2024-03-21 22:05:18
Sharjah (Al-Ittihad)
Sharjah Islamic Bank and the Turkish Sovereign Wealth Fund (TWF) announced that they have concluded a first-of-its-kind agreement to provide a Sharia-compliant Murabaha facility worth $100 million, bilaterally (joint) for a period of 3 years.
Under this agreement, which Dogan Investment Bank helped coordinate, this will be the first time that the Turkish Fund launches financing from an international source in a form compatible with Islamic Sharia.
The agreement was signed by Mohammed Abdullah, CEO of Sharjah Islamic Bank, and Arda Ermut, CEO and member of the Board of Directors of the Turkish Sovereign Wealth Fund.
Muhammad Abdullah stressed the bank’s keenness to expand partnerships, diversify its business sectors, and develop innovative products, in accordance with the bank’s five-year strategy 2024-2028. This agreement between the bank and the Turkish Sovereign Wealth Fund (TWF) comes in the context of the bank’s strategic plan to diversify its asset base.
The CEO of the bank pointed to the strength of the economic and investment relations between the UAE and the Republic of Turkey, which are witnessing the launch of new paths of sustainable trade growth between the two parties, through the comprehensive economic partnership agreement concluded between the two countries.
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