Abu dhabi: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a US$513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs.
According to Emirates News Agency, the signing ceremony was witnessed by Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB). The agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan.
This milestone facility is the largest syndicated financing arranged by ITFC for Pakistan over the last three years. The financing reached US$513 million and was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs.
This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. By supporting Pakistan's energy sector, the facility contributes to broader goals of economic stability, sustainable development, and enhanced trade integration across the OIC region.