Prime Bank has signed a Murabaha Agreement with International Islamic Trade Finance Corporation(ITFC) - a member organization of Islamic Development Bank (IsDB).
The arrangement will support growing trade finance business of Prime Bank for SME and Corporate segment. Under this agreement, ITFC will provide trade financing facility against Letter of Credit issued by Prime Bank.
Prime Bank’s Acting Managing Director and CEO Faisal Rahman and ITFC’s CEO Eng. Hani Salem Sonbol led the agreement signing ceremony on behalf of respective organizations held on 26th January 2021.
ITFC’s Chief Operating Officer Nazeem Noordali, General Manager- Trade Finance Abdihamid Aweis Abu, and Prime Bank’s SEVP – Transaction Banking & Structured Finance Shams A Muhaimin, EVP & Head of International Division Hassanul Zahed, Vice President Masud Uddin Ahmed were present along with other senior executives from both parties in the occasion.
“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 andsupporting SMEs gain access to financing is a central tenet of the ITFC strategy, which also helps SMEs to participate in global value chains.”said Eng. Hani Salem Sonbol, CEO of ITFC.
“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.”said Faisal Rahman, Acting Managing Director and CEO of Prime Bank.
