The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), member of the Islamic Development Bank (IsDB) Group, has approved a US$15 million Murabaha Financing Facility in favour of City Bank Limited in Bangladesh to support the Bank’s private sector businesses, particularly SMEs importing raw materials from the international markets.
City Bank is the latest partner institution to work with ITFC as it expands its financing outreach to the private sector through local banks in Bangladesh. The financing comes at a critical time as SMEs in Bangladesh and other OIC member countries face the social and economic effects of the coronavirus pandemic, which has disrupted global trade and strained financial resources.
City Bank Additional Managing Director, Sheikh Mohammad Maroof, discussed how the Murabaha financing facility will enable the Bank to provide better value to its importing clients through extensive links and support of ITFC and IsDB. “We are committed to providing our clients with the best possible service. We take a very keen interest in the private sector, which is a major driver in the economy of Bangladesh, and we look forward to seeing the new partnership make a lasting contribution to private sector development and socio-economic growth in Bangladesh,” he added.
Commenting on the Murabaha Financing Facility, Eng. Hani Salem Sonbol, ITFC CEO, said: “We are proud to partner with City Bank Bangladesh in supporting SME growth and the import of raw materials in Bangladesh. A central tenet of the ITFC strategy is to provide financing to local partner financial institutions like City Bank to facilitate SME access to financing that is key for the country’s economic growth and their ability to participate in global value chains. As such, it is contributing to the development of intra-OIC trade flows and ultimately leading to socio-economic development in our member countries.”
The financing and grants being rolled out by ITFC, as part of the IsDB Group COVID-19 Response Package, are supporting preparedness for the pandemic through the provision of medical supplies, staple foods and fertilizer for agricultural production to OIC countries including Bangladesh, Egypt, Kyrgyzstan, the Maldives and Senegal.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$51 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
About City Bank:
City Bank (www.theCityBank.com), established in 1983, is a first generation private commercial bank in Bangladesh. The Bank has set a standard in its industry by transforming over time from a traditional organization following a conventional banking model to a significantly acclaimed multi-faceted institution. City Bank is a real time online bank ensuring robust service delivery, active alternative delivery area and a well-built IT system. The Bank also pioneered the introduction of digital banking in the market with its service known as Citytouch. City Bank currently has the largest card business in the industry and is the sole distributor of the American Express brand in Bangladesh. For more information please visit: www.theCityBank.com
