Brazil looking to develop Islamic financial cooperation

It is in the mutual interest of both Brazil and Muslim states to continue to promote mutual trade. In 2003, Brazil had a trade surplus of US $25B, and experienced a 6% growth (a total of US $2.76B) in trade to Arab states. Brazilian companies must learn how to structure deals in compliance with Islamic financial institutions, and Islamic banks must be persuaded to accept the risk of trading with a distant country. Arab Banking Corporation Brazil (ABC Brazil) has been an agent between Islamic banks, Brazilian companies, and the Central Bank of Brazil. Islamic banks should expand internationally to promote shari`a principles, allow Islamic importers to do business in non-Islamic countries in accordance with these principles, and to better serve the global Muslim community.