Al-Arafah Islami Bank signs cluster refinance deal with BB

Al-Arafah Islami Bank PLC has signed a refinance agreement with Bangladesh Bank under the BB Cluster Financing Scheme, supervised by the SME and Special Programmes Department (SMESPD) of the central bank.

Nawshad Mustafa, director of SMESPD at Bangladesh Bank, and Mohd Rafat Ullah Khan, managing director and CEO of Al-Arafah Islami Bank PLC, signed the agreement at the Bangladesh Bank headquarters in Motijheel, Dhaka recently, according to a press release.

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The agreement is expected to facilitate greater access to finance for cluster-based cottage, micro, small and medium enterprises (CMSMEs), thereby contributing to the sustainable development of the SME sector and generating employment across the country.

Nurun Nahar, deputy governor of Bangladesh Bank, and Husne Ara Shikha, executive director, attended the signing ceremony.

Md Monirul Islam, senior vice-president and head of SME Business at Al-Arafah Islami Bank PLC, Sheikh Asadul Haque, senior assistant vice-president and head of the refinance unit, along with senior officials from both organisations, were also present at the ceremony.