City Bank, ITFC eye broader trade finance collaboration

City Bank PLC has hosted a delegation from the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, at the former’s head office in Dhaka recently.

Adeeb Yousuf Al Aama, chief executive officer of ITFC, led the delegation, according to a press release.

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Mashrur Arefin, managing director and CEO of City Bank PLC, greeted Adeeb, the head of the delegation, with a crest at a ceremony held on the bank’s headquarters premises in the capital.

City Bank has maintained a strong and fruitful relationship with ITFC since 2019.

Currently, the bank has a $40 million murabaha financing facility with ITFC, including a $10 million syndicated facility, to support its trade finance activities and facilitate international trade.

During the meeting, both sides reaffirmed the strong strategic partnership between City Bank PLC and ITFC and explored potential areas for further collaboration, including export financing, green financing, and opportunities to expand intra-OIC trade transactions.

The high-level meeting marks an important step towards further expanding shariah-compliant trade finance solutions, supporting Bangladesh’s key trade sectors, strengthening international trade linkages, and contributing to the country’s broader economic growth.

Other senior delegates from ITFC, along with senior members of the bank’s management team, were also present.