ITFC and Maldives’ State Trading Organization Renew USD 175 Million Murabaha Trade Finance Agreement

The International Islamic Trade Finance Corporation (ITFC) has renewed a USD 175 million Murabaha Trade Financing agreement with the Republic of Maldives’ (Maldives) State Trading Organization (STO) to aid in the import of basic essential goods.

Why it Matters?

ITFC and Maldives inked the original Murabaha trade facility agreement in October 2019. The financing facility will help with the purchase of necessary commodities such as petroleum products, staple foods, medicine, and medical equipment.

Details

The agreement was signed by ITFC’s Chief Executive Officer (CEO), Hani Salem Sonbol and STO’s CEO and Managing Director (MD), Husen Amru Mohamed Rashad, on the sidelines of the Islamic Development Ban...