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

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 - Islamic export credit, political risk insurance boost for ICIEC (aktifbank - bank asya - kuveyt turk)

One of the important issues on the agenda of the second annual meeting of the Aman Union, the organization of investment and export credit agencies in the Arab and

Islamic World, which is due to be held on Oct. 4-5 in Istanbul under the aegis of the Turk Eximbank, are the challenges facing the export credit insurance industry especially insuring risks in post-conflict countries and those undergoing economic and political transformation. (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)

FINANCE - Aktif Bank agrees two-step murabaha facility

Aktif Bank has won a US$10mn two-step murabaha financing facility from the International Islamic Trade Finance Corp, that is a part of the Islamic Development Bank Group.

It seems that the facility will be used in trade finance-related transactions and will support intra-OIC (Organisation of the Islamic conference) trade. (source)

BANKING - FINANCE - Turkish banks allocate loans to Azerbaijani bank

Turkish Bank Asya and Aktif Bank allocated to Azerbaijan's Bank Respublika credit lines for trade funding. As a result of the talks, which were held last week, each of these banks has opened a credit line of $2 million for Bank Respublika.