TRADE FINANCE - ITFC, AKTIF Bank Introduce Structured Trade Financing Model in Turkey and Provide $40M Trade Financing to Tiryaki Agro

Istanbul, Oct. 2011: The International Islamic Trade Finance Cooperation (ITFC), a member of the Islamic Development Bank Group, in cooperation with Aktif Bank signed a US$40 million financing facility in favor of the leading Turkish grain trader Tiryaki Agro.

By signing this deal, ITFC has completed its first structured trade finance (STF) deal in Turkey in which Aktif Bank poses the role of agent bank. The STF is an innovative financing technique designed for developing markets and is considered more secure than traditional lending. The model is an alternative to conventional payment guarantees and the focus is on the cash flow unlike unsecured financing. The off balance sheet financing model, is self liquidating and risks mitigate on assets enabling the beneficiary to be in a better financial position.

 

With the view of promoting intra-OIC trade, ITFC and Aktif Bank cooperation brings new financing models to OIC member countries. ITFC’s CEO Dr. Waleed Al-Wohaib emphasized on the importance of Trade Financing in developing Trade relations between OIC member countries, he said ”We are pleased to provide financing to Tiryaki Agro through Aktif Bank”. Al-Wohaib also underlined the significance of utilizing the new Structured Trade Financing model in other sectors in addition to the agriculture sector.

 

From his end, Aktif Bank’s CEO Dr. Önder Halisdemir commented on the signing “ITFC has successfully implemented Structured Trade Financing in many countries, and now, through Aktif Bank, Turkish companies will start benefiting for the first time from the new Financing model, especially in the food, petrochemical, steel and fertilizer sectors.

 

Source :  http://www.itfc-idb.org/content/itfc-aktif-bank-introduce-structured-trade-financing-model-turkey-and-provide-40m-trade-fina - Oct 25, 2011

BANKING - Turkiye Finans ; Case Study Fujitsu POS

2011 Islamic Turkey Turkiye Finans

IDB - IDB boosts financing cooperation with Turkish corporates

The Islamic Development Bank (IDB) latest $75 million line of financing to Turkiye Finans Participation Bank, one of the four participation (Islamic) banks in Turkey and in  which Saudi Arabia's National Commercial Bank has a controlling stake, underlines the proactive involvement of the multilateral development bank of the Muslim world in Turkey over the last three decades. (source)

FINANCE - Aktif Bank made a Trade Finance Program Agreement with Asia Development Bank and Islamic Trade Finance with ICIEC

Aktif Bank has been one of the 5 banks with which Asia Development Bank has signed a Trade Finance Program (TFP) agreement for strengtening trade with Turkey

Achieving very successful Results in retail and institutional banking fields thanks to its innovative approach called “New Generation Banking”, and to its technology-focused unique business model, and being Turkey’s first and only direct bank launching many new products into banking sector, Aktif Bank signed a “Trade Finance Program (FTP)” agreement with Asia Development Bank, whereby Aktif Bank customers will now be capable of expanding their trade opportunities and trade cooperation between Turkey and Asia will grow. (source)

EDUCATION - TOBB to train chambers of commerce from Islam countries

The Islamic Chamber of Commerce & Industry and the Turkish International Cooperation & Development Agency will support the program.

The Union of Chambers & Commodity Exchanges of Turkey (TOBB) will host a training program for chambers of commerce and industry from the Islam countries. (source)

TRADE FINANCE - Islamic trade finance seen lifting growth of sector

DUBAI, June 9 (Reuters) - Islamic trade finance has benefitted from shifting preferences towards Sharia-compliant banking and could serve as one of the key growth drivers to help the nearly $1 trillion Islamic finance industry double in size.\

The global Islamic finance industry, which has been growing between 15 to 20 percent a year, is widely expected to reach $2 trillion in the next three to five years. (source)

BANKING - Turkey draws closer to MENA

The Turkish economy has now re-aligned itself more closely to the regional markets in the GCC and MENA countries.

Whichever party wins the Turkish general election in June this year, one thing remains certain. Turkey's participation banking sector will continue its steady progress and, in the process, further consolidate the sector as the third major component in the Turkish financial system after the depository (conventional commercial deposit-taking) banks and the development and investment banks. Participation banking is the Turkish euphemism for interest-free profit-and-loss-sharing banking - in other words Islamic banking. Its importance is underlined by the fact that it has  flourished since its establishment in 1983 by a special decree introduced by the military regime of President Kenan Evren, and more recently it has undergone a successful transformation that has seen it become part of the mainstream banking industry following its licensing, regulation and supervision under the same provisions of the general 2007 Turkish Banking act (amended). (full story)

EVENT - Joint Activities/Projects to be Considered between IDB and TOBB for Cooperation in 1432H Program

Joint Activities/Projects to be Considered between IDB and TOBB for Cooperation in 1432H Program


Source : http://www.itfc-idb.org/search/node/turkey

ISLAMIC TRADE FINANCE - ITFC Supports Intra OIC Trade by $1.25B During First Half 2010

ITFC Trade Finance Operations Helps Bolsters Intra-OIC Trade and Assists with Sustainable Economic Development in Order to Enhance the Welfare of Millions of Lives across the Muslim World.

The International Islamic Trade Finance Corporation, ITFC, a member of the Islamic Development Bank Group, announced that it carried out 36 trade finance operations with a total value of $1.253 billion in favour of 16 countries during the first half 2010.

Commenting on the results of the first half of 1431 (2010), Dr. Waleed Bin Abdul Mohsen Al-Wohaib, CEO ITFC, said: "These results reflect our continued efforts to advance trade by contributing to the development of markets and trading capacities to help member countries do business more effectively, in addition to being catalysts for economic solidarity, to facilitate and develop trade through the establishment of new trade links among the Organization of Islamic Conference (OIC) Member Countries".