Itfc signs an agreement with Tunisia to finance businesses

Apr 12, 2013

Tunisia and the International Islamic Trade Finance Corporation (Itfc) signed on April 8th an agreement to improve business financing.

Tunisia and the International Islamic Trade Finance Corporation (Itfc) signed on April 8th an agreement to improve business financing.

As part of this agreement, the Itfc will provide financing to Tunisian companies to allow them to provide commodities and strategic products such as fuel, wheat and food - with the Tunisian State acting as a guarantor.

"This agreement will certainly boost Tunisian exports and ensure direct support to strategic products, especially at this time," said the Minister of Development and International Cooperation, Lamine Doghri, quoted by the newspaper La Presse.

The Iftc, which was established 30 years ago, is working to establish new mechanisms for trade finance and Islamic finance.

Islamic finance is fast developing in Tunisia, which comes 23rd in world rankings of Sharia-compliant assets, with $800 million (€619 million) out of $36 billion globally, Islamic Finance News reports.ADNFCR-2976-ID-801570427-ADNFCR