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TURKEY : Turkey’s Islamic Bank gets $75 million from IDB
Publish Date : 28-Oct-2011
The Islamic Development Bank (IDB) has assigned $75 million line of finance to Turkey’s Islamic Bank, Turkye Finans Participation Bank. At the 27th meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation, (COMCEC), in Istanbul, IDB Group President Dr. Ahmad Mohamed Ali signed an agreement with the one of Turkey’s largest Islamic Banks.
The agreement, counter-signed by CEO of the Turkish bank, Mr. Derya Gurerk, provides long term financing opportunities to small and medium enterprises in Turkey through Installment Sale, Ijara and Istisna’a modes of Islamic finance. It aims to further develop key targeted sectors, i.e. agriculture and food security, transport, energy and manufacturing and is expected to positively contribute towards job creation.
The financing facility is part of the IDB Group’s Member Country Partnership Strategy (MCPS) Program for the Republic of Turkey. The MCPS, which covers 2010-2013 period, envisages a total financing envelope of US$ 2 billion from IDB Group to Turkey. The IDB Group has long been supporting the development of the Turkish private sector through project and trade finance as well as insuring export and import operations.
