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The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a syndicated murabaha financing agreement for US$ 100 million with the Maldives State Trading Organization (STO). Murabaha is an Islamic financing structure in which an intermediary buys a property with free and clear title. Murabaha is not an interest-bearing loan, and is an acceptable form of credit sale under Islamic religious law.

The Murabaha financing will secure more than 75% of the purchase of petroleum products required by the Maldives and will go a long way to support the economic development under the Government’s Public Sector Infrastructure Programme, the ITFC said in a statement.

Maldives

According to Nazeem Noordali, ITFC Chief Operating Officer, maintaining oil price stability in the Maldives is vital. This facility is part of ITFC’s broad goal of supporting strategic sectors of its member countries, he said. “Securing the energy sector is not only critical for the economic growth of the Maldives, but it is essential for households and public administration that would serve all economic sectors.”

Ahmed Shaheer, Managing Director at STO praised the level of co-operation between STO and ITFC. “With the government embarking on infrastructure development projects aiming to strengthen and diversify its economy, this financing will serve as the building block for the future growth of Maldives,” he said.

This deal in line with ITFC’s strategy of focusing on key sectors for member countries and supporting intra-OIC trade, the finance organisation said. ITFC has provided $145 million in financing to the Maldives since its inception in 2008.

Image credit: https://itfc.africa-newsroom.com/press/media/itfc-finances-us-100-million-to-boost-maldives-energy-sector?lang=en?display=image

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