International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, has announced the extension of its Murabaha Trade Finance Facility to $45 million for City Bank under a syndicated arrangement.
This is the highest amount of trade finance line provided to a private commercial bank by ITFC.
Expanding this facility will enable City Bank to accommodate more clients and conduct cross border trade in a more cost effective way.
The facility agreement was signed by Mashrur Arefin, managing director & CEO of City Bank, and Nazeem Noordali, COO of ITFC at a signing ceremony held at City Bank Head Office.
Abdul Aleem, division manager Asia & Middle East, Iftekhar Alam, regional manager, South & Southeast Asia of ITFC, Sheikh Muhammad Maroof and Md. Mahbubur Rahman, additional managing directors, and Hasan Sharif Ahmed, EVP & head of financial institutions of City Bank were also present at the occasion.
City Bank CEO reiterated his belief that City Bank’s partnership with ITFC will represent a milestone in fostering economic growth and prosperity of Bangladesh as ITFC’s support will facilitate the corporate and SME customers to import essential commodities.
Nazeem Noordali emphasized on ITFC’s dedication to enhancing trade through extending financing that provides opportunities for SMEs.
ITFC, headquartered in Jeddah, continues to be a key player in facilitating trade and economic collaboration among Member Countries of the Organization of Islamic Cooperation (OIC).—Dhaka Tribune