Thndr Claps » EGY Claps » Economy 🏙 » ITFC to finance Egypt through Murabha system ☪
The ClapCEO of the International Islamic trade Foundation Corporation (ITFC) Hani Sonbol announced a $3 billion financing agreement between Egypt and the ITFC.
The deetsAccording to Hapi Journal, the agreement will be based on the Murabaha system, and will be directed to purchases of strategic commodities such as wheat and petroleum products.
Egypt is looking to double the financing agreement to $6 billion.
Claps ClassMurabaha is a Shariah-compliant financing system.
In related newsAl Futaim’s CEO announced that his company plans injecting $1 billion into Egypt in the coming 3 years.
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