Sharjah Islamic Bank to provide 1st Islamic financial facility for TWF

Sharjah Islamic Bank to provide 1st Islamic financial facility for TWF

Sharjah Islamic Bank (SIB) and the Turkey Wealth Fund (TWF) have signed an agreement to provide a Shariah-compliant Murabaha facility worth $100 million for 3 years. This agreement, facilitated by Dogan Investment Bank, marks the first time the Turkish Sovereign Wealth fund has launched financing from an international source in a form compliant with Islamic […]Sharjah Islamic Bank (SIB) and the Turkey Wealth Fund (TWF) have signed an agreement to provide a Shariah-compliant Murabaha facility worth $100 million for 3 years.

This agreement, facilitated by Dogan Investment Bank, marks the first time the Turkish Sovereign Wealth fund has launched financing from an international source in a form compliant with Islamic Shariah law.

Mohamed Abdalla, CEO of Sharjah Islamic Bank, and Arda Ermut, CEO and Board Member of TWF signed the agreement.

Mohamed Abdalla expressed the SIB’s keenness to expand partnerships, diversify business sectors, and introduce innovative products according to the bank’s five-year strategy for 2024 – 2028. This agreement with the TWF falls within the SIB’s strategic plan to diversify its asset base.

Mohamed AbdallaCEO – Sharjah Islamic Bank

“Turkey is a fundamental part of our SIB’s strategy to diversify its investments and financial services, by offering the first-ever Islamic financial facility in partnership and