ICD and EBL Close USD 10 Million Shariah-Compliant Term Finance Facility for Samuda Shipping Limited in Bangladesh
ICD has extended a USD 10 million, seven-year Shariah-compliant term finance facility to Samuda Shipping Limited (SSL), a concern of TK-Samuda Group, one of Bangladesh's largest conglomerates.
- Eastern Bank PLC (EBL) arranged the facility and serves as the Security Agent and Account Bank for the transaction.
- The financing will fund the acquisition of MT Samuda, a 22,000 MT edible oil tanker, that will support crude palm oil imports for TK-Samuda Group's edible oil refineries.
- This marks ICD's first transaction with TK-Samuda Group.
Dhaka, Bangladesh, 29 September 2026 – 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.
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About About Eastern Bank PLC and Samuda Shipping Limited
Eastern Bank PLC (EBL) is one of the leading commercial banks in Bangladesh. EBL arranged this facility with the assistance of ICD and is also acting as the Security Agent and the Account Bank for the transaction. Samuda Shipping Limited is a concern of TK-Samuda Group, one of the largest conglomerates in Bangladesh.
About ICD
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB's activities by promoting capital market development, best management practices, and enhancing the role of market economies. ICD holds strong credit ratings of A2 by Moody's, A+ by Fitch, and A by S&P. For more information, visit www.icd-ps.org and follow ICD on X (@icd_ps), LinkedIn (@icdps), Facebook (@icdps), and YouTube (@icdps).
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