City Bank, ITFC meet to expand trade financial cooperation

City Bank on monday hosted a senior delegation from the International Islamic Trade Finance Corporation (ITFC) to explore further cooperation.

Dhaka, Sept 7 — City Bank hosted a senior delegation from the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, to explore further cooperation in trade finance and Shariah-compliant financial solutions.

The ITFC delegation was led by its Chief Executive Officer, Engineer. Adeeb Yousuf Al Aama, while Managing Director and CEO Mashrur Arefin led the City Bank delegation alongside senior management members.

City Bank has maintained a strategic partnership with the ITFC since 2019. The bank currently holds a US $40 million Murabaha financing facility with the ITFC, which includes a $10 million, syndicated facility to facilitate international trade activities.

During the meeting, both institutions reaffirmed their commitment to strengthening their strategic alliance. Discussions focused on potential avenues for collaboration, including export financing, green financing, and expanding intra-OIC trade transactions.

Officials noted that the meeting serves as an important step toward broadening Shariah-compliant trade finance solutions, supporting key trade sectors in Bangladesh, and enhancing international trade linkages to bolster economic growth, according to a press release. - UNB