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IFC, Albaraka Turk Partner to Boost Trade in Turkey


In Istanbul:
Basak Pamir Ulgen
Phone: +90 212 385 3075
E-mail: bulgen@ifc.org

Istanbul, Turkey, July 27, 2015 - IFC, a member of the World Bank Group, and Albaraka Turk are joining forces to expand the availability of trade finance for importers and exporters in Turkey to help spur economic growth and create jobs.

IFC has extended its credit trade line to Albaraka Turk under its Global Trade Finance Program (GTFP), which supports trade in emerging markets by providing partial or full guarantees for individual trade transactions backed by IFC’s triple-A rating.

Albaraka Turk, the first bank in Turkey to adopt the principles of Islamic finance, such as no interest, has joined the program as an issuing and confirming bank. The program will enable Albaraka Turk to expand its employment-generating trade actives in high priority countries in the Middle East and North Africa, and beyond.

”After 30 eventful years, Albaraka Turk is making steady progress within the banking sector,” said Dr. Fahrettin Yahsi, Board Member and General Manager of Albaraka Turk. ‘’We are looking forward to further progress through our agreement with IFC. We put value in this agreement since it is only the first step in what will be a long lasting relationship.’’

Edward Strawderman, IFC Regional Head for Financial Institutions Group for Europe, Middle East, and North Africa, said: “Through our trade finance program, IFC channels much-needed financing into economies that need to expand global trade opportunities for local firms. Access to trade finance is essential for small and medium enterprises that depend on cross-border trade to remain viable and seek new opportunities for growth.”
 
Since its inception in 2005, IFC’s award-winning Global Trade Finance Program (GTFP) has issued more than 21,000 guarantees totaling $36 billion to banks on trade-related payment obligations of its financial institution clients in emerging markets. The program includes more than 280 partner banks in over 95 emerging-market countries.  

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org/Turkey.

About Albarak Turk
Albaraka Turk, the first finance institution and the pioneer in the field of interest-free banking, completed its establishment in 1984 and commenced operations in the beginning of 1985. Albaraka Turk continues its operations in compliance with the Law of Banking numbered 5411. Albaraka Turk was founded by Albaraka banking Group (ABG), one of the prominent groups of the Middle East, Islamic Development Bank (IDB) and a native industrial group of Turkey, which served the Turkish economy for more than half a century. As of 31.12.2013, in the partnership structure of Albaraka Turk, foreign partners are 66.10%, native partners are 10.48% and shares open to the public is 23.42%.For more information, visit www.albarakaturk.com.tr.

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