ICD and EBL Close USD 10 Million Shariah-Compliant Financing Facility for Samuda Shipping in Bangladesh

The Islamic Corporation for the Development of the Private Sector (ICD) and Eastern Bank PLC (EBL) have closed a USD 10 million, seven-year Shariah-compliant term finance facility for Samuda Shipping Limited (SSL), a concern of TK-Samuda Group in Bangladesh.

The financing agreement was signed in Dhaka on 29 September 2026 and will support the acquisition of MT Samuda, a 22,000 MT edible oil tanker. ICD said the transaction represents its first financing engagement with TK-Samuda Group.

Financing for Edible Oil Transportation

The USD 10 million facility will contribute to the financing of the vessel acquisition. According to ICD and EBL, MT Samuda will be used to transport crude palm oil from international markets, including Indonesia and Malaysia, for processing at TK-Samuda Group’s edible oil refineries in Bangladesh.

The vessel will also provide the group with the flexibility to undertake third-party chartering activities, according to EBL.

The overall acquisition of MT Samuda is valued at USD 14 million, with the USD 10 million facility provided by ICD forming part of the financing structure.

Roles of ICD and EBL

ICD extended the seven-year Shariah-compliant term finance facility, while EBL arranged the transaction and is acting as the Security Agent and Account Bank.

The transaction brings together ICD’s role as a multilateral development finance institution and EBL’s local banking expertise in Bangladesh. ICD described the financing as an asset-backed private-sector transaction structured in accordance with Shariah principles.

The closing ceremony was held in Dhaka on 29 September 2026 and was attended by representatives from ICD, EBL and TK-Samuda Group.

Industry Impact

The transaction demonstrates the use of Shariah-compliant financing to support the acquisition of a physical commercial asset within Bangladesh’s private sector. By financing an edible-oil tanker, the facility connects Islamic finance with maritime transportation and supply-chain infrastructure.

ICD stated that the vessel is expected to support TK-Samuda Group’s crude palm oil supply chain and contribute to food security and agro-industrial capacity in Bangladesh. This represents the stated development rationale of the transaction rather than an independent assessment by IFD.

For the Islamic finance industry, the transaction also highlights the role of multilateral Islamic financial institutions and local banks in structuring Shariah-compliant financing for corporate assets and private-sector activity.

Source

Official announcements from the Islamic Corporation for the Development of the Private Sector (ICD) and Eastern Bank PLC (EBL).