Social Islami Bank Limited (SIBL) signed a Memorandum of Understanding (MoU) with the UK-based PrimaDollar Operations Limited on Tuesday at the SIBL Head Office in the city said the bank in a statement.

Kazi Towhidul Alam, Additional Managing Director, SIBL, and Munwar Uddin, Country Manager for Bangladesh of PrimaDollar, signed the MoU on behalf of their respective organisations.

Md. Akmal Hossain, EVP & Head of International Division, SIBL, along with other officials of the bank were present on the occasion.

The MoU will help the exporters of the bank involved in foreign trade on deferred sales contract terms. Under the terms of the MoU, PrimaDollar will provide fintech-based factoring solution for the exporters of the bank.