Fortress Investments says that
The establishment of the Shari'ah compliant Exim bank will boost cooperation between public and private sectors, enhance capabilities of the local trade finance lenders and encourage exports.
Mokhtar added: "The move to set up an
Setting up such a bank itself is a great idea, but what is even more significant is to create it as the first fully Shari'ah-compliant institution of its kind, and this speaks volumes for
Mokhtar said he foresees ample opportunities as the finance sector would be the biggest winner of the strategy that
The main objective of the new institution would be to assist businesses in the
Mokhtar says that financial institutions would play a key role in contributing to the capital of the proposed bank which in turn would bring high returns to the creditors of these institutions.
He said the proposed bank would also play a major role in contributing to the infrastructure upgrade that would be needed in the run up to EXPO 2020.
Exim Banks commonly provide insurance cover to exporters against losses from non-payment by importers, as a means to promote a country's foreign trade. Other services may include marine insurance, post-shipment discounting of invoices and pre-shipment advances against confirmed orders.
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