The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) group, signed a $100 million Murabaha-structured line of trade finance with Mizuho Bank in Malaysia, a subsidiary of Mizuho Bank Japan.
The financing facility will help ITFC extend its support to the member countries under its COVID-19 Response Plan that is targeted towards supporting both in public and private sectors.
The financing is ITFC’s first partnership with a Japanese bank, signalling an expansion of its partners around the world. The virtual signing ceremony took place between Eng. Hani Salem Sonbol, Chief executive officer (CEO) of ITFC and Shojiro Mizoguchi, the Managing Director and CEO, Mizuho Bank (Malaysia) Berhad and witnessed by Mr. Hidekatsu Take, the Managing Executive Officer of Mizuho Bank Limited, along with other high-level representatives from both sides.
Commenting on the Murabaha financing facility, Eng. Hani Salem Sonbol, ITFC CEO, said: “This Mizuho Bank Malaysia’s line of financing will help ITFC meet its commitment to building capacity and economic growth in OIC member countries across the world’s markets. This is an important milestone in ITFC’s international presence and its strategy of extending partnership globally through partnership with banks both inside and outside of the OIC. Such relationships will help significantly to enhance trade and improve livelihoods across our member countries.”
Mizoguchi, Mizuho Malaysia’s CEO, said that the agreement reflects Mizuho bank’s commitment to promote the shariah compliant finances globally.