• Signs agreements with The Gambia, Tajikistan, IFC
Sunday Okobi in Baku, Azerbaijan
One of the members of the Islamic Development Bank (IsDB) Group, International Islamic Trade Finance Corporation (ITFC), yesterday opened its participation at the 2026 IsDB Group Annual Meetings in Baku with three strategic agreements signed with high-level engagements focused on promoting cooperation in the areas of trade finance, trade development, private sector growth, and regional economic cooperation among member states.
The Chief Executive Officer of ITFC, Adeeb Yousuf Al Aama, led the Corporation’s delegation in bilateral meetings with governors and delegations from member countries, including Bangladesh, The Gambia, Guinea, Maldives, Senegal, Somalia, Nigeria, and Tajikistan, as well as with partners, including Vakif Katilim Bank and Turk Eximbank.
The delegations focused on expanding tradefinance cooperation, strengthening access to Shariah-compliant financing, and identifying practical ways to align ITFC’s interventions with national development priorities.
At the Halal Economy Leadership Forum 2026, with the ITFC Chief Operating Officer, Mr. Nazeem Noordali, joining the Strategic Leadership Dialogue on Ethical Halal Business Models and Risk-Resilient Financing, they explored how halal economy models, Islamic finance, and risk-sharing mechanisms can support regional integration, MSME participation, and cross-border trade across member countries.
Some of the key highlights at the deliberation included The Gambia: US$250 million Framework Agreement to Support the Vital Sectors of the Economy.
ITFC signed a three-year US$250 million Framework Agreement with the Republic of The Gambia to guide the next phase of cooperation between the two parties.
The agreement follows the full utilisation of the previous five-year US$250 million Framework Agreement signed in January 2021.
According to ITFC, “The new agreement will provide a platform for ITFC to support priority sectors in The Gambia, including energy supply, food security, healthcare, agricultural value chains, and private sector financing through local financial institutions.”
The agreement was signed by the Gambian Minister of Finance and Economic Hon. Seedy K.M. Keita, and Chief Executive Officer of ITFC, Adeeb Yousuf Al Aama,
On Tajikistan, the International Islamic Trade Finance Corporation (ITFC) signed a US$10 million Direct Murabaha Financing Facility with the country to support the purchase and trade of cotton and cotton-related products.
The agreement was signed by Al Aama and the First Deputy Prime Minister of the Republic of Tajikistan, HE. Mr Hokim Holiqzoda, AI Aama stated that the pilot facility would provide working capital to the cotton sector stakeholders, enabling the Agency for Export under the Government of the Republic of Tajikistan, through processing companies, to procure cotton from farmers during the harvest season for further export, “thus supporting a sector that contributes significantly to export activity, agricultural value chains, and rural livelihoods.”
He added that with approximately 37,000 cotton-producing farms and entities engaging an estimated 680,000 people across the country, “the financing is expected to strengthen market linkages and sustain income-generating activities.
The agreement builds on ITFC’s ongoing support for strategic sectors in Tajikistan and reflects its commitment to delivering Shariah-compliant trade finance solutions that address the development priorities of its member countries.”
ITFC also signed a Confirming Bank Agreement with the International Finance Corporation (IFC), marking a new step in strengthening collaboration between the two institutions to support trade finance across common OIC member countries.
The agreement was signed by the Chief Operating Officer of ITFC, Mr. Nazeem Noordali, and IFC’sGCC Division Director, Mr. Abdullah Jefri, and witnessed by Al Aama, CEO of ITFC.
Through the partnership, ITFC noted it would be able to expand its trade finance operations by leveraging IFC’s risk-sharing framework and guarantees covering the payment obligations of issuing banks.
The collaboration is expected to enhance access to trade finance for importers and exporters in OIC member countries, facilitate critical cross-border trade transactions, and support greater trade connectivity and economic growth across member countries.
From the outset, ITFC’s Annual Meetings programme places trade finance, trade development, and Islamic finance at the centre of its agenda. Further agreements and high-level engagements are expected throughout the week as ITFC continues to work with member countries and partners to finance essential trade, expand private sector participation, and strengthen regional connectivity.
AI Aama disclosed that ITFC is the trade finance arm of the Islamic Development Bank (IsDB) Group, established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world.
ITFC commenced operations in January 2008 and has provided more than US$96 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs.
