City Bank, ITFC explore expansion of Shariah-compliant trade finance

City Bank PLC and the International Islamic Trade Finance Corporation (ITFC) have explored opportunities to expand Shariah-compliant trade finance in export financing, green financing, and intra-OIC trade.

A senior ITFC delegation led by Chief Executive Officer Eng. Adeeb Yousuf Al Aama met a City Bank team headed by Managing Director and CEO Mashrur Arefin at the bank’s head office recently, according to a press release.

Other senior representatives from ITFC and members of City Bank’s management team also attended the meeting.

ITFC is a member of the Islamic Development Bank (IsDB) Group. City Bank has maintained a relationship with ITFC since 2019. The bank currently has a US$40 million Murabaha financing facility with ITFC, including a US$10 million syndicated facility.

City Bank said the meeting marked an important step towards expanding Shariah-compliant trade finance solutions, supporting Bangladesh’s key trade sectors, strengthening international trade connections, and contributing to the country’s broader economic growth.