Asia Alliance Bank and the International Islamic Trade Finance Corporation (ITFC) signed a Line of Trade Finance agreement for a total amount of US $ 10 million.

On February 12, 2024, in the city of Jeddah, at the head office of the International Islamic Trade Finance Corporation (ITFC), a signing ceremony was held between Asia Alliance Bank and ITFC.

The allocated US$10 million will be used to support Asia Alliance Bank's SME clients to meet their trade finance needs. This line of trade financing will serve to expand the Islamic finance offerings of the bank, support the development of small businesses and private entrepreneurship, as well as support the creation of new jobs.

The conclusion of this Agreement is aimed at maintaining and promoting the sustainable development and prosperity of small and medium-sized businesses in Uzbekistan, through the provision of financing that complies with Sharia principle of financing.

Asia Alliance Bank's cooperation with ITFC was established in 2018 by attracting the country's first trade finance line based on Islamic finance principles for the amount of US$9 million.

Also, as part of the visit to Jeddah, a meeting was held between representatives of the Bank and the Islamic Corporation for the Development of Private Sector (ICD), during which the parties discussed the prospects for strengthening and developing mutually beneficial cooperation this year.

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 people across the world. Commencing operations in January 2008, ITFC has provided US$75 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.