The IOFS Secretariat convened a meeting with ITFC representatives on December 15, 2020, to discuss potential areas of collaboration. Each side shared the history of the development of their institutions and briefed upon their current activities.

Eng. Hani Salem Sonbol, Chief Executive Director of the International Islamic Trade Finance Corporation (ITFC) stressed that ITFC is keen to collaborate with IOFS within mentioned strategies. He expressed interest in certain areas, such as the development of strategic commodities. ITFC has some experience in palm oil development and is willing to share its experience. Eng. Hani Salem Sonbol also offered the advisory services of ITFC, which are currently in high demand by many of its partners. He also welcomed the idea of regular donations and assistance to the developing countries of OIC and expressed confidence that these projects would be supported by many Muslims. The Chief Executive Director noted that the ITFC team is looking forward to cooperating in 2021 and beyond, and build a strategic partnership with IOFS.

Both sides are currently drafting the Memorandum of Understanding.

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