IITFC grants BML USD 5m Mukhabarah facility

IITFC officials with BML officials to sign the agreement for the Mukhabarah facility worth USD 5 million.

The International Islamic Trade Finance Corporation (IITFC) has granted the Bank of Maldives a USD five million Mukhabarah financing facility.

IITFC is a member of the Islamic Development Bank (IDB) and the facility by the corporation will assist small and medium sized businesses of the Maldives to import goods from abroad. 

The corporation has been providing assistance to numerous nations through local banks. BML becomes the first in the Maldives to work in collaboration with the corporation. 

BML CEO Tim Sawyer has stated that the bank is working to assist businesses during the hard-hit times of the pandemic virus. He added that it was a joy to work with the IITFC in order to attain this goal.

The facility by the IITFC was to assist IDB member nations to overcome the situation with COVID-19. The corporation has assisted nations such as Senegal, Bangladesh, and Egypt for the purpose.