Trustbank

ITFC seals $8mln #Murabaha financing facility with #Uzbekistan's Trustbank

The International Islamic Trade Finance Corporation (ITFC) signed an $8 million worth of Murabaha-structured line of trade finance with Uzbekistan's Trustbank. The financing aims to minimise the impact of COVID-19 by supporting the import and pre-export financing needs of small and medium-sized enterprises (SMEs) in the country. ITFC CEO Hani Salem Sonbol said this operation is in addition to five other lines of finance in favour of local banks in Uzbekistan since 2018, and reflects the ITFC’s unbending commitment to the nation of Uzbekistan.

#Suriname #Islamic #bank selects #Kuwaiti technology #partner

Trustbank from Suriname is one step closer to open its doors to customers interested in Islamic banking products after it signed a new licensing deal with the Kuwaiti based software vendor, Path Solutions, to implement Islamic Banking and Investment System as a new core banking platform.
This is major thing for the Path Solutions, as it’s the company’s first Islamic core banking software deal in the Americas. The company won the deal as one of three shortlisted vendors besides Oracle FS, Temenos. Path Solutions won the deal because of ist Sharia compliance, product functionality and technological superiority.

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