Jeddah, Saudi Arabia, 12 June 2024 – The Islamic Corporation for the Development of the Private Sector (ICD) and Ak Finansal Kiralama A.Ş. (AKLease) have entered into a landmark agreement to bolster economic growth in Türkiye. This new EUR 13.65 million Commodity Murabaha Facility is designed to support private sector projects, with a special focus on small and medium-sized enterprises (SMEs).

This strategic partnership highlights ICD's dedication to fostering private sector development within its member countries. The facility provided by ICD will enable AKLease to fund a range of private sector projects, empowering entrepreneurs to launch and scale ventures that will significantly impact Türkiye's economy.

AKLease, a subsidiary of Akbank and a prominent player in Türkiye’s financial leasing market, will leverage this facility to extend financial support to eligible projects. The collaboration is a testament to AKLease's commitment to driving national development through innovative and long-term leasing solutions.

Key Highlights of the Agreement:

  • Funding Amount: EUR 13.65 Million
  • Target Sector: Private sector projects, especially SMEs
  • Objective: Enhance the SME landscape in Türkiye by providing essential resources for business growth and development
  • Strategic Alignment: Supports ICD’s Private Sector Channel Development Strategy

The agreement underscores the critical role of private sector financing in economic development. By facilitating access to financial resources, the initiative will help bridge funding gaps for SMEs, driving innovation and fostering a more robust and diverse economy.



About Ak Finansal Kiralama A.Ş. (AKLease): Established in 1988 as a subsidiary of Akbank, AKLease offers financial leasing solutions across various sectors, including manufacturing, construction, transportation, energy, and healthcare. Known for its commitment to sustainability, AKLease provides significant support to environmentally friendly investments through its unique ECOLease product, the first and only sustainability-themed offering in Türkiye's leasing sector.

About the Islamic Corporation for the Development of the Private Sector (ICD): ICD is a member of the Islamic Development Bank (IsDB) Group and focuses on supporting economic development and private sector growth in its member countries through Shariah-compliant financing and investment solutions. ICD also offers advisory services to foster the establishment, expansion, and modernization of private enterprises. The organization is highly rated by international credit agencies: A2 by Moody’s, A+ by Fitch, and A- by S&P.

For further details, please contact: Nabil El-Alami Communications & Corporate Marketing Division Manager nalami@isdb.org

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