ITFC arranges a Syndicated Murabaha Financing Facility of $40 million for Prime Bank
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group has arranged a Syndicated Murabaha Financing Facility of US$ 40 million for Prime Bank Limited, Bangladesh.
The financing facility will support the growing trade business of Prime Bank for SME and Corporate segments, reads a press release.
Through this strategic partnership, ITFC will be supporting the key sectors of the economy by availing vital foreign currency to support the global trade of Bangladeshi importers and exporters.
Prime Bank's Managing Director and CEO Hassan O Rashid and ITFC's Chief Operating Officer (COO) Nazeem Noordali signed the Financing Agreement in a signing ceremony at Prime Bank Headquarters in Dhaka, Bangladesh, witnessed by senior representatives from both institutions.
Keep updated, follow The Business Standard's Google news channel
"Our partnership with Prime Bank Limited marks a significant step towards supporting the growth of SMEs and facilitating the import of vital raw materials in Bangladesh. Enabling private sector development is pivotal for the nation's economic advancement, and our commitment to empowering SMEs with access to trade facilities underscores the core tenets of ITFC's strategic vision. This strategic move also empowers SMEs to seamlessly integrate into global value chains.", said Nazeem Noordali, COO of ITFC.
"We are very delighted to conclude the Syndicated Murabaha Financing Facility with ITFC which will expand our capacity to conduct cross-border trade business. The support from ITFC has strategic value and significance for Prime Bank. This will strengthen our existing bilateral relationship with ITFC and the other syndication partners" said Hassan O. Rashid, Managing Director and CEO of Prime Bank.
