First City Monument Bank (FCMB) recently announced that it has successfully obtained a $15 million Master Murabaha Agreement in collaboration with the International Islamic Trade Finance Corporation (ITFC), a key member of the Islamic Development Bank (IsDB) Group. This agreement marks a significant milestone for FCMB and underscores its commitment to leveraging Islamic finance solutions for sustainable growth.
The agreement, signed during April’s World Economic Forum in Saudi Arabia, will strengthen FCMB’s support of Nigeria’s trade finance sector.
The funds will facilitate the import and export of agricultural products, machinery, essential commodities, raw materials, and alternative energy solutions. This move aligns with FCMB’s commitment to fostering inclusive and sustainable growth in Nigeria.
“This agreement affirms FCMB’s commitment to driving sustainable economic growth in Nigeria. 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, said managing director of FCMB, Yemisi Edun.
FCMB’s divisional head of Treasury and International Banking, Gerald Ikem, emphasised the partnership’s significance: According to Ikem, “This collaboration with ITFC signifies more than just international recognition of FCMB and Nigeria’s economic potential. It equips us with the resources needed to drive growth in vital sectors such as agriculture, manufacturing, and renewable energy.
It reinforces our dedication to fostering sustainable and inclusive economic progress throughout the country.”
The ITFC, established in 2008 to advance and facilitate international trade, has provided US$69 billion of financing to various countries. It is crucial in promoting economic development and reducing poverty through trade-led growth.
FCMB, part of FCMB Group Plc, said it is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem connecting people, capital, and markets across Africa.
The deal is expected to boost productivity, increase food and energy security, create jobs, and ultimately contribute to a higher standard of living and overall economic growth in Nigeria.
