Albaraka Turk Participation Bank signs a financing facility with ICD to bolster SME support in Turkey
Istanbul, July 22, 2019, The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IsDB) Group, has signed a Murabaha financing facility of USD 40 Million with Albaraka Turk Participation Bank to support the growth and productivity of SMEs in Turkey.
Mr. Ayman Sejiny, Chief Executive Officer of ICD and Mr. Melikşah Utku, General Manager of Albaraka Turk Participation Bank signed the facility agreement on behalf of their respective organizations.
Mr. Ayman Sejiny, reaffirmed ICD’s commitment to support development of the private sector in its member countries. He also highlighted the importance of supporting Islamic Financial Institutions and channeling Shariah Compliant financing facilities to private sector businesses, especially SMEs through partnership with local financial institutions as one of the main pillars of ICD’s strategy.
Commenting on the occasion, Mr. Utku said: “Continued access to finance for Turkish SMEs is a critical success factor for balanced and sustainable economic growth in the long-run. The signing of this facility with an esteemed multilateral development institution partner such as the ICD is a testament to continued investor faith in the resiliency of Turkish SME businesses which represent such an integral part of our overall economy.“
Established in 1999, ICD is a multilateral development organization and a member of the Islamic Development Bank (IsDB) Group. The purpose of the Corporation is to promote, in accordance with the principles of the Shari’ah, the economic development of its member countries by encouraging the establishment, expansion and modernization of private enterprises producing goods and services in such a way as to supplement the activities of the Islamic Development Bank. For more information about ICD, visit www.icd-ps.org
About Albaraka Turk
Albaraka Türk Participation Bank was founded in 1984 in Istanbul, Turkey by the Bahraini international islamic bank, Al Baraka Banking Group, and commenced its commercial activities in 1985. It is known as the first Participation Bank in Turkey and offers retail, SME/corporate, and investment banking services across its branch network of over 215 branches spread across Turkey and abroad.