City Bank has recently been awarded the "ITFC Trade Finance Deal of the Year" from International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDBG) Group.
City Bank is the 1st bank who won this award among the ITFC partner banks for honoring the most outstanding Shariah-compliant trade finance deal under ITFC trade finance line. The award was given in recognition of the bank's effort for finding a unique solution offered to its customers under Islamic financing structure for import of wheat at the time when country was facing challenge in foreign currency liquidity due to the impact of Russia-Ukraine war.
Mashrur Arefin, Managing Director and CEO of City Bank has received the award from Nazeem Noordali, ITFC's Chief Operating Officer at the City Bank Head office. Abdul Aleem, Division Manager Asia & Middle East, Iftekhar Alam, Regional Manager - South & Southeast Asia of ITFC, Sheikh Muhammad Maroof and Md. Mahbubur Rahman both Additional Managing Directors and Hasan Sharif Ahmed, EVP & Head of Financial Institutions of City Bank were also present at the occasion.
While thanking ITFC for the award, Mashrur Arefin said, "With the support of ITFC we can assist our customers smoothly and efficiently especially if they want to take trade facility under Islamic structure. It assists the bank to finance commercial and SME clients in importing raw materials & essential commodities under longer tenor financing option."