The International Islamic Trade Finance Corporation (ITFC) Extends US$ 40 million with Vakif Katilim Bank and Ziraat Katilim Bank and to Support the Private Sector in Türkiye

The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), member of the Islamic Development Bank (IsDB) Group, announce the signing of two significant Murabaha Financing Agreements with Vakif Katilim Bank and Ziraat Katilim Bank, valued at USD 20 million each. The agreements were formalized during the visit of Eng. Hani Salem Sonbol, CEO of ITFC, to Istanbul during the COMCEC Meetings on December 4, 2023.

The Murabaha Agreement between ITFC and Vakif Katilim Bank was signed by Mr. Mehmet Ali Akben, CEO of Vakif Katilim Bank, and Eng. Hani Salem Sonbol, CEO of ITFC. Similarly, Mr. Metin ÖZDEMİR, CEO of Ziraat Katilim Bank, and Eng. Hani Salem Sonbol, CEO of ITFC, represented their institutions in signing the Murabaha Financing Agreement. These partnerships mark a milestone as Vakif Katilim Bank and Ziraat Katilim Bank become new partner banks for ITFC in Türkiye.

The allocated USD 40 million will be utilized to support the private sector and SME clients of Ziraat Katilim Bank and Vakif Katilim Bank in meeting their trade financing needs. The collaboration aims to bolster the growth of the private sector and SMEs in Türkiye through the provision of Sharia-compliant Murabaha financing.

Eng. Hani Salem Sonbol, CEO of ITFC, expressed enthusiasm about the partnerships, stating, “These agreements represent a significant step towards strengthening trade and economic activities in Türkiye. We are confident that our collaboration with Ziraat Katilim Bank and Vakif Katilim Bank will play a crucial role in fostering sustainable development and prosperity for the private sector and SMEs in the region.”

ITFC looks forward to a fruitful partnership with both Ziraat Katilim Bank and Vakif Katilim Bank, as the organizations collectively work towards supporting the growth and success of Türkiye’s private sector and SMEs through Islamic finance solutions.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over USD 70 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.