Jeddah: ICIEC and ITFC launched a policy to boost trade resilience by providing risk coverage for ITFC’s Shariah-compliant transactions in Jeddah to enhance confidence and economic stability.
By safeguarding Letters of Credit (LC) Confirmation transactions, the policy aims to bolster economic resilience, facilitate smoother trade operations, and promote intra-OIC and international trade.
The DCIP serves as a comprehensive risk management tool to address inherent risks in global trade. This initiative is expected to Increase trade volumes among OIC member states, Enhance confidence in cross-border transactions, Foster economic stability and sustainable development and Strengthen financial security for businesses and institutions
Dr. Khalid Khalafalla, CEO of ICIEC, highlighted the policy's impact: "This initiative reinforces our commitment to providing secure and effective trade finance solutions. By partnering with ITFC, we are ensuring that Shariah-compliant markets benefit from stronger and more reliable trade flows, ultimately driving growth and prosperity across our member countries."
Nazeem Noordali, Officer-in-Charge CEO of ITFC, emphasized its role in trade facilitation: "By mitigating risks in Letters of Credit transactions, this policy enhances trade resilience. Our collaboration with ICIEC ensures that businesses and financial institutions have the confidence to expand their trade activities, fostering economic growth and long-term prosperity."
This collaboration underscores a unified effort to support trade expansion, financial stability, and sustainable development across the OIC region and beyond.
