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

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 Bank's 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 bank’s partnership with ITFC will represent a milestone in fostering economic growth and prosperity in Bangladesh as ITFC’s support will facilitate the corporate and SME customers to import essential commodities.

Nazeem Noordali emphasised ITFC’s 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).