Prime Bank, City Group launch Islamic short-term investment product
In collaboration with City Group, Prime Bank PLC proudly announces the launch of the country's first Shariah-compliant short-term investment opportunity, Teer Islamic Commercial Paper.
This pioneering initiative aims to create a new investment avenue aligned with Islamic finance principles, offering investors an attractive return over 180 days.
The issuer of the Teer Islamic Commercial Paper is City Auto Rice and Dal Mills Limited, a subsidiary of City Group, one of the country's leading conglomerates. Prime Bank PLC serves as the transaction's Issuing and Paying Agent (IPA), ensuring full regulatory compliance and robust operational support.
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This innovative financial product provides a unique opportunity for investors seeking Shariah-based short-term investment options, ensuring ethical investing while delivering competitive returns.
Faisal Rahman, Additional Managing Director of Prime Bank, said, "We are proud to partner with City Group to introduce the country's first-ever Shariah-compliant short-term investment instrument. This initiative reflects Prime Bank's commitment to innovation in Islamic finance and our dedication to offering diverse, ethical, and high-return investment solutions. The Teer Islamic Commercial Paper marks a significant milestone in the financial market, opening new doors for institutional and individual investors seeking Shariah-based alternatives."
Md Hasan, Managing Director of City Group, said, "We are delighted to collaborate with Prime Bank in launching this landmark product. The Teer Islamic Commercial Paper reinforces our commitment to responsible business practices and offers investors a secure and Shariah-compliant investment option. We believe this initiative will set a new benchmark in Bangladesh for Islamic financial instruments."
Shams A. Muhaimin, Deputy Managing Director of Prime Bank, and Mr. Tanvir Hydar Pavel, Director of Finance and Commercial of City Group, signed an agreement on behalf of their respective organisations.
Other Senior Management Officials, including M. Nazeem A. Choudhury, Deputy Managing Director; Sajid Rahman, Senior Executive Vice President from Prime Bank; and Reza Uddin Ahmad, Director (Finance and Investment) from City Group, were also present during the signing ceremony.
