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According to the Bank’s website, the proposed Project is an unfunded trade finance facility, of up to US$ 30 Mn, to Faysal Bank (FBL or the Bank) for transactions with tenors of up to one year. The purpose of the proposed IFC trade line is to enable FBL to expand its international trade business and support trade in lieu of challenging macroeconomic conditions in Pakistan.
This Project will support short-term trade finance activities. The E&S risks and impacts associated with these activities are considered low and the project has therefore been classified as a category FI-3 in accordance with IFC’s Environmental and Social Sustainability Policy.
The Project consists of a US$30 Mn uncommitted guarantee facility to FBL under the GTFP, for transactions with tenors of up to one year.
Ithmaar Bank, a Bahrain-based Islamic bank regulated by the Central Bank of Bahrain, directly and indirectly holds a 66.78% stake in Faysal Bank. Ithmaar Bank offers a variety of Shari'ah-compliant products and services, such as corporate banking, treasury operations, and financial institutions banking. Ithmaar Bank is a fully owned subsidiary of Ithmaar Holding, which is listed on both the Bahrain Bourse and the Dubai Financial Market.
Faysal Bank Limited
Mr. Fahd Jafri
Head | Corporate Banking South & Financial Institutions| Corporate and Investment Banking Group
Tel: +92 213 2795 364
fahdjafri@faysalbank.com
Faysal House, 6th Floor, ST 2 Shahrah-e-Faisal, Karachi Pakistan
https://www.faysalbank.com
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ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org