City Bank has recently received the 'ITFC Trade Finance Deal of the Year' award from the International Islamic Trade Finance Corporation (ITFC). Mashrur Arefin, managing director and CEO of City Bank, received the award from Nazeem Noordali, ITFC's chief operating officer, at the bank's head office. City Bank has recently received the 'ITFC Trade Finance Deal of the Year' award from the International Islamic Trade Finance Corporation (ITFC) -- a member of the Islamic Development Bank (IsDBG) Group.
City Bank is the first bank to have won this award among the ITFC partner banks for honouring the most outstanding Shariah-compliant trade finance deal under the ITFC trade finance line, according to a press release.
The award was conferred in recognition of the bank's efforts in devising a unique solution offered to its customers through an Islamic financing structure for importing wheat at a time when the country was struggling with challenges in foreign currency liquidity due to the Russia-Ukraine war fallout.
Mashrur Arefin, the managing director and CEO of City Bank, received the award from Nazeem Noordali, ITFC's chief operating officer, at the bank's head office.
Abdul Aleem, division manager for Asia & Middle East, Iftekhar Alam, regional manager for South & Southeast Asia at ITFC, along with 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 on the occasion.
Thanking the ITFC for the award, Mashrur Arefin said, "With the support of ITFC, we can assist our customers smoothly and efficiently, especially if they wish to avail trade facilities under an Islamic structure. This enables the bank to provide financing to commercial and SME clients for importing raw materials and essential commodities with longer tenor financing options."
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