The International Islamic Trade Finance Cooperation (ITFC), a member of the Islamic Development Bank Group (IsDB), signed a Memorandum of Understanding (MoU) with Agroinvestbank, a private commercial bank established in the Republic of Tajikistan.
The Agreement was signed by Mr. Murodali Alimardon, Chairman of Agroinvestbank and Mr. Mohammad Iqbal Azad, Officer-in-Charge, on behalf of the ITFC. The signing ceremony took place in ITFC headquarters in Jeddah.
The main objective of the MoU is the promotion of Islamic finance through multiple Islamic finance modes and products. In addition, the two entities will cooperate jointly in identifying structure and finance trade operations in Tajikistan through the allocation of funds.
Commenting on the signing of the agreement, Mr. Muhammad Iqbal Azad, ITFC’s Officer-in-Charge said, “This signing is a reflection of a successful partnership between ITFC and Agroinvestbank.” Mr. Azad added, “It is ITFC’s mandate to support member countries’ strategic sectors and to improve their trading capacity.”
From his end, Mr. Murodali, added that, “Both parties will use their best efforts to bring together those capabilities and resources to search opportunities for joint trade financing cooperation in Tajikistan that are within the parameters of Shariah principles” emphasizing on the fruitful partnership with ITFC.”
It is worth mentioning that ITFC have supported Tajikistan’s strategic sectors since its inception in 2008, where a total amount of USD 64 million have been extended to the government, in cooperation with Agroinvestbank.