HSBC Amanah inks MoU with ITFC

KUALA LUMPUR: HSBC Amanah Malaysia Bhd has signed a memorandum of understanding (MoU) with Islamic Development Bank's International Islamic Trade Finance Corporation (ITFC) to implement its Shariah-compliant trade financing and provide help on various treasury activities.

In a statement today, HSBC said the MoU, the first of its kind in the industry, would allow ITFC customers to enjoy a simpler and cost-effective way to trade in a Shariah-compliant manner.

ITFC Chief Executive Officer Dr Waleed Al-Wohaib said:"In 2011, ITFC is expected to continue disbursing over US$2 billion in trade financing to companies in Asia, the Commonwealth of Independent States, Middle East and North Africa and Africa."

"ITFC was expected to invest its liquidity in attractive Shariah-compliant investment assets such as the Overnight Commodity Murabaha Investment product." - Bernama