On October 01, 2020, Moody's Investors Service reaffirmed the rating of A1 with stable outlook assigned to the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank Group (IsDB Group). The rating is supported by ITFC's ‘Very large capital buffers’, ‘Prudent treasury investment practices and adequate liquidity management policies’ and ‘Very high implicit member support’.
According to Moody’s, “The implementation of a stringent liquidity policy starting November 2018 in light of the transition to a leveraged balance sheet supports the corporation’s robust liquidity and funding profile”. Moody’s also stated, “In addition to the upgraded liquidity risk policy, management has also upgraded its credit risk management capacities which is reflected in accumulation of zero new non-performing exposures since 2015”.
Eng. Hani Salem Sonbol, ITFC Chief Executive Officer, said “ITFC’s A1 rating with stable outlook, for the fourth year running, and in the midst of the unprecedented and continuous COVID-19 economic crisis demonstrates the corporation’s well-thought-out planning, its resilience in the face of the ever-growing challenges and its relentless efforts to safeguard its financial sustainability while delivering on its mandate for ‘advancing trade, improving lives’. This year and every year, ITFC further increases its reach to meet the increasing financing requests from its Member Countries.”
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 (www.ITFC-IDB.org) is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC’s catalytic role in enhancing the member countries’ intra-trade and international trade potentials is clearly reflected in its mission statement “We exist to be the catalyst for the development of trade among OIC member countries and with the rest of the world”. Since 2008, ITFC has provided more than US$53.9 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs.
