The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has recently signed a Master Murabaha Agreement with Mutual Trust Bank PLC (MTB) to enhance trade finance support for Small and Medium Enterprises (SMEs) and the private sector in Bangladesh.
This strategic agreement will allow ITFC to provide trade financing facilities against Letters of Credit (LCs) issued by Mutual Trust Bank, thereby boosting the bank’s capacity to facilitate cross-border trade and support the growth of SMEs in the region. The collaboration between these two institutions demonstrates their joint commitment to fostering economic development and private sector expansion in Bangladesh.
The signing ceremony took place in Dhaka and was attended by senior executives from both organizations. Mr. Syed Mahbubur Rahman, Managing Director and CEO of Mutual Trust Bank, and Mr. Nazeem Noordali, Officer-in-Charge, CEO of ITFC, led the signing on behalf of their respective institutions.
Mr. Nazeem Noordali highlighted the significance of the partnership, stating, “We are delighted to collaborate with Mutual Trust Bank to provide trade financing facilities that will support SME growth and facilitate the import of essential commodities in Bangladesh. Enabling SMEs to access trade finance is a key component of ITFC’s strategy, and this initiative will not only help SMEs integrate into global value chains but also foster sustainable economic growth in the country.”
Mr. Syed Mahbubur Rahman expressed his excitement about the agreement, emphasizing its importance in light of the current economic challenges faced by Bangladesh. He stated, “This partnership with ITFC under the trade finance facility agreement is crucial for Mutual Trust Bank, as it will enhance our standing among correspondent banks globally, showcasing our resilience, commitment to best practices, and dedication to sustainable growth. Furthermore, this collaboration will provide our SME customers with increased access to financing and streamline the import of essential raw materials and soft commodities.”
The Master Murabaha Agreement epitomizes the shared vision of ITFC and Mutual Trust Bank to drive economic growth by supporting SMEs and the private sector. Through facilitating access to trade finance, the partnership aims to empower businesses, create job opportunities, and contribute to the sustainable development of Bangladesh.
For more information about ITFC and its initiatives, interested individuals can visit the official website at www.ITFC-idb.org. Additionally, for inquiries or further details, the ITFC team can be contacted via telephone at +966 12 646 8337 or through email at ITFC@itfc-idb.org.
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group, established with the primary goal of advancing trade among OIC member countries to improve socioeconomic conditions globally. Since commencing operations in January 2008, ITFC has provided over US$83 billion in financing to OIC member countries, making it a leading provider of trade solutions for their needs. With a mission to catalyze trade development for OIC member countries and beyond, ITFC helps entities in member countries access trade finance and provides capacity building tools to compete successfully in the global market.
