MARKING THE OFFICIAL DEDICATION OF THE ISLAMIC INTERNATIONAL TRADE FINANCE CORPORATION (IITFC), DR. IBRAHIM AL-ASSAF, MINISTER OF FINANCE, SAID THE ORGANIZATION IS THE FIFTH IN A ROW OF THE ISLAMIC DEVELOPMENT BANK'S GROUP AND A PRACTICAL INTERPRETATION OF A PROPOSAL BY THE CUSTODIAN OF THE TWO HOLY MOSQUES KING ABDULLAH BIN ABDULAZIZ, THEN CROWN PRINCE OF THE KINGDOM OF SAUDI ARABIA, DURING THE 10TH ISLAMIC SUMMIT IN MALAYSIA FOLLOWED BY HIS FOLLOW-UP PROPOSAL DURING THE EXTRAORDINARY MAKKAH SUMMIT IN 2005. IN A PRESS CONFERENCE FOLLOWING IITFC'S CONSTITUTIONAL CONFERENCE IN JEDDAH TODAY, AL-ASSAF SAID THE MEETING APPROVED A NUMBER OF CODES AND REGULATIONS TO BUILD THE ORGANIZATION'S HIERARCHY. HE SAID TEN MEMBER STATES WERE ELECTED TO THE BOARD OF DIRECTORS, INCLUDING THE KINGDOM OF SAUDI ARABIA. HE SAID THE IIFT'S NEXT MEETING IN DAKAR WILL WITNESS THE PRACTICAL KICK OFF OF THE WORK, NOTING THAT THE APPROVED CEILING FOR THE CAPITAL OF THE INSTITUTION IS $3000 AND THE LIQUIDATED CAPITAL IS $500 MILLION. --MORE
