ITFC Paves Way for Innovation in Islamic Trade Financing

By Modupe Gbadeyanka

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group, and the University of Cambridge Institute for Sustainability Leadership (CISL), an academic institution within the University of Cambridge that builds sustainability leadership capacity to tackle critical global challenges, have joined together in partnership for shaping the future of sustainability through innovation, policy advancement and technology development.

“In Supporting innovation, and innovation catalysts, we have the intention to intensify collaboration in the coming months and years. As a first step to this end, ITFC and CISL will work towards a grant agreement in which ITFC provides a grant to CISL to develop a bespoke blue print for a Sustainable Trade and Innovation Hub in Dubai,” commented Eng. Hani Salem Sonbol, CEO ITFC.

ITFC and CISL have worked together to identify areas of common interest that would shape their joint investment and advisory work program in respect of the following, non-exhaustive areas of collaboration, areas that supports innovation, Green Trade Fintech Solutions, research and publications, training & Education, Awareness raising about the overlap between Islamic Finance and broader Sustainable Finance.

Since its inception, through its qualitative work, the CISL has become a renowned institution in the field of Innovating for Sustainability. By aiming at becoming the leading provider of trade solutions for OIC Member Countries’ needs, ITFC has an important role in mainstreaming and supporting innovative and sustainable Trade.

For her part, Dame Polly Courtice, Director of CISL, said ”CISL has the expertise and the legitimacy to discuss and push further the global agenda in subjects such as Finance for Sustainability, and ITFC, as a leading provider of Islamic Finance instruments for Trade has the expertise and the legitimacy to showcase the effects of the use of such instruments on Sustainability and Development. In light of this, both institutions have the intention to explore and raise awareness about the contribution of Islamic Finance instruments to Sustainability and its overlap with Sustainable conventional finance.”