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The International Islamic Trade Finance Corporation (ITFC) has signed a US$15mn facility with Uzbekistan’s Invest Finance Bank (InFinBank) to provide trade finance facilities to its private sector clients. The agreement is designed to support “the import and pre-export financing needs” of the Uzbek lender’s clients, including small and medium enterprises, and boost its sharia-compliant trade ...

HSBC has appointed Syed Imtiaz Hussain as regional head of product and propositions, global trade and receivables finance (GTRF), for the Middle East, North Africa and Turkey (Menat). Hussain has been with the bank since 2015, and moves to Dubai from his previous London-based position of head of financial institutions and public sector for Europe ...

Singapore fintech Triterras has disclosed that its previous auditor, Nexia TS, raised doubts over whether its sales transactions or trade receivables were valid.  Triterras, which operates blockchain-based trade finance platform Kratos, says in a filing with the US Securities and Exchange Commission (SEC) that Nexia “had a disagreement with the company on the auditing scope ...

French banking giant Crédit Agricole has lost an attempt to claw back US$23.6mn it lost as part of a fraud perpetrated by collapsed Singapore commodities trader ZenRock. In a judgement handed down in the Singapore International Commercial Court last week, Judge Jeremy Cooke denied the lender’s attempt to force Japanese energy trader PPT Energy to ...

Soaring oil prices are not necessarily good news for large commodity trading houses hoping to replicate last year’s record profits, experts believe.  The international Brent crude benchmark rose above US$88 a barrel this week, its highest level in more than seven years, prompting suggestions it could top US$100 in the coming weeks.  The price surge ...