ITFC Extends Murabaha Trade Finance Facility for City Bank

Business Desk :
International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, has announced the extension of its Murabaha Trade Finance Facility to US$ 45 million for City Bank under a syndicated arrangement. This is the highest amount of trade finance line provided to a private commercial bank by ITFC. Expanding this facility will enable City Bank to accommodate more clients and conduct cross border trade in a more cost effective way.
The facility agreement was signed by Mashrur Arefin, Managing Director & CEO of City Bank and NazeemNoordali, Chief Operating Officer (COO) of ITFC at a signing ceremony held at City Bank Head Office. Abdul Aleem – Division Manager Asia & Middle East, Iftekhar Alam, Regional Manager – South & Southeast Asia of ITFC, Sheikh Muhammad Maroof and Md. Mahbubur Rahman both Additional Managing Directors and Hasan Sharif Ahmed, EVP & Head of Financial Institutions of City Bank were also present at the occasion.
City Bank CEO reiterated his belief that City Bank’s partnership with ITFC will represent a milestone in fostering economic growth and prosperity of Bangladesh as ITFC’s support will facilitate the corporate and SME customers to import essential commodities.