ICD Signs MOU with the City Bank Limited to Strengthen Collaboration

On May 18, 2017, the Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-PS.org), the private sector arm of Islamic Development Bank (IDB) Group signed a Memorandum of Understanding with City Bank, Bangladesh in order to strengthen collaboration for fostering private sector development in the country. The signing ceremony was held at the 42nd Annual Meeting of the IDB Group at Hilton Hotel, Jeddah, Saudi Arabia.

The CEO of ICD, Mr Khaled Al Aboodi and Mr Sheikh Mohammed Maroof, Deputy Managing Director and Mr Mohammad Mahbubur Rahman, Chief Financial Officer of City Bank signed the MOU on behalf of their respective institutions.

The joint collaboration will encompass the areas of Term Finance, Public Private Partnership transactions, Lines of Finance and any other areas of mutual interest.

During the signing ceremony, Mr. Khalid Al Aboodi, CEO of ICD stated “City Bank is one of our most valued partners and signing of this MOU will take our relationship to a new level which will benefit the people of Bangladesh the most”.

Mr. Sheikh Mohammed Maroof, Deputy Managing Director of the City Bank said, “City Bank has achieved significant growth over the years by leveraging strong relationships with partners and providing innovative solutions to meet growing financial needs. I’m sure this partnership with ICD will improve the bank’s performance capacities and better serve our customers’ banking needs.”

The signing ceremony was also attended by Mr Farid Masmoudi, Director of ICD, Mr Mahbub Jamil, Head of Structured Finance of City Bank and other high officials of both the institutions.   

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Inquiries: Mr. Nabil El Alami Email: NAlami@ISDB.org Fax: +966 12 6444427 Tel: +966 12 6468192

About City Bank: City Bank is one of the oldest private Commercial Banks operating in Bangladesh. It is a top bank among the oldest five Commercial Banks in the country which started their operations in 1983. The Bank started its journey on 27th March 1983 through opening its first branch at B. B. Avenue Branch in the capital, Dhaka city. City Bank is among the very few local banks which do not follow the traditional, decentralized, geographically managed, branch based business or profit model. The bank currently has total 120 branches which includes 99 online branches, 1 full-fledged Islamic Banking branch, 1 SME service center and 11 SME/Agri branches spread across the length & breadth of the country.

About the Islamic Corporation for the Development of the Private Sector: ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.ICD-PS.org.