FCMB secures $15m commerce facility
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First City Monument Bank has introduced that it has secured a $15m commerce financing facility from the International Islamic Trade Finance Corporation.
In a press release on Wednesday, the financial institution mentioned that the ability was a Master Murabaha Agreement with ITFC, a member of the Islamic Development Bank Group.
According to Fitch, the scale of the Nigerian Islamic finance business is estimated at $2.9bn on the finish of 2022, with excellent sukuk being the most important section at 57 per cent, adopted by Islamic banks at 42 per cent (complete property), and the remaining one per cent between Islamic funds (complete property) and takaful (complete contributions).
The financial institution mentioned the settlement would strengthen its assist of Nigeria’s commerce finance sector.
“This agreement affirms FCMB’s commitment to driving sustainable economic growth in Nigeria. By investing in critical sectors like agribusiness and renewable energy, we’re not just strengthening our position, we’re contributing to a more robust and resilient Nigerian economy that can confidently engage globally,” mentioned Managing Director of FCMB, Yemisi Edun.
FCMB’s Divisional Head of Treasury and International Banking, Gerald Ikem, emphasised the partnership’s significance: “This collaboration with ITFC signifies extra than simply worldwide recognition of FCMB and Nigeria’s financial potential. It equips us with the assets wanted to drive progress in very important sectors resembling agriculture, manufacturing, and renewable vitality.
“It reinforces our dedication to fostering sustainable and inclusive economic progress throughout the country.”
According to the lender, the funds will facilitate the import and export of agricultural merchandise, equipment, important commodities, uncooked supplies, and various vitality options
