Murabaha Structured Trade Finance Model is starting in Turkey for the first time through Aktif Bank as based on the agreement concluded by and between Aktif Bank and International Islamic Trade Finance Corporation (ITFC).

​​

Murabaha Structured Trade Finance Model is starting in Turkey for the first time through Aktif Bank as based on the agreement concluded by and between Aktif Bank and  International Islamic Trade Finance Corporation (ITFC).

The agreement relevant to the Structured Trade Finance, a first in Turkey developed by the cooperation of the first and only direct bank of Turkey, Aktif Bank, which had achieved many successful results  in the fields of retail and corporate banking and which provided many new products for the sector owing to the innovative and technology-based unique business model, namely “New Generation Banking”,, and International Islamic Trade Finance Corporation (ITFC), a participation of  Islamic Development Bank, is concluded by one of the leading foodstuff company of Turkey. It is stated that the price of the agreement relevant to the mentioned product is 40 million USD.

Aktif Bank General Manager Dr. Önder Halisdemir, who spoke during the signature ceremony, in which it was underlined that Aktif Bank and ITFC cooperation presented new finance models to Turkey by the vision of developing the trade between the member countries of the Organization of Islamic Cooperation stated that the Structured Trade (Commodities) Finance Model, which is applied successfully in many countries by ITFC, shall start in Turkey for the first time through Aktif Bank. Dr. Halisdemir said: “With our new Commodities Finance model, the importers shall be able to realize the commodities finance especially required in the foodstuff, petro-chemistry, steel/iron and fertilizer sectors”, without the burden of stocks and as off the balance sheet. In this system, ITFC shall import the commodities on behalf of the importers, shall store it in the warehouses of the importer and shall realize the sales to the importer at the moment of its use for the production purposes. In this way, we shall offer the companies an off the balance sheet, good alternative finance model that supports the cash flows”.

The CEO of ITFC Dr. Waleed Al-Wohaib, who spoke during the signature ceremony, stated that they are happy to start the Structured Trade Finance model, which is one of ITFC trade finance services applied successfully throughout the world, in Turkey through Aktif Bank. Dr. Al-Wohaib, who emphasized that trade finance is important in order to develop the trade between the member countries of the Organization of Islamic Cooperation, said “We hope that our new trade finance models spread also in other sectors in Turkey”