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
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
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.
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.