Mercantile Bank, ITFC sign deal

Mercantile Bank and International Islamic Trade Finance Corporation (ITFC) recently signed a master murabaha agreement facilitating cross-border trade of small and medium enterprise (SME). 

Md Quamrul Islam Chowdhury, managing director of the bank, and Nazeem Noordali, chief operating officer of the ITFC, a member of Islamic Development Bank Group, inked the deal at The Westin Dhaka, said a press release.

"This agreement paves the way for the ITFC's continued commitment to supporting the development of trade in OIC (Organisation of Islamic Cooperation) member countries, particularly in challenging times like these," said Nazeem Noordali, chief operating officer of the ITFC.

Abdihamid Aweis Abu, general manager of trade finance of the ITFC, Mati Ul Hasan, additional managing director of the bank, Shamim Ahmed, deputy managing director, and Mohammad Iqbal Rezwan, senior executive vice-president, were present.