Skip to main content

DUBAI ISLAMIC BANK PAKISTAN LIMITED JOINS INTERNATIONAL FINANCE CORPORATION'S GLOBAL TRADE FINANCE PROGRAM

                                             

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

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 Mr. 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 US$6.6 billion since inception and US$1.4 billion for FY23. With the recent joining of DIPBL, IFC has now 10 partner issuing banks in Pakistan who will benefit from the program. 

Comments

Post a Comment

Popular posts from this blog

Peshawar Zalmi Releases "Zalmi Raalal" Official Anthem Powered by TCL

             TCL, Pakistan's No.1 LED TV Brand, in collaboration with Peshawar Zalmi, has released their most awaited anthem for PSL 8, " Zalmi Raalal ". Directed by the maestro Hassan Dawar himself, "Zalmi Raalal" is a star-studded, power-packed amalgamation of music, fashion, and sports, the three foremost passion points of Peshawar Zalmi. Produced by Naughty Boy, who has worked in the global music industry with the likes of Beyoncé, Wiz Khalifa, and Sam Smith, the music video features cricket's biggest superstars Darren Sammy and Babar Azam, as well as Pakistan's biggest celebrities Mahira Khan and Hamza Ali Abbasi. Peshawar Zalmi's official anthem for 2023, "Zalmi Raalal", is an ode to passion, a story entailing the beauty and power of the KP region and its people. The anthem has crossed one million views on all online platforms since its release, and the number is increasing fast.   The star-studded and narrative-centric anthem feature...
Post a Comment
Read more

Beyond the Basics: Here are 5 additional tips to Elevate Your Gameplay

                                                     Mobile gaming has evolved into a dynamic and immersive experience, thanks to the remarkable advancements in smartphone technology. Whether it’s about a casual gamer or a dedicated professional, unlocking the full potential of one’s gaming abilities is always within reach. Let’s delve into five expert strategies meticulously crafted to elevate your mobile gaming experience. These insights are not just mere tips but comprehensive approaches aimed at guiding enthusiasts toward peak performance in the dynamic realm of mobile gaming.   Choose a Dedicated Gaming Phone By choosing a dedicated gaming phone, you ensure that your hardware is tailored to meet the demands of modern mobile games, empowering you to fully immerse in the virtual worlds and enjoy a seamless gaming experience. Such as upcoming Infi...
Post a Comment
Read more

A Look Back on the Spectacular Lineup of realme’s 828 Fan Fest Activities

             realme, as the most prominent brand of Gen Z, had a remarkable month of August, in which it held a plethora of activities for its fans and in return received an overwhelmingly good response for the brand. The purpose behind such activities was to inform the core values of realme and to provide the fans with a better insight into the defining spirit of realme which is to Dare to Leap, be adventurous, and break ground where others have not tread before. Moreover, through these events, it has ensured how it is different from its competitors. Fans are the backbone of any good brand as they are the ones who provide consistent support to the brand’s new endeavors. It is for this reason that it is very important for brands to cultivate a strong fan community much like realme does. The end goal for realme with all of its 828 Fan Fest celebrations was to bring something unique and exciting for the fans and through such activities develop a deeper s...
Post a Comment
Read more