More than 50 finance and planning ministers from the Organization of Islamic Conference (OIC) nations convened in Jeddah to attend the inauguration of the International Islamic Trade Finance Corporation (ITFC), the first specialist entity dedicated to developing trade and finance in the Islamic nations.
The ITFC aims to increase
trade volumes 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 $3 billion.
The ITFC's board of governors announced the corporation's...
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