JEDDAH, SAUDI ARABIA – The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank, has collaborated with Turk Eximbank to provide a joint loan worth $277 million.
This loan includes murabaha facilities, an Islamic finance and investment instrument.
This collaboration aims to enhance trade volume among the member states of the Organization of Islamic Cooperation (OIC).
The loan aims to support the development of small and medium enterprises’ exports as well as private sector companies in Turkey.
It also aims to provide trade finance solutions that comply with Islamic sharia principles.
This partnership will offer trade finance options that are essential for taking advantage of opportunities in foreign markets.
By facilitating access to trade finance funds, it will bridge the financial gap and support an enabling environment for economic growth.
Additionally, it is expected to create job opportunities, further enhancing the private sector’s ability to thrive.