January 22, 2015 / 9:58 AM / 3 years ago

IDB unit partners to offer Islamic trade finance in Indonesia

KUALA LUMPUR, Jan 22 (Reuters) - The International Islamic Trade Finance Cooperation, a financial institution and member of the Islamic Development Bank (IDB), will provide trade financing in a joint venture with PT Bank Danamon Indonesia.

The two companies, which signed the agreement on Thursday, expect to provide $1 billion in financing within five years, beginning with $200 million in 2015, a statement on Thursday by Bank Danamon said.

Indonesian authorities have put efforts into building the country’s Islamic finance industry by encouraging consolidation and reforming laws, as the sector looks to catch-up to the more mature markets in Malaysia and the Middle East. (Reporting By Al-Zaquan Amer Hamzah; Editing by Anand Basu)

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