HSBC Holdings Plc’s Islamic unit said Monday it had signed a
memorandum of understanding with the trade finance division of Saudi
Arabia-based Islamic Development Bank.
HSBC Amanah will facilitate deals for the International
Islamic Trade Finance Corporation, including issuing letters of credit, and
help with various treasury activities, the London- based bank said in a
statement.
“Since 2008, we have approved more than $2bn of trade
financing every year,” Waleed Al-Wohaib, chief executive officer of ITFC said
in the statement.
“In 2011, ITFC is expected to continue disbursing over $2bn of
trade financing to companies in Asia, the Commonwealth of Independent States,
MENA and Africa.”
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