Prime Bank, ITFC ink deal

Staff Correspondent

28 January, 2021 12:00 AM printer

Prime Bank has signed a $15 million Murabaha agreement with International Islamic Trade Finance Corporation (ITFC) – a member organisation of Islamic Development Bank (IsDB) in the capital on Tuesday.

The arrangement will support to grow trade finance business of Prime Bank for SME and corporate segment, said a press release. Under the 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 signed the agreement on behalf of their respective organizations.

ITFC’s Chief Operating Officer Nazeem Noordali, General Manager, Trade Finance Abdihamid Aweis Abu, and Prime Bank’s SEVP, Transaction Banking and Structured Finance Shams A Muhaimin, EVP and Head of International Division Hassanul Zahed, Vice President Masud Uddin Ahmed were present along with other senior executives from both parties on the occasion.