Abidjan, March 2017: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, and Atlantic Business International, member of Banque Centrale Populaire du Maroc (BCP) Group inked a €40 million Euros two step Murabaha agreement.
The signing took place on the sidelines of the Economic forum between Mr Abou JALLOW General Manager at ITFC and Mr Habib KONE General Manager of ABI.
This agreement provides two-step Murabaha Financing Line to Atlantic Business International on behalf of its subsidiaries Banque Atlantique operating in West Africa. The financing aims at supporting funding access to the Bank and in turn support the SME’s and the private sector in West African OIC member countries in addition to promote Islamic Finance. This facility is viewed as a component of the Arab Africa Trade Bridges (AATB) Program, where ITFC aims to cooperate with Financial Institutions to serve the needs of its member countries from both regions.
Speaking on the occasion, Mr. Abou Jallow said “By extending a line of financing for Banque Atlantique in order to support the Private Sector, ITFC will play an important role in enhancing the productive and active role that Private Sector play in a robust domestic business market and improve its access to Global Trade with the objective to accelerate Financial Inclusion of SME’s” He went to add “From a strategic positioning perspective, leveraging the cooperation with BCP Group will ensure to ITFC the expansion of its portfolio and increase its geographical presence”.
From his part, Mr Habib KONE extended his appreciation to the ITFC for partnering with BCP Group and highlighted the importance of this partnership in leveraging and developing a strong know-how in Islamic financing solutions.