ITFC extends Murabaha trade finance facility of $45m to City Bank

FE Report
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has extended $45 million Murabaha trade finance facility to City Bank under a syndicated arrangement.
To this effect, City Bank Managing Director and CEO Mashrur Arefin and ITFC Chief Operating Officer (COO) Nazeem Noordali have signed an agreement at a ceremony at City Bank Head Office in the capital, says an official statement on Saturday.
This is the highest amount of trade finance line provided to a private commercial bank by the ITFC.
"This finance facility will enable City Bank to accommodate more clients and conduct cross-border trade in a more cost effective way," it said.
Speaking on the occasion, Mr Arefin said City Bank's partnership with the ITFC will make a milestone in fostering the economic growth and prosperity of the country as the ITFC support will facilitate corporate and SME customers to import essential commodities.
Mr Noordali emphasised ITFC's dedication to enhancing trade through extending financing that provides opportunities for small and medium enterprises (SMEs).
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, both additional managing directors of City Bank, and Hasan Sharif Ahmed, executive vice-president and Head of financial institutions of the bank, were also present at the signing ceremony.
The ITFC, headquartered in Jeddah, continues to be a key player in facilitating trade and economic collaboration among the member countries of the Organization of Islamic Cooperation (OIC).
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