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ISLAMIC FINANCE

ITFC seals deals to spur intra-OIC trade
April 10, 2018

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsB) Group, signed several agreements on the sidelines of the 43rd Meeting of the Board of Governors of the Islamic Development Bank (IDB) Group in Tunis exceeding $4 billion to support strategic commodities for a number of its member countries namely Tunisia, Cameroon, Pakistan, Senegal and Togo.

In addition, a pledge agreement was also signed with the"...

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Islamic Development Bank grants $63.3 million to Sudan
April 9, 2018

A grant agreement worth $63.3 million for the establishment of facilities and services in South Darfur, Western Sudan, was signed by the Islamic Development Bank (IDB) in Tunis on Saturday.
Fluctuations on the foreign currency black market forced the Sudanese central bank to twice devalue the pound since January.
The pound hit an all-time low in January when it was selling for between 43 and 45 to the dollar.
Earlier this month, the IDB agreed to"...

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Saudi Arabia renews $1bn line of credit for Beirut
April 7, 2018

Saudi Arabia, which vies with arch-rival Iran for influence in Lebanon, will grant the country a $1 billion development loan, a Lebanese government official told a donor conference in Paris Friday.

'It's a renewal of a line of credit that was there in the past and was not used,' said Nadim Mounla, an economic adviser to Lebanese Prime Minister Saad Hariri.

Lebanon's"...

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Saudi Arabia plans to issue USD 54 bln-worth bonds, Sukuk
April 2, 2018

The Saudi government is planning to issue bonds and Sukuk at the Saudi Stock Exchange (Tadawul) at a total value of SR 204.385 billion (approx. USD 54.5 billion).
The Capital Market Authority has approved the listing and trading in government bonds and Sukuk at Tadawul as of next Sunday, April 8, the Saudi Finance Ministry said in a press statement Sunday.
It stated that 45 bonds and Sukuk issuances valued at SR 204.385 billion (approx. USD 54.5 billion)"...

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