabaha facility

Aktif Bank has won a US$10mn two-step murabaha financing facility from the International Islamic Trade Finance Corp, that is a part of the Islamic Development Bank Group.

It seems that the facility will be used in trade finance-related transactions and will support intra-OIC (Organisation of the Islamic conference) trade. (source)

OIC - WORLD - TRADE - Inter-Islamic countries trades booming

International Islamic Trade Finance Corporation (ITFC) inter-Islamic countries trade has risen to 17 pc.

Members of the Organization of the Islamic Cooperation (OIC) are aimed at increasing the trade to 20 pc by 2015, reported Taqrib News Agency (TNA).

Latest surveys announced by the Center for International Islamic Trade Development, affiliated to the Islamic Development Bank (IDB) shows that the trade between Islamic countries has risen to 17pc while the members of OIC are aimed at increasing the number to 20 pc. (source)

IDB urged to make trade financing more competitive

Behind the resolutions, the statements and the rhetoric of the Board of Governors of the Islamic Development Bank (IDB) at the recent 36th Annual Meeting which was held in Jeddah on June 29-30, were some commendable suggestions from member countries aimed at speeding up the efficiency and effectiveness of the bank. (source)

TRADE - OIC/Trade: Chambers from OIC members gather in Ankara

ISTANBUL, 17 Rajab/June 20 (IINA)-An education program for trade and industry chambers’ officials in countries with membership in the Organization of the Islamic Conference, OIC, started in Ankara.

The event aims to improve the capacity and effectiveness of the chambers in these countries.

It is an initiative by the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the Islamic Development Bank (IDB), the Islamic Chamber of Commerce and Industry (ICCI) and Islamic Trade Finance Corporation (ITFC). The Turkish International Cooperation and Development Agency (TİKA), also supports the event that will continue until June 24. (source)

TRADE FINANCE - Islamic trade finance sector to see expansion

Islamic trade finance has benefitted from shifting preferences towards Shariah-compliant banking and could serve as one of the key growth drivers to help the nearly $1 trillion Islamic finance industry double in size. 

The global Islamic finance industry, which has been growing between 15 to 20 per cent a year, is widely expected to reach $2 trillion in the next three to five years.

While Islamic banking and Islamic bonds, or sukuk, are expected to lead growth, bankers say Islamic trade finance could serve as the dark horse emerging to propel the industry further.

Trade finance, the lifeblood of global commerce, underpins 60-80 per cent of the $12-13 trillion trade in global merchandise and practitioners say it is safer than other forms of lending. (source)

TRADE FINANCE - Islamic trade finance seen lifting growth of sector

DUBAI, June 9 (Reuters) - Islamic trade finance has benefitted from shifting preferences towards Sharia-compliant banking and could serve as one of the key growth drivers to help the nearly $1 trillion Islamic finance industry double in size.\

The global Islamic finance industry, which has been growing between 15 to 20 percent a year, is widely expected to reach $2 trillion in the next three to five years. (source)