Al-Arafah Islami Bank PLC has signed a participation agreement with Bangladesh Bank under the Tk. 3,000 crore ‘Refinance Scheme for Export Diversification’ established to make the country’s export sector more diversified and competitive.

Managing Director of Al-Arafah Islami Bank PLC Mohd. Rafat Ullah Khan and Director of the Sustainable Finance Department of Bangladesh Bank A. K. M. Nurunnabi signed the agreement on behalf of their respective organizations.

Bangladesh’s export sector is largely dependent on the readymade garments industry. Ensuring adequate financing for promising sectors such as jute and leather through diversification of export products and markets can create new employment opportunities alongside increasing export earnings and foreign exchange inflows. Against this backdrop, Bangladesh Bank has introduced the Tk. 3,000 crore refinance scheme.

Deputy Managing Director of Al-Arafah Islami Bank PLC Md. Fazlur Rahman Chowdhury, Senior Executive Vice President Md. Manzurul Alam, Additional Director of Bangladesh Bank Md. Abu Alam Mohsin, Joint Director Sajib Kumar Das and Assistant Director Nurunnahar Kumi were present at the agreement signing ceremony.

Through its participation in this initiative of Bangladesh Bank, Al-Arafah Islami Bank PLC is expected to play an important role in developing the country’s promising export-oriented sectors, creating new export products and markets, and strengthening Bangladesh’s overall export capacity.