Albaraka Türk joins IFC’s global trade finance program

ISTANBUL

Albaraka Türk has become the first participation bank in Türkiye to be included in the issuing bank list under the International Finance Corporation’s (IFC) Global Trade Finance Program (GTFP).

By joining IFC’s prestigious program, the bank further strengthens its contribution to the secure and sustainable growth of global trade under the GTFP, the statement said.

With this inclusion, Albaraka Türk aims to expand its trade finance network and facilitate its customers’ access to global markets, broadening the scope of solutions it offers in the field of foreign trade, it added.

The signing ceremony, held at Albarka Türk’s headquarters, was attended by Albaraka Türk’s CEO, Malek Temsah, and Momina Aijazuddin, Regional Head of Financial Institutions Group for the Middle East, Central Asia, Türkiye, Afghanistan and Pakistan at IFC.

“Our partnership with IFC is a significant step in our mission to support the sustainable growth of international trade. Through this program, our customers will have access to a broader support mechanism for their trade transactions and establish stronger business connections in global markets,” Temsah said.

Albaraka Türk’s commitment to developing its trade finance activities aligns with IFC’s mission to promote economic development through the private sector, commented Aijazuddin.

“Since its inception in 2005, the GTFP has facilitated approximately $9 billion in trade transactions in Türkiye, making the country one of the most active participants in the program globally,” she said.

The GTFP is IFC’s flagship trade finance program, having provided over 188,000 firms with $120 billion in trade finance over the last 20 years.