Tujuh Keajaiban’s Chief Executive Officer said "The recent visit by ITFC to Malaysia," he noted, "included roundtable discussions with Pelaburan Mara Bhd, Malaysian Investment Development Authority and leading home-grown financial institutions on going about advancing trade and bilateral cooperation in the field of Islamic Finance. This is applicable both for balance sheets and off balance sheets borrowings commonly known as structured trade finance. The specific focus is on Commodity Trade Finance.”
Also present was the company's director Zamani Abdul Rahman.
Krishnan said his company is in discussions with potential customers such as Malaysian companies engaged in import and export activities such as those importing coal from Indonesia, rubber imports and value addition importers and traders of fertilisers. He went on to further elaborate that the commodity trade has evolved significantly since 2008, and the requirements of a more comprehensive approach to address the increasing challenges faced both by financial institutions and well and borrowers globally are inherent.
Krishnan said “Tujuh Keajaiban Middle East, incorporated in the United Arab Emirates, set up a year ago, is a trade advisory and consultation service provider. We aim to address real issues, and to come out with practical solutions. Tujuh Keajaiban advises on arranging balance sheet financing, off Balance Sheet Financing, inventory financing, and other ancillary services such as advise on freight modalities, storage and re-distribution arrangements through third ports to facilitate inventory financing and market requirements of just in time shipments of commodities”
"This interest among the local financial institutions for this proposed tie-up came about during a recent trade delegation we facilitated for ITFC to Malaysia from July 16 to 18," he told a press conference here.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed in May had said that trade between Malaysia and the OIC states is expected to grow in double-digits this year, and there is potential to increase trade and attract investment from Islamic countries, notably from the Middle East to Malaysia.
He had also stated that IDB will provide an important platform to promote Malaysia overseas and in turn, provide Malaysian businessmen access to OIC states.