Prime Bank, ITFC sign master murabaha agreement

Prime Bank has signed a three-year master murabaha agreement with International Islamic Trade Finance Corporation (ITFC) under which the latter will provide a trade facility against letters of credit issued by the former.

The ITFC is a member organisation of Islamic Development Bank and a leading provider of trade solutions for the Organisation of Islamic Cooperation (OIC) member countries' needs.

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Hassan O Rashid, managing director and CEO of Prime Bank, and Nazeem Noordali, chief operating officer of the ITFC, signed the agreement in a hotel in Dhaka recently, said a press release.

Abdihamid Aweis Abu, general manager of trade finance of the ITFC, Faisal Rahman, additional managing director of the bank, and Shams A Muhaimin, deputy managing director, were present.