The ITFC Approves USD 15 Million Murabahah Financing Facility with Prime Bank for Bangladesh’s SMEs

The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB) Group, has approved a USD 15 million Murabahah Financing Facility with Bangladesh-based Prime Bank. The financing will enable Prime Bank to provide Islamic financing to small and medium-sized enterprises (SMEs) and facilitate cross-border import transactions of the bank’s private sector businesses, according to a recent ITFC statement.

The Murabahah Financing Facility will help boost the recovery of SMEs post pandemic, and is part of ITFC’s continuous expansion of financing outreach to the private sector through local banks in Bangladesh. The IsDB recently approved a USD 47 million credit line to support Bangladesh’s SMEs, which will be extended to the count...