City Bank gets $45 million Murabaha trade finance from ITFC

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has extended $45 million Murabaha trade finance facility to City Bank.

It is the highest amount of trade finance line provided to a private commercial bank by the ITFC, the corporation said in a statement.

The trade finance facility will enable City Bank to accommodate more clients and conduct cross border trade in a more cost-effective way, as per the officials of the bank.

City Bank Managing Director Mashrur Arefin and ITFC Chief Operating Officer Nazeem Noordali signed an agreement in this regard at the City Bank head office in Dhaka.

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, the bank's managing director said.

On the other hand, Noordali emphasised 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.

Abdul Aleem, division manager for Asia and Middle East at ITFC; Iftekhar Alam, regional manager for south and southeast Asia; Sheikh Muhammad Maroof and Md Mahbubur Rahman, additional managing directors of City Bank, and Hasan Sharif Ahmed, executive vice president and head of financial institutions, were also present at the occasion.