EBL partners with ITFC to support SMEs

Eastern Bank Limited (EBL) recently signed a "Murabaha Financing Facility" deal with the International Islamic Trade Finance Corporation (ITFC), which will enable the bank to provide financial support to Small and medium-sized enterprises (SMEs).

EBL's deal with ITFC, a member of the Islamic Development Bank (IsDB) Group, will be particularly helpful for those who needs to import raw materials from international markets, according to a press release issued by the bank on Saturday.

Regarding the deal, Ali Reza Iftekhar, managing director and CEO of EBL, said, "Murabaha Financing Facility will enable EBL to provide better value to its importer clients through extensive links and support of ITFC and IsDB.

"EBL always tries to offer innovative trade products and tailored financing solutions to its clients. This valuable relationship with ITFC will ensure growth of EBL's corporate and SME clients through access to value added facility and will contribute to trade business of the country," he added.

Eng Hani Salem Sonbol, CEO of ITFC, said "We are pleased to announce the partnership with EBL in supporting SME growth in Bangladesh. Such collaborative approach with EBL is to facilitate SME's access to financing, which is key to participation in global value chains and to country's economic growth as well. ITFC continues to extend support in trade development that ultimately leads to socio-economic development of our member countries."