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 Prime Bank Limited, Bangladesh to facilitate cross-border import transactions of the bank’s private sector businesses, particularly SMEs.
Prime Bank and ITFC signed the financing agreement to boost the rebounding of SMEs in readiness to the return to growth post pandemic. ITFC is continuously expanding 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 are currently recovering from the economic effects of the coronavirus pandemic.
“We are very delighted to conclude the Murabaha Trade Financing agreement with International Islamic Trade Finance Corporation which will expand our trade finance capacity. The support from ITFC has strategic value and significance as it comes at a time when businesses are striving to make a comeback from the fallout of the prevailing pandemic. The arrangement will be greatly beneficial for our SME and Corporate segments. This unique solution will strengthen the existing bilateral relationship with ITFC and other member organizations of Islamic Development Bank.” said Faisal Rahman, Acting Managing Director and CEO of Prime Bank.
Commenting on the Murabaha Financing Facility, Eng. Hani Salem Sonbol, ITFC CEO, said: “We are proud to partner with Prime Bank Limited and provide financing to the bank to support SME growth and the import of raw materials in Bangladesh. Private sector development is key for the country’s economic growth and supporting SMEs gain access to financing is a central tenet of the ITFC strategy, which also helps SMEs to participate in global value chains. As such, we are contributing to the development of intra-OIC trade flows and ultimately leading to socio-economic development in our member countries.”
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 Prime Bank:
Prime Bank Limited (www.PrimeBank.com.bd), traded as ‘PRIMEBANK’ on Dhaka Stock Exchange, has been one of the fastest growing banks in Bangladesh with consistent financial performance since its inception in 1995. The bank remains in the forefront of innovative solutions in trade finance. With 146 branches, 170 ATM and powered by more than 3,200 passionate employees, the bank has established its unique mark in Corporate, Consumer, MSME and Sustainable Banking. Its `AA’ credit rating, ADB, SAFA, ICAB, Euromoney, AsiaMoney, Global Finance Awards and strong commitment to sustainability speak of its good governance compliance, transparency and accountability. For more information, please visit www.PrimeBank.com.bd. Follow Prime Bank on Facebook (https://bit.ly/3okSKOv) and LinkedIn (https://bit.ly/2Mutjgg).
Eng. Hani Salem Sonbol, ITFC CEO & Faisal Rahman, Acting Managing Director and CEO of Prime Bank