Inter-Islamic countries trades booming

International Islamic Trade Finance Corporation (ITFC) inter-Islamic countries trade has risen to 17 pc.

Members of the Organization of the Islamic Cooperation (OIC) are aimed at increasing the trade to 20 pc by 2015 .

Latest surveys announced by the Center for International Islamic Trade Development, affiliated to the Islamic Development Bank (IDB) shows that the trade between Islamic countries has risen to 17pc while the members of OIC are aimed at increasing the number to 20 pc.

Walid al-Wahib, ITFC manager said that the center has recently been analyzing the ways for more coordination in the efforts carried out by the related organizations to reach the 20 pc trade between Islamic countries.

According to this manager, challenges in budgeting, export and import and also executive problems for the traders have been discussed.

He referred to the trade between Islamic countries and said,” Following the economic crisis in the world; trade between Islamic countries has risen to 17 pc; however, it has delayed some economic projects among Islamic countries.

He also said the organization, since the beginning of the New Year has invested more than $1.8 billion in different Islamic countries which has had a 60 pc growth.

The economic plans of this organization, according to ITFC manager, are carried out in Asia, Africa and Arab countries.