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Italy export credit agency plans Islamic finance push

Category: Banking & Finance Published: Saturday, 11 June 2016 Written by Chance Allen

Italys export credit agency SACE plans to move into Islamic finance, becoming one of the first Western trade finance bodies to do so, in order to support expansion of its business in the Middle East and North Africa.

We think we can reach more customers, small ones as well as large, in consumer goods industries and other areas, SACE chairman Giovanni Castellaneta said in an interview.

SACE insured 40.7 billion euros ($46.4 billion) of international risk at the end of last year, up 11.6 percent from a year earlier. The Middle East and North Africa accounted for 14 percent of the total, the largest fraction outside Italy.

Around a quarter of banking business in the six-nation Gulf Cooperation Council is sharia-compliant.

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