Africa: International Islamic Trade Finance Corporation (ITFC) Strengthens Cooperation with Turk Eximbank through US$ 277 Million Murabaha Financing Facility

[Deeq A.]

ISTANBUL, Turkey, September 20, 2023/ -(Qaran news)- The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, has extended a Syndicated Murabaha Facility worth US$ 277 Million in favour of Turk Eximbank in accordance with its mandate of promoting trade among OIC member states. The partnership intends to boost export-oriented SMEs and private sector businesses in Türkiye and offer Sharia-compliant trade financing solutions.

The agreement is positioned to act as a catalyst for firms, providing them with the trade finance options they need to take advantage of opportunities in foreign markets. This facility will boost the private sector’s ability to access trade finance funds by bridging the financial divide and supporting an environment favorable to economic growth and job creation.

Commenting on the facility, Eng. Hani Salem Sonbol, CEO of ITFC stated “As a long-term partner of Turk Eximbank, we share a common vision of supporting jobs and fostering socio-economic development in Türkiye. This new funding is intended to boost support for Turkish exporters, particularly SMEs, and will open up new possibilities for the growth of trade between Türkiye, OIC member nations, and its international trading partners. We are still dedicated to making investments to assist Turkish and regional economic growth notwithstanding the global crisis and its challenges.”

Mr. Ali Güney, General Manager of Turk Eximbank also stated “As Turk Eximbank, being one of the main pillars of government’s export-led growth strategy and largest development bank in Türkiye, we will continue to work and further increase our efforts to support Turkish exporters. We consider ITFC our strategic partner on this front, and I am very pleased to see the strong relationship established between our institutions. We hope our cooperation will continue in the future as well. We express our gratitude for ITFC’s efforts on this successful transaction on behalf of Turkish exporters, and we hope to continue having access to Islamic trade finance funds through ITFC’s ongoing partnership to finance and support Turkish exports”.

Since its inception in 2008, ITFC has approved around US$3.5 billion in financing for Turk Eximbank, a key partner in ITFC’s efforts to increase private sector development. The financing has also supported a vast number of exporters with a focus on SMEs represented by various sectors, including the textile, food and agriculture, construction, and automotive sectors. This financing arrangement serves as a notable demonstration of ITFC’s commitment to fostering economic growth and facilitating trade within member countries

Qaran News