BANKING - Kuveyt Turk - A new product for exporters

Kuveyt Türk Participation Bank signs a $100 million cooperation agreement on export insurance with the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC), a subsidiary of the Islamic Development Bank.Agreement executed between Kuveyt Türk and ICIEC, which renders extensive insurance service for export receivables and investments is the first agreement with a participation bank and ICIEC.


Under the agreement, exporters will be insured against the risk of non-collection of receivables related to the export transactions towards around 150 countries. To New Markets with Confidence Kuveyt Türk CEO Ufuk Uyan stated that they formed this cooperation to enable the firms in our country to continue their activities abroad, especially in new markets, with confidence.

Stressing that this joint product of Kuveyt Türk and ICIEC would also cover the high-risk countries, Uyan indicated that this product would insure the collection of nearly the total export amount. Uyan stated that the diversification provided in foreign trade by the new markets was very important for the national economy, emphasizing that the financing of the foreign trade was among the main priorities of Kuveyt Türk and they always supported their customers in new markets.

Uyan recommended the new product to all the exporters as a risk management tool and said, “We support our firms in their growth attempts, with a customer-oriented and competitive approach. In foreign markets, we continue to be close to our customers and support them.

In the Gulf region, we are in Bahrain and Dubai; in Central Asia, we are by our companies with our Kazakhstan operation. Through our strong corresponding bank network, we offer forward and similar treasury products to our foreign trade firms to enable them to manage their risks.
 
Our cooperation with ICIEC will be a new and important step in these efforts.” Foreign Trade as a Strategic Priority Uyan stated that one of the strategic goals of Kuveyt Türk in 2011 would be to improve its share in financing the foreign trade transactions and that they would quickly implement new product and service packages for the foreign trade firms.

Uyan stressed that they would aim to offer attractive and competitive opportunities to their customers and to accomplish a significant breakthrough in foreign trade in 2011 through new products differentiation in service quality.

Source : http://www.kuveytturk.com.tr/en/NewsDetail.aspx?NewsID=158 - Dec 14, 2010