Two members of the Islamic Development Bank (IDB) Group plan to develop first-of-their-kind financial products in the area of Islamic trade finance.

International Islamic Trade Finance Corp (ITFC) and the Islamic Research and Training Institute (IRTI) have also agreed to produce joint publications with the aim of creating knowledge products in Islamic trade finance.

ITFC and IRTI have recently signed a memorandum of understanding (MoU) to develop innovative trade finance solutions and enhance human resources (HR) for Islamic financial institutions, according to a statement by IRTI.

ITFC is a multilateral trade financing institution established to enhance and promote trade and trade cooperation among IDB member countries.

On another note, IRTI is a global think tank specialising in the provision of innovative solutions in pursuit of realisation of the socio-economic policies of IDB member countries and Muslim communities worldwide.

The MoU was signed by ITFC CEO Hani Salem Sonbol and IRTI DG Dr Humayon Dar in Jeddah, Saudi Arabia, recently.

For developments in the area of HR, both outfits plan to create online certification programmes in Islamic trade finance at introductory, intermediary and advanced levels to be disseminated using innovative digital learning tools.

The two institutions will also develop a series of case studies to document instances of world-class innovation and creativity in the Islamic financial services industry, and share these with global business leaders and the intellectual community, the statement added.

The cases will also be distributed by IRTI among leading business schools in the world for use in their education and training programmes, it said. — TMR