The Islamic Corporation for the Development of the private sector (ICD) and Samuda Shipping Limited (SSL) signed a USD 10 million Shariah-compliant term finance agreement in Dhaka, Bangladesh, to finance the acquisition of a vessel for the transportation of crude edible oil. Eastern Bank PLC arranged the facility and is acting as the Security Agent and Account Bank, bringing together ICD's multilateral development finance expertise and EBL's deep knowledge of the Bangladesh market to deliver a structured, Shariah-compliant solution for the private sector.

The closing ceremony, held under the title "Closing Ceremony for Financing a Vessel for TK-Samuda Group," commemorated the formal conclusion of the transaction and brought together senior representatives from ICD, Eastern Bank PLC, and TK-Samuda Group. Samuda Shipping Limited is a concern of TK-Samuda Group, one of the largest conglomerates in Bangladesh, and this transaction represents ICD's first engagement with the group. The seven-year financing structure reflects ICD's commitment to supporting long-term, asset-backed private sector development in its member countries in a manner consistent with Shariah principles.

The financed vessel, named MT Samuda, is a 22,000 MT edible oil tanker that will enable TK-Samuda Group to import crude palm oil from international markets for processing at its domestic edible oil refineries. By strengthening the group's supply chain infrastructure, the transaction is expected to contribute meaningfully to food security and agro-industrial capacity in Bangladesh. This transaction also builds on ICD's existing relationship with Eastern Bank PLC to further cementing a productive and growing partnership between the two institutions in support of Bangladesh's private sector.