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By Brian TIROK
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a EUR 15 million Master Murabaha Agreement with Ak Finansal Kiralama A.Ş. (Aklease), one of Türkiye’s leading leasing institutions and a subsidiary of AkBank.
The two-year facility aims to expand access to Shariah-compliant trade finance solutions for Türkiye’s private sector, including small and medium-sized enterprises (SMEs), enabling the import and pre-export of essential goods and services.
The partnership reflects ITFC’s ongoing commitment to supporting economic development across member countries.
Commenting on this partnership, Mr. Nazeem Noordali, COO of ITFC, stated: “This agreement underscores our long-term commitment to supporting Türkiye’s private sector. By partnering with leading institutions such as Aklease, we are furthering ITFC’s mandate to promote trade and foster economic growth.”
From his end, Mr. Eser Okyay, General Manager, AKLease, commented, “This partnership contributes to the development of innovative financing models in the leasing sector while also reinforcing our vision of providing resources for projects that prioritize sustainable development.
This agreement, which marks ITFC’s first contract signed with ITFC in Türkiye’s leasing sector, brings a fresh perspective to the industry. We believe that this approach, which centers on sustainability, green financing, and accessibility for SMEs, offers a valuable alternative for the real sector.”
This agreement is aligned with ITFC’s broader strategy in Türkiye, where the Corporation has committed significant resources to supporting the private sector through targeted trade finance and capacity-building initiatives.