Dubai Islamic Bank joins International Finance Corporation's global trade finance program

News Image

MG News | May 09, 2024 at 01:08 PM GMT+05:00

0:00

May 09, 2024 (MLN): Dubai Islamic Bank Pakistan Limited (DIBPL) has signed an Issuing Bank Agreement (IBA) with the International Finance Corporation (IFC) to support international trade in Pakistan, said a press release issued on Thursday.

Under the agreement, IFC will guarantee payment of DIBPL obligations to support their trade finance transactions with tenors of up to one year.

This will strengthen DIBPL’s strategic plan to grow its international trade business and enhance correspondent banking relationships focused on international trade within the country.

“This agreement will further streamline and ease the process for trade finance in Pakistan. Dubai Islamic Bank Pakistan remains committed to supporting businesses focused on international trade and we believe this partnership with IFC will be instrumental in achieving this goal,” said Junaid Ahmed, CEO of DIPBL.

The agreement falls under IFC’s Global Trade Finance Program (GTFP), which extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained.

“Trade is essential for economic growth and a key driver of opportunities for local enterprises. We are pleased to support Dubai Islamic Bank Pakistan Limited in its efforts to boost international trade and we believe this partnership will help foster a trade ecosystem in the country that strengthens supply chains, spurs productivity, and creates jobs,” said Momina Aijazuddin, Regional Head for the Financial Institutions Group at IFC.

IFC’s GTFP has been operating in Pakistan since 2005. Pakistan is now one of the top markets for the program with a total GTFP commitments of $6.6 billion since inception and $1.4bn for FY23.

With the recent joining of DIPBL, IFC has now 10 partner issuing banks in Pakistan who will benefit from the program.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,665.50
299.28M
1.68%
2285.53
ALLSHR 85,699.50
778.48M
1.24%
1051.15
KSE30 42,353.14
103.20M
1.94%
806.91
KMI30 195,182.04
107.99M
1.81%
3462.27
KMIALLSHR 56,389.15
437.73M
1.01%
561.42
BKTi 38,422.98
17.31M
1.57%
595.37
OGTi 27,718.26
13.25M
0.17%
47.58
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,075.00 119,915.00
117,720.00
-555.00
-0.46%
BRENT CRUDE 69.18 69.21
68.27
0.66
0.96%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
0.95
0.99%
ROTTERDAM COAL MONTHLY 105.00 105.00
105.00
-0.15
-0.14%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 67.27 67.30
66.29
0.89
1.34%
SUGAR #11 WORLD 16.65 16.88
16.54
0.09
0.54%

Chart of the Day


Latest News
July 17, 2025 at 09:25 PM GMT+05:00

Auto financing in Pakistan rises to Rs277bn in June


July 17, 2025 at 09:08 PM GMT+05:00

SBP reserves rise to $14.53bn in a week


July 17, 2025 at 05:11 PM GMT+05:00

Gold price in Pakistan falls Rs900 per tola


July 17, 2025 at 04:53 PM GMT+05:00

PSX calls for market feedback on free-float reforms


July 17, 2025 at 04:30 PM GMT+05:00

KTML Board proposes share sub-division to Rs2 face value



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg