Prime Bank partners with City Group to launch investment instrument

Prime Bank PLC., in collaboration with City Group, launched the country's first-ever Shariah-compliant short-term investment opportunity in `Teer Islamic Commercial Paper'.
This pioneering initiative aims to create a new investment avenue aligned with Islamic finance principles, offering investors an attractive return over a 180-day period, says a statement.
The issuer of the Teer Islamic Commercial Paper is City Auto Rice and Dal Mills Limited, a concern of City Group - one of the country's leading conglomerates.
Prime Bank PLC. is serving as the Issuing and Paying Agent (IPA) for the transaction, ensuring full regulatory compliance and robust operational support.
This innovative financial product provides a unique opportunity for investors seeking Shariah-based short-term investment options, ensuring ethical investing while delivering competitive returns.
Faisal Rahman, Additional Managing Director of Prime Bank, said, "We are proud to partner with City Group to introduce the country's first-ever Shariah-compliant short-term investment instrument. This initiative reflects Prime Bank's commitment to innovation in Islamic finance and our dedication to offering diverse, ethical, and high-return investment solutions. The Teer Islamic Commercial Paper marks a significant milestone in the financial market, opening new doors for both institutional and individual investors seeking Shariah-based alternatives."
Md Hasan, Managing Director of City Group, said, "We are delighted to collaborate with Prime Bank in launching this landmark product. The Teer Islamic Commercial Paper not only strengthens our commitment to responsible business practices but also provides investors with a secure and Shariah-aligned investment option. We believe this initiative will set a new benchmark in Islamic financial instruments in Bangladesh."
Shams A Muhaimin, Deputy Managing Director of Prime Bank, and Tanvir Hydar Pavel, Director, Finance & Commercial of City Group, signed an agreement on behalf of the respective organisations.