Turk Eximbank secures $277mn in Murabaha financing from ITFC

By bne IntelIiNews September 21, 2023

The International Islamic Trade Finance Corporation (ITFC) has extended a syndicated Murabaha Islamic finance facility worth $277mn to Turk Eximbank in accordance with its mandate of promoting trade among Organisation of Islamic Cooperation (OIC) member states.

The partnership intends to boost export-oriented small and medium sized enterprises (SMEs) and private sector businesses in Turkey and offer Sharia-compliant trade financing solutions, ITFC said.

“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,” it added in a statement.

Since its inception in 2008, ITFC has approved around $3.5bn in financing for Turk Eximbank.

The financing has also supported a great number of exporters with a focus on SMEs in sectors including textiles, food and agriculture, construction and automotive, according to ITFC.

Related Articles

Istanbul-listed Akbank’s CEO sees deposit rates as high enough

The deposit rates offered by banks in Turkey are high enough to encourage customers to switch from FX to Turkish lira, Bloomberg ... more

Gunman holding US firm staff hostage at Turkish factory in Gaza war protest

A hostage situation has developed at a plant of US firm Procter & Gamble (P&G) outside Istanbul where an unidentified gunman with his face covered with a Palestinian scarf—and shown by a ... more

Dismiss