Islamic Trade Finance to provide $2.45b loan for oil, gas, fertiliser imports in FY26

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Islamic Trade Finance to provide $2.45b loan for oil, gas, fertiliser imports in FY26

^{Published on 2024-12-19 19:41:07 - tbsnews}

Keep updated, follow The Business Standard's Google news channel The loan agreement was finalised on 14 December during a meeting in Jeddah, Saudi Arabia, between the Islamic Trade Finance and a Bangladeshi delegation led by ERD Secretary Shahriar Kader ...

The article from TBS News discusses the significant role of Islamic trade finance in supporting Bangladesh's economy, particularly in the import of essential commodities like oil, gas, and fertilizers. According to the article, Islamic finance institutions are expected to provide loans amounting to $24.5 billion for these imports by the fiscal year 2026. This financial support is crucial as it aligns with Sharia-compliant banking principles, which are gaining popularity in Bangladesh. The article highlights that this move not only aids in meeting the country's import demands but also reflects a growing trend towards Islamic banking, which avoids interest and focuses on profit-sharing and asset-backed financing. This initiative is part of a broader strategy to diversify financing sources and reduce dependency on conventional banking systems, thereby fostering economic stability and growth.

Read the Full tbsnews Article at:
[ https://www.tbsnews.net/bangladesh/islamic-trade-finance-provide-245b-loan-oil-gas-fertiliser-imports-fy26-1022221 ]

N@N

Islamic Trade Finance to provide $2.45b loan for oil, gas, fertiliser imports in FY26