NILAI, Aug 19 — Agrobank today launched short-term syariah-compliant trade financing and services for small and medium enterprises (SMEs), commercial and corporate sectors involved in local and foreign trade.  President/chief executive officer, Datuk Wan Mohd Fadzmi Wan Othman, said with the facility, Agrobank would be the first development finance institute in the country to have its own trade financing service.  “Among the trade finance finance products are letter of credit-i, murabahah trust receipt, trade working capital financing-i, bank guarantee-i, shipping guarantee-i and forward exchange contract.

“The products will help the customers manage their cash flow more efficiently so that they will be more focussed on their business,” he said.  Minister of Agriculture and Agro-based Industry, Datuk Seri Ismail Sabri Yaakob, officiated the launch of the products in conjunction with the seminar ‘Economic Consultation and Management of Agriculture Technology 2014’ here today.

The seminar was jointly organised by Malaysian Agricultural Research and Development Institutem, Agrobank and Universiti Putra Malaysia.             Wan Mohd Fadzmi said businesses required more working capital to further enhance local, foreign and cross-border transactions.

“The trade financing products and services will help them as they will easy sources of cash flows,” he said.— Bernama

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