The International Islamic Trade Finance Corporation (ITFC) and Mutual Trust Bank Sign Murabaha Agreement to Boost Trade Finance for Small and Medium Enterprises (SMEs) and the Private Sector in Bangladesh
International Islamic Trade Finance Corporation (ITFC) (ITFC) (www.itfc-idb.org), a member of the Islamic Development Bank (ISDB) group, Mutual Trust Bank Plc (MTB), signed a Murabha Master Agreement to strengthen trade financing support for SMEs (SMEs) and the private sector in Bangladesh.
The agreement will enable ITFC to provide trade financing facilities based on letters of credit (LCS) issued by the co-trust bank, thereby enhancing the bank’s ability to support cross-border trade and contributing to the growth of SMEs. This collaboration underlines the agency’s commitment to promoting economic development and private sector growth in Bangladesh.
The signing ceremony was held in Dhaka and was attended by senior management of both organizations. Mr. Syed Mahbubur Rahman, Managing Director and CEO of Mutual Trust Bank, and Mr. Nazeem Noordali, CEO of ITFC, signed on behalf of their respective agency leaders.
Mr. Nazeem Noordali emphasized the strategic importance of partnerships, noting that “We are proud to work with the Co-trust Bank to provide trade financing facilities that will support SME growth and import of basic commodities in Bangladesh. Private sector development is the cornerstone of the country’s economic progress and providing SMEs with trade financing is at the heart of the ITFC strategy. This initiative will also help SMEs integrate into global value chains to promote sustainable economic growth.”
Mr. Syed Mahbubur Rahman, Managing Director and CEO of Mutual Trust Bank, expressed his enthusiasm for the agreement, saying: “The partnership with ITFC under this Trade Financing Facilities Agreement is very important, especially given the current economic challenges facing Bangladesh. This collaboration will enhance the reputation of MTB among communications banks around the world, highlighting its resilience, commitment to best practices and dedication to sustainable growth. In addition, it will provide additional financing opportunities for our SME customers and help promote the import of essential raw materials and soft commodities.”
The Murabha Master Agreement reflects the shared vision of ITFC and co-trust banks to drive economic growth by supporting SMEs and the private sector. By facilitating access to trade financing, the partnership aims to empower businesses, create jobs and contribute to the sustainable development of Bangladesh.
Distributed by Apo Group on behalf of the International Islamic Trade Finance Corporation (ITFC).
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About International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (ISDB) group. Its establishment is a major goal to promote trade among OIC member states, which will ultimately contribute to the overall goal of improving the socio-economic situation of people around the world. ITFC, which began operations in January 2008, has provided more than $83 billion in financing to OIC member states, making it a provider of trade solutions for those member states to demand. To be a mission to be a catalyst for trade development in OIC member states and beyond, the company helps member state entities to obtain better trade financing and provides them with trade-related capacity-building tools that will enable them to successfully compete in global markets.
