ITFC, Rabitabank sign US$10 Million Letter of Credit Confirmation Facility

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank Group (IsDB), and Rabitabank have signed a US$ 10 million Letter of Credit (LC) Confirmation Facility to meet the private sector's trade finance needs, particularly SME clients and contribute towards the promotion of Sharia-compliant trade financing solutions in Azerbaijan.

This agreement was signed between Eng. Hani Salem Sonbol, CEO of ITFC, and Dr. Aydin Huseynov, Chairman of the Management Board of Rabitabank. The facility will enable the Bank to offer trade finance solutions and contribute towards the development of Islamic finance in Azerbaijan.

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank Group (IsDB), and Rabitabank have signed a US$ 10 million Letter of Credit (LC) Confirmation Facility to meet the private sector's trade finance needs, particularly SME clients and contribute towards the promotion of Sharia-compliant trade financing solutions in Azerbaijan.

This agreement was signed between Eng. Hani Salem Sonbol, CEO of ITFC, and Dr. Aydin Huseynov, Chairman of the Management Board of Rabitabank. The facility will enable the Bank to offer trade finance solutions and contribute towards the development of Islamic finance in Azerbaijan.

(With Inputs from APO)