ITFC Conducts its First Islamic Trade Finance Workshop in Turkmenistan in Partnership with the State Bank for Foreign Economic Affairs
The workshop promotes Islamic Finance in Turkmenistan and presents its products and services to the Central Bank of Turkmenistan, local existing and prospective partner financial institutions and related public agencies.
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, together with the State Bank for Foreign Economic Affairs of Turkmenistan (SBFEAT) organized a three-day workshop for local financial institutions and relevant public enterprises in Turkmenistan.
The workshop included a variety of training sessions covering Islamic financial products and services designed to further the development of a thriving Islamic finance sector in Turkmenistan and to increase international trade.
The three-day workshop enhanced the understanding of local financial institutions on Islamic Finance products and services and the sector’s potential to address issues, and challenges while pursuing strategic growth opportunities. The numerous sessions covered a range of subjects under the areas of ‘The Practical and Operational Aspects of Islamic Banking’ and ‘The Fundamentals of Islamic Finance’ led by Kazimkhan Turaev and Talant Kerimbaev, who are leading experts on Islamic finance.
Turkmenistan has rich natural resources such as oil and gas as well as a large agricultural sector, which contributes significantly to the country’s GDP. ITFC supports Turkmenistan's efforts to increase cross-border trade in these critical economic sectors and is committed to supporting the country in realizing its significant economic and trade potential. As part of this commitment, Turkmenistan has been chosen as one of the focal nations for ITFC's Integration Trade Solutions, which will be linked with the country's trade financing intervention under the country’s new Strategy 2.0 plan.