The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, in collaboration with the Ministry of Economic Development and Trade of the Republic of Tajikistan, has successfully concluded two comprehensive Islamic trade finance workshops to equip participants with the necessary knowledge and skillset on various aspects of Islamic finance and relevant practices. The workshops took place in Dushanbe, Tajikistan from 15th to 19th July 2024.
These workshops mark a significant milestone in ITFC’s mission to bolster Islamic finance capabilities in member countries. The Islamic finance industry has enormous potential for growth and contribution to the socio-economic development of the country. Tajikistan was among the first countries in the region to adopt the Islamic finance regulatory framework. However, as the S&P’s 2024 report highlights, low knowledge and understanding of Islamic finance principles among professionals and consumers are one of the major hindrances to the growth of Islamic finance in the region. Addressing this knowledge gap was one of the primary objectives of these workshops.
During the workshops, participants were introduced to a wide array of Islamic financial products and services. The training sessions were designed to enhance the participants’ understanding of Islamic trade finance and its features, equipping them with the necessary knowledge and skills to foster the growth of Islamic finance in Tajikistan.
“Islamic finance has gained significant traction around the world, creating ample opportunities for global financial stability, ethical investment, and inclusive growth. Tajikistan is uniquely predisposed to benefit from the principles of Islamic finance, and I would like to thank ITFC for its continued assistance and implementation of important projects in our country.” – Dilshod Sharifi, Head of the International Economic Department, Ministry of Economic Development and Trade of the Republic of Tajikistan.
Key outcomes of the workshop included increased awareness and understanding of Islamic trade finance principles and ITFC’s integrated trade solutions among government institutions and financial sector entities, as well as the promotion of ITFC’s private sector financing products in Tajikistan.
“As a leading provider of trade solutions, ITFC acknowledges the significant growth potential for Islamic trade finance in Tajikistan and we are committed to assisting Tajikistan in enhancing its Islamic finance capabilities to foster economic and trade development.” – Jarilkasin Ilyasov, Manager, Integrated Trade Solutions, ITFC.
The workshop was attended by over 40 participants from selected financial Institutions, the Central Bank of Tajikistan, selected government entities, and state-owned enterprises in Tajikistan.
Tajikistan has been selected as one of the member countries to benefit from ITFC’s Integrated Trade Solutions. These capacity-building and training initiatives are complemented by the trade financing activities of the corporation. Given the potential of Islamic banking and finance to offer alternate products and services, the recent developments in the Islamic finance industry in Tajikistan, have the potential to grow rapidly and cater to the financing needs of the private sector, and participants, including the SMEs.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over US$70 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.