The International Islamic Trade Finance Corporation (ITFC) and the Islamic Research and Training Institute (IRTI), both members of the Islamic Development Bank (IsDB) Group, have signed a memorandum of understanding for collaboration to develop innovative trade finance solutions and enhance human resources for Islamic financial institutions.
ITFC is a multilateral trade financing institution established to enhance and promote trade and trade cooperation among IsDB member countries. IRTI is a global think tank specialized in the provision of innovative solutions in pursuit of realization of the socio-economic policies of IsDB member countries and Muslim communities worldwide.
The MOU was signed by Chief Executive Officer of ITFC, Engr. Hani Salem Sonbol, and Director General of IRTI, Dr. Humayon Dar, during a ceremony at the ITFC Headquarters in Jeddah, Kingdom of Saudi Arabia.
The two institutions will cooperate to develop innovative first-of-their-kind financial products in the area of Islamic trade finance, and produce joint publications with the aim of creating knowledge products in Islamic trade finance.
In order to help develop human resources in the area, ITFC and IRTI will create online certification programs in Islamic trade finance at introductory, intermediary and advanced levels to be disseminated using innovative digital learning tools.
The two institutions will also develop a series of case studies to document instances of world-class innovation and creativity in the Islamic financial services industry, and share these with the global business leaders and intellectual community. The cases will also be distributed by IRTI among leading business schools in the world for use in their education and training programs.
Speaking during the MOU signing ceremony, Eng. Hani Salem Sonbol, said:
ITFC is attempting to develop and innovate islamic finance to become a leader for Islamic social change. By joining hands with IRTI, we can better serve our member countries, through human development, capacity building and developing Shariah compliant products, which we will work together using IRTI’s knowledge and technical expertise in this development.
The Director General of IRTI, Dr. Humayon Dar, added:
IRTI is playing the lead role in human capital development in the various aspects of Islamic finance. Therefore, we are delighted to sign this MOU with ITFC to collaborate in developing human resources within ITFC and in the wider Islamic trade finance sub-sector globally. ITFC has an excellent trade finance model that needs to be replicated by other operators in the sub-sector, and IRTI will be happy to support ITFC to highlight this comparative advantage.