Eastern Bank Limited has signed a Murabaha financing facility deal with the International Islamic Trade Finance Corporation, a member of the Islamic Development Bank Group, said a press release.
This partnership will enable EBL to provide financial support to SMEs, particularly those who need to import raw materials from international markets.
EBL managing director and CEO Ali Reza Iftekhar said, ‘Murabaha Financing Facility will enable EBL to provide better value to its importer clients through extensive links and support of ITFC and IsDB. EBL always tries to offer innovative trade products and tailored financing solutions to its clients. This valuable relationship with ITFC will ensure growth of EBL’s corporate and SME clients through access to value added facility and will contribute to trade business of the country.’
Commenting on the facility, ITFC CEO Hani Salem Sonbol said, ‘We are pleased to announce the partnership with EBL in supporting SME growth in Bangladesh. Such collaborative approach with EBL is to facilitate SME’s access to financing, which is key to participation in global value chains and to country’s economic growth as well.’
EBL is a pioneer in the country in providing financial solution to its clients in both local and international arena. EBL is funding international trade business, infrastructure projects, sustainable and environment focused projects across the country, through strong support from leading correspondents around the globe and major DFI partners.
EBL’s strong relationships with world’s largest banks and DFIs, including the ITFC, enables it to support international trade business, short and long term requirements of local corporates and SMEs.
EBL, with the aim of becoming a regional bank, has established it’s fully owned subsidiary in Hong Kong and representative offices at Yangon, Myanmar and Guangzhou. Proposed offices in India are under process.
The ITFC is a member of the Islamic Development Bank Group commenced its operations in January 2008, with the primary objective of advancing trade among OIC member countries.
Since then, the organisation has provided $53.9 billion in financing to OIC member countries.
The ITFC helps entities in member countries to gain better access to trade finance and provides with the necessary trade-related capacity building tools, thus enabling them to successfully compete on the global market.
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