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The State Bank for Foreign Economic Activity of Turkmenistan and the International Islamic Trade and Finance Corporation (ITFC) are jointly holding a seminar on Islamic trade finance for representatives of Turkmen financial institutions for the first time, ORIENT correspondent reports.

"The seminar is dedicated to the fundamental principles and tools of Islamic banking. Its goal is to help Turkmenistan realize its export potential, understand the specifics and discover new markets where Islamic financial institutions operate. For example, in Arab countries, Asian and African states," said Jarilkasin Ilyasov, ITFC Integrated Trading Solutions Manager.

The training includes various training sessions on Islamic financial products and services designed to further develop the Islamic financial sector in Turkmenistan and increase international trade.

The seminar sessions devoted to the practical and operational aspects of Islamic banking, as well as the basics of Islamic finance, are led by leading experts in the field of Islamic finance Kazimkhan Turaev and Talant Kerimbayev.

Earlier in December 2021, the Government of Turkmenistan and ITFC signed a three-year Framework agreement for $150 million covering bilateral cooperation in the areas of trade financing of imports of essential goods, support for agriculture and the textile industry, providing access to financing for the private sector.

In May of this year, SBFEAT announced accepting applications for financing export-oriented projects of private Turkmen firms in foreign currency at the expense of ITFC funds.

ORIENT news
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