Mercantile Bank, ITFC sign deal over cross-border transactions

Mercantile Bank Limited (MBL) and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, have signed an agreement to facilitate cross-border trade transactions.

The Master Murabaha Agreement was signed by Md Quamrul Islam Chowdhury, managing director and CEO of MBL and Nazeem Noordali, chief operating officer of ITFC recently at The Westin, Dhaka, according to a press release.

According to the agreement, ITFC will facilitate the cross-border trade transactions of the SME clients of MBL.

ITFC, as a leading provider of trade solutions for Member Countries of the Organization of Islamic Cooperation (OIC), has extended the facility to support during the challenging times faced by the global economy, including Bangladesh’s pressure on FX reserves.

“We are delighted to build a strong relationship with MBL and extend our support to the SME sector,” said Nazeem Noordali at the agreement signing ceremony.

“This agreement paves the way for ITFC’s continued commitment to supporting the development of trade in OIC member countries, particularly in challenging times like these”, he added.