Saudi ITFC cements deal with Fujariah Industries
Raw materials industry gets a cash boost from Saudi Islamic financing.
A trade finance agreement has been struck between aggregates company Fujairah Cement Industries (FCI) and Jeddah-based International Islamic Trade Finance Corporation (ITFC).
A total amounting to AED73m will be released, as part of ITFC’s mandate to support local private enterprises by releasing money along Shariah-compliant principles of lending. The agreement was signed by Sheikh Mohamed Bin Hamad Bin Saif Al Sharqi, Vice Chairman of FCI and Dr. Waleed Al Wohaib, CEO ITFC during a signing ceremony held at the FCI headquarters in Fujairah.
Commenting on the trade finance agreement Sheikh Mohamed said: “We are encouraged with this financing agreement which will help us with the purchase of raw materials that are critical input components in our cement manufacturing process, while at the same time it frees up our capital in order to help us move forward on our various technology upgrade initiatives, which are being undertaken in order to allow for greater quality control, resource optimization and allocation."
Dr. Waleed Al Wohaib said, "This trade finance agreement represents one main element of our plans to support the private sector in the United Arab Emirates in order to enhance trade in the Islamic world, in addition to offering integrated trade finance solutions for both the private and public sectors."