The International Islamic Trade Finance Corporation (ITFC) Wins Global Trade Review (GTR) Best Deals of 2024 for Türkiye Earthquake Response Financing
Executed in close partnership with the Ministry of Treasury and Finance of the Republic of Türkiye, the Industrial Development Bank of Türkiye (TSKB), and the Development and Investment Bank of Türkiye (TKYB), this landmark Shariah-compliant financing was the first Islamic trade finance facility designed for post-disaster recovery.
The financing was developed in response to the devastating earthquakes that struck Türkiye in February 2023, resulting in an estimated US$100 billion in damages and disrupting over 220,000 businesses. The facility delivered working capital support and laid the foundation for sustainable economic revival in key sectors including food security, agriculture, and trade.
Commenting on the award, Nazeem Noordali, Chief Operating Officer, ITFC highlighted, ' This award is a testament to our continued commitment to support trade-driven resilience. By partnering with Türkiye's public sector and key development banks, we have introduced an Islamic finance solution that strengthens recovery and supports long-term trade sustainability.'
Ms. Sedef Aydaş Head of Department the Republic of Türkiye Ministry of Treasury and Finance, stated that ITFC is one of the first financing organizations showing its willingness to support Türkiye's post-earthquake economic recovery and added that: 'We as Ministry of Treasury and Finance are delighted and thankful to receive GTR Best Deal of 2024 with the first transactions with ITFC for its financing support to Türkiye regarding food security, agriculture and SME trade financing in the earthquake region. I hope the deals we had with ITFC will be one of the landmark projects for future transactions in various areas.'
The project has also accelerated the adoption of Islamic trade finance solutions in Türkiye's public sector. TSKB and TKYB utilized the opportunity to develop new Shariah-compliant frameworks with strategic impact across other sectors like renewable energy, climate resilience, employment and inclusive development. It also opened new avenues for Islamic financing in Türkiye's public sector, paving the way for future Murabaha based financing from international players.
Commenting on the award, Ms. Meral Murathan, Executive Vice President&Sustainability Leader of TSKB, said: 'As Türkiye's first privately-owned development and investment bank, we have been committed to supporting sustainable and inclusive development for the past 75 years. In the aftermath of the February 2023 earthquake, we placed the sustainable redevelopment of the affected regions at the core of our mission. The US$ 150 million Murabaha-based agreement we signed with ITFC in August 2024 marks the first cooperation between TSKB and ITFC. We are pleased to have structured this partnership to support trade-driven recovery and resilience in the earthquake-impacted areas by addressing the urgent needs of local businesses.'
The award was presented at the GTR Best Deals 2024 ceremony, where ITFC representative alongside officials from the Ministry of Treasury and Finance of the Republic of Türkiye and TSKB.
İbrahim H. Oztop, the CEO of the Development and Investment Bank of Türkiye commented 'We are very pleased to be involved in this transaction, executed in collaboration with ITFC, our partner institution. This financing not only represents a step forward in strengthening our corporate financing structure but also helps us to achieve our strategic goals. We consider this award as a recognition of our institution's vision and mission on an international level.'
This recognition reinforces ITFC's leadership in Islamic trade finance solutions and its contribution to achieving SDG 8 (Decent Work&Economic Growth) and SDG 9 (Industry, Innovation&Infrastructure).
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, enabling them to successfully compete in the global market.
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