TRADE FINANCE | Cesar Tordesillas, Malaysia

HSBC Amanah Inks MoU With ITFC

HSBC Amanah Malaysia Bhd tapped Islamic Development Bank's International Islamic Trade Finance Corporation's expertise to implement its Shariah-compliant trade financing.


It also seeks asssistance on various treasury activities.

A Memortandum of Understanding has been signed by the parties.

HSBC said the MoU, the first of its kind in the industry, would allow ITFC customers to enjoy a simpler and cost-effective way to trade in a Shariah-compliant manner.

ITFC Chief Executive Officer Dr Waleed Al-Wohaib said:"In 2011, ITFC is expected to continue disbursing over US$2 billion in trade financing to companies in Asia, the Commonwealth of Independent States, Middle East and North Africa and Africa."

"ITFC was expected to invest its liquidity in attractive Shariah-compliant investment assets such as the Overnight
Commodity Murabaha Investment product."

The full story is available at Bernama.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.