RIYADH, Feb 25: More than 50 finance and planning ministers from the Organization of Islamic Conference (OIC) on Saturday inaugurated the International Islamic Trade Finance Corporation, the first specialist entity dedicated to developing trade and finance in the Islamic states. The International Islamic Trade Finance Corporation (ITFC) aims to increase trade volume among OIC member countries; develop and finance such trade in accordance with the principle and provisions of Islamic law; and upgrade the OIC nations’ export capacity. The ITFC has an initial capital of USD 3 billion.

The ITFC’s board of governors announced the corporation’s opening at the ITFC’s first General Assembly Meeting in Jeddah.

Dr Ibrahim Bin Abdul Aziz Al-Assaf, the Saudi Arabian Minister of Finance and National Economy, emphasised the importance of reinforcing trade relations between the member countries and highlighted the role of the Islamic Development Bank in increasing intra-regional trade.

“The IFTC has been created to boost the economic development of member countries by enhancing intra-trade volumes from the current 14 per cent to as high as 20 per cent by 2015,” Dr Al-Assaf added.

As an independent organisation, the ITFC will also monitor market trends and launch specialized funds in its efforts to combat poverty and improve economic performance in the Islamic world. The ITFC will also support Islamic Development Bank investments and initiatives.