City Bank wins ITFC award

City Bank has been awarded the "ITFC Trade Finance Deal of the Year" award by the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group.

The award was given in recognition of the bank's effort to find a unique solution offered to its customers under Islamic financing structure for import of wheat at the time when the country was facing challenges in foreign currency liquidity due to the impact of the Russia-Ukraine war.

City Bank is the first bank in Bangladesh who won this award among the ITFC partner banks for honouring the most outstanding Shariah compliant trade finance deal under ITFC trade finance line, said a press release.

Mashrur Arefin, managing director and CEO of the bank, received the award from Nazeem Noordali, chief operating officer of the ITFC,at the bank's head office in Dhaka recently, said a press release.

Abdul Aleem, division manager for Asia and Middle East of the ITFC, Iftekhar Alam, regional manager for South and Southeast Asia, Sheikh Muhammad Maroof and Md Mahbubur Rahman, additional managing directors of the bank, and Hasan Sharif Ahmed, executive vice-president and head of financial institutions, were present.