Parliament of Maldives to give final approval for Maldives becoming a member of ITFC
On the 6th June 2022, the president of the Maldives, Ibrahim Mohamed Solih, sent a letter to the parliament requesting it to endorse the Maldives as a member of the International Islamic Trade Finance Corporation (ITFC). On the 24th May 2022, the cabinet approved the Maldives to become a member of the ITFC; however the final permission has to be given by the parliament. Even now, the ITFC has been providing financing facilities for state-owned enterprises. For instance, on the 1st June 2022, it is reported that the ITFC renewed a Murabahah trade financing agreement for US$175 million to support the import of essential commodities with the State Trading Organization of the Maldives. It was reported that the financing facility will support the procurement of essential commodities, including petroleum products, staple food and medicine and medical equipment; the original Murabahah trade facility was signed between the ITFC and the Republic of Maldives in October 2019.
Maldives , International Islamic Trade Finance Corporation (ITFC)
Muneeza, A. (2022). Parliament of Maldives to give final approval for Maldives becoming a member of ITFC. Islamic Finance News, 19(24), 15.