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ITFC extends $45m Murabaha Trade Finance Facility to City Bank

Published : Sunday, 7 January, 2024 at 12:00 AM  Count : 206
Business Correspondent
International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, has announced the extension of its Murabaha Trade Finance Facility of  $45 million to City Bank under a syndicated arrangement.

This is the highest amount of trade finance line that ITFC has provided to a private bank.

Expanding this facility will enable City Bank to accommodate more clients and conduct cross-border trade more cost-effectively, according to a press release.

Mashrur Arefin, Managing Director and CEO of City Bank, and Nazeem Noordali, Chief Operating Officer (COO) of ITFC, signed the agreement on behalf of their respective organisations at the City Banks Head Office recently. High-ranking officials from both organisations were also present at the signing ceremony.

The CEO of City Bank expressed his optimism that the banks partnership with ITFC will represent a milestone in fostering economic growth and prosperity in Bangladesh as ITFCs support will facilitate the corporate and SME customers to import essential commodities.

Nazeem Noordali emphasised ITFCs dedication to enhancing trade through extending financing that provides opportunities for SMEs.

ITFC, headquartered in Jeddah, continues to be a key player in facilitating trade and economic collaboration among Member Countries of the Organization of Islamic Cooperation (OIC).



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