International Islamic Trade Finance Corporation Signs US$15 million Murabaha Financing Facility to support SMEs in Bangladesh

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers, but does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.

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).

Media Contact: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: [email protected]

Twitter: @ITFCCORP Facebook: @ITFCCORP LinkedIn: International Islamic Trade Finance Corporation (ITFC)

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

Media filesDownload logo

Related Content

Coronavirus – Africa: COVID-19 WHO Africa Update as of 4 July 2020

Over 444,000 confirmed COVID-19 cases on the African continent - with more than 214,000 recoveries & 10,800 deaths. View country figures & more with the WHO African Region COVID-19 Dashboard: https://arcg.is/XvuSX.Distributed by APO Group on behalf of WHO Regional Office for Africa.Media filesDownload logo

Coronavirus – Gambia: Daily Case Update as of 3rd July 2020

Active cases: 26 New cases: 0 New tests: 17 Total confirmed: 55 Recovered: 27 Deaths: 2Distributed by APO Group on behalf of Ministry of Health, The Gambia.Media filesDownload logo

Coronavirus – South Africa: COVID-19 statistics in South Africa as at 3rd July 2020

Test conducted - 1745153 Positive cases identified - 177124 Total recoveries - 86298 Total deaths - 2952 New cases - 9063Distributed by APO Group on behalf of Republic of South Africa, Department of Health.Media filesDownload logo

Coronavirus – Zimbabwe: COVID-19 update, 3rd July 2020

Download logoHighlights of the situation report Eight (8) cases tested positive for COVID-19. These include returnees from South Africa (6), Botswana (1) and 1 local case who are isolated. Investigations are underway to establish the source of infection for the local case. New recoveries were reported by Masvingo Province (2) and Bulawayo Province (1). 3750 RDT screening tests and 499 PCR diagnostic tests were done. The cumulative number of tests done to date is 75485 (43373 RDT and 3211

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

Land Bank default forces S.Africa’s central bank into $200 mln bailout of state investment arm

JOHANNESBURG (Reuters) - South Africa’s central bank has issued a 3.45 billion rand ($200 million) guarantee to bail out the Corporation for...

Zimbabwe’s Landela agrees to buy state-owned gold mines, seeks more assets

HARARE (Reuters) - Zimbabwe’s Landela Mining Venture has reached agreements to take over and revive four idle state-owned gold mines and is...

How Zimbabwe farmers will be trained how to farm with a scheme from Belarus with love

When the farm invasions were unleashed by the people in power in 2000, it led to bloodshed and random confiscation that reaped a bitter harvest of lost production and exports that persists until this day. That year with all of its fumbling fury fuelled with the idea that to get rich you merely had to own a farm, is always seen as a turning point for the industry. It created a large slice of the country’s GDP and as it fell, so did the fortunes of Zimbabwe.

South Africa’s National Treasury says “no further action” to bailout SAA airline

CAPE TOWN (Reuters) - South Africa’s National Treasury said on Friday there was “no further action” planned to bailout struggling national airline...

Partner Content

Sanlam launches urgent job-preservation initiative in response to COVID-19

Sanlam Investments is responding to the COVID-19 pandemic through large-scale support of the recovery of South African companies, from small enterprises to...

Is Market Volatility Here For The Foreseeable Future?

Content provided by CompareForexBrokers Prior to understanding why market volatility might be here to stay for the foreseeable future,...

Trending Now

Morocco’s RAM to axe routes, may reduce fleet to secure aid

RABAT (Reuters) - Moroccan airline Royal Air Maroc plans to cancel some air links, cut jobs and may sell 20 aircraft to...

Vedanta’s Zambia copper unit warns part of Nchanga open-pit mine about to collapse

LUSAKA (Reuters) - Zambia’s Konkola Copper Mines (KCM), a unit of diversified miner Vedanta Resources, has closed part of its open-pit mine...

Old Mutual makes acting CEO permanent, a year after sacking predecessor

JOHANNESBURG (Reuters) - Old Mutual said on Friday acting CEO Iain Williamson had been made permanent, ending a year of uncertainty over...

South Africa’s Capitec forecasts 70% profit fall in blow to shares

(Reuters) - Capitec Bank forecast a fall of at least 70% in first-half earnings on Friday due to a spike in bad...
- Advertisement -