The Islamic Corporation for the Development of the Private Sector (ICD), the member of the Islamic Development Bank (IDB) Group, signed a Murabaha Facility fund worth US$ 20 million with LankaBangla Finance Limited (LBFL) on Sunday.
This is the first time in Bangladesh that a NBFI is going to avail shariah compliant foreign currency financing from ICD to build up the SME portfolio.
Ayman Amin Sejiny, Chief Executive Officer of ICD and Khwaja Shahriar, Managing Director and CEO of LankaBangla Finance Limited signed the facility agreement on behalf of their respective organisations at a city hotel.
During the signing event of this transaction, Md. Rafiqul Islam, Managing Director and CEO of Green Delta Capital Limited as the lead advisor and security agent, Ahmed Khalid, Regional Head, ICD-Kuala Lumpur, Quamrul Islam, Head of Treasury of LankaBangla Finance Limited along with other high officials from the respective organizations were also present.
Speaking at the programme, Ayman Amin Sejiny said this is the maiden fund in Bangladesh for LankaBangla.
He said ICD will be making more businesses and exploring new potentials in Bangladesh in the days coming.
The Islamic Development Bank (IsDB) opened its new regional hub in Dhaka, as part of its continued commitment to support sustainable socio-economic development in the region in September last year.
The new IsDB Group Regional Hub in Dhaka will facilitate the Bank's numerous projects in the country, spanning: agriculture, education, energy, industry and mining, transport, water, sanitation, urban services and enhancing the capacity of the country's public and private institutions.
Among the IsDB's 57-member countries, Bangladesh is the largest beneficiary of financing, with the group's total financing for the country to date in excess of US$21.7 billion.
The Green Delta Capital will manage the fund for LankaBangla.
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