HSBC Amanah Inks MoU With ITFC

HSBC Amanah Malaysia Bhd tapped Islamic Development Bank's International Islamic Trade Finance Corporation's expertise to implement its Shariah-compliant trade financing.

It also seeks asssistance on various treasury activities.

A Memortandum of Understanding has been signed by the parties.

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."

The full story is available at Bernama.