The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, has successfully closed a USD 145 million Shariah-compliant syndicated financing facility for Türkiye İhracat Kredi Bankası A.Ş. (Turk Eximbank). Structured as a Commodity Murabaha with a three-year tenor, the facility will strengthen support for export-oriented private sector businesses in Türkiye. The partnership aims to enhance the country’s export capacity while providing innovative Shariah-compliant financing solutions to empower exporters.
The syndicated financing facility was led by ICD as Mandated Lead Arranger and Bookrunner. ICD is also the Investment Agent of the facility. Three leading GCC-based Islamic banks participated in the facility. Warba Bank K.P.S.C. and Kuwait International Bank K.P.S.C. joined as Joint Lead Arrangers, whereas AlRayan Bank Q.P.S.C joined as Co-Lead Arranger.
The ICD remains committed to develop Shariah compliant financial channels in member countries to promote Islamic finance. This syndicated financing facility demonstrates the strong relationship of ICD, a multilateral development financial institution, with other leading Islamic Financial Institutions, to mobilize resources toward the sustainable development of the private sector across its member countries.
Dr. Khalid Khalafalla, Acting CEO of ICD, stated “I am glad to announce this medium-term financing facility, which is designed to promote economic development and support Shariah-compliant export-oriented businesses in Türkiye. Through this initiative, we aim to empower private sector projects, particularly corporates and SMEs, those have meaningful developmental impact on the Turkish economy”
Mr. Ali Güney, General Manager of Turk Eximbank also stated “Turk Eximbank is one of the main enablers of government’s export-led growth strategy and the largest development bank in Türkiye. We remain committed to support Turkish exporters and strengthening their global competitiveness. We consider ICD a strategic partner in this endeavor and look forward to continuing our cooperation in the future”
