The International Islamic Trade Finance Corporation (ITFC) has granted the Bank of Maldives a USD five million Murabaha Financing Facility.
As per the Bank of Maldives (BML)’s statement, the loan will support the Small to Medium Enterprises and the challenges faced in its global trade. Bank of Maldives is the first partner institution in the Maldives to work with ITFC, and the financing comes at a critical time as SMEs in the Maldives face the social and economic effects of the coronavirus pandemic.
In regards to this, Bank of Maldives CEO and Managing Director, Tim Sawyer said: “While the economy has been severely impacted by the COVID-19 pandemic, the Bank has continued to take proactive measures to support local businesses. We are delighted to extend this support further with our partnership with ITFC to provide US$5 million in trade financing for our business customers. The facility will help make a positive contribution to the development of the local business sector.”
Commenting on the Murabaha Financing Facility, Eng. Hani Salem Sonbol, ITFC CEO, said: “We are proud to partner with Bank of Maldives in supporting SME growth and the import of raw materials. A central tenet of the ITFC strategy is to facilitate lines of financing to local partner financial institutions like Bank of Maldives to provide SME access to working capital that is key for the country’s economic growth and their ability to participate in global value chains. As such, it is contributing to the development of intra-OIC trade flows and ultimately leading to socioeconomic development in member countries.”
The financing and grants being rolled out by ITFC, as part of the Islamic Development Bank (IDB) Group COVID-19 response package, are supporting preparedness for the pandemic through the provision of medical supplies, staple foods and fertilizer for agricultural production to Bangladesh, Egypt, Kyrgyzstan, the Maldives and Senegal.
As per the Bank of Maldives (BML)’s statement, the loan will support the Small to Medium Enterprises and the challenges faced in its global trade. Bank of Maldives is the first partner institution in the Maldives to work with ITFC, and the financing comes at a critical time as SMEs in the Maldives face the social and economic effects of the coronavirus pandemic.
We are pleased to announce the signing of a US$5 million financing facility with @ITFCCORP to support SMEs in Maldives.
— Bank of Maldives (@bankofmaldives) September 23, 2020
View details: https://t.co/kwx9stLwII pic.twitter.com/tkFrdmCggt
In regards to this, Bank of Maldives CEO and Managing Director, Tim Sawyer said: “While the economy has been severely impacted by the COVID-19 pandemic, the Bank has continued to take proactive measures to support local businesses. We are delighted to extend this support further with our partnership with ITFC to provide US$5 million in trade financing for our business customers. The facility will help make a positive contribution to the development of the local business sector.”
Commenting on the Murabaha Financing Facility, Eng. Hani Salem Sonbol, ITFC CEO, said: “We are proud to partner with Bank of Maldives in supporting SME growth and the import of raw materials. A central tenet of the ITFC strategy is to facilitate lines of financing to local partner financial institutions like Bank of Maldives to provide SME access to working capital that is key for the country’s economic growth and their ability to participate in global value chains. As such, it is contributing to the development of intra-OIC trade flows and ultimately leading to socioeconomic development in member countries.”
The financing and grants being rolled out by ITFC, as part of the Islamic Development Bank (IDB) Group COVID-19 response package, are supporting preparedness for the pandemic through the provision of medical supplies, staple foods and fertilizer for agricultural production to Bangladesh, Egypt, Kyrgyzstan, the Maldives and Senegal.
