Cash And Trade Magazine For Cash and Trade professionals in the Middle East
Istan
bul, Sept. 2014: The International Islamic Trade Finance Cooperation (ITFC), a member of the Islamic Development Bank Group, signed a $45 million Murabaha Agreement with Turkish “Aktif Bank” as a line of financing aimed to support Turkish exporters. ITFC’s CEO, Dr. Waleed Al-Wohaib and Aktif Bank’s, CEO Dr. Önder Halisdemir signed the agreement on the sidelines of CEBIT Fair in Istanbul Expo Center.
The financing agreement highlights ITFC’s mandate to promote intra-trade among the OIC’s (Organization of Islamic Conference) member countries and its continuous eff
orts to support vital economic sectors in these countries. ITFC already signed two framework agreements with Aktif Bank in 2009 and 2011.
Commenting on the signing of the agreement, Dr. Waleed Al-Wohaib, CEO of the ITFC said” This agreement is in line with ITFC’s strategy of focusing on supporting key sectors in the OIC member countries”. Dr. Al-Wohaib added, “Exports is one of the main drives for the Turkish economy, this financing will contribute to the working capital for export-oriented industries, and help in fighting unemployment, since export-oriented industries are considered a significant contributor of employment”.
From his end, Aktif Bank’s CEO Dr. Önder Halisdemir emphasized on the excellent relations with ITFC, he said, “It gives us great pride to sign this agreement with the esteemed International Islamic Trade Finance Corporation which will provide a competitive edge for the exporters in order to support our national growth and to meet their longer term funding requirements. As Aktif bank, we will continue to develop our strong cooperation with the international financial organizations and to contribute to the national exports by applying innovative finance structures.”
It is worth mentioning that ITFC have already extended a total amount of USD 1,643 million trade financing to the Republic of Turkey since its inception in 2008.
