ITFC’s $150M Murabaha Facility Wins GTR Best Deals of 2025 for Türkiye’s Post-Earthquake Recovery
The International Islamic Trade Finance Corporation (ITFC), a key member of the Islamic Development Bank (IsDB) Group, has been honored with the prestigious GTR Best Deals of 2025 award for its groundbreaking $150 million Murabaha financing facility. This innovative Islamic finance solution was specifically designed to support Türkiye’s economic recovery following the devastating earthquakes of 2023.
A First-of-Its-Kind Islamic Finance Solution
The landmark facility was executed in collaboration with Türkiye’s Ministry of Treasury and Finance, along with two leading development banks – the Industrial Development Bank of Türkiye (TSKB) and the Development and Investment Bank of Türkiye (TKYB). This represents the first Islamic trade finance facility specifically structured for post-disaster recovery efforts.
The financing was developed in response to the catastrophic earthquakes that struck Türkiye in February 2023, which caused an estimated $100 billion in damages and disrupted operations for more than 220,000 businesses. The facility provided critical working capital support while establishing a foundation for sustainable economic revival in key sectors including food security, agriculture, and trade.
Strategic Partnerships for Economic Resilience
Nazeem Noordali, ITFC’s Chief Operating Officer, emphasized the significance of the award: “This recognition validates our ongoing commitment to fostering trade-driven resilience. Through our collaboration with Türkiye’s public sector and leading development banks, we’ve introduced an Islamic finance solution that not only accelerates recovery but also supports long-term trade sustainability.”
Sedef Aydaş, Head of Department at Türkiye’s Ministry of Treasury and Finance, acknowledged ITFC’s prompt response: “ITFC was among the first financing organizations to demonstrate willingness to support Türkiye’s post-earthquake recovery. We’re grateful for this GTR recognition of our initial transactions with ITFC, which focused on food security, agriculture, and SME trade financing in the earthquake-affected regions. We anticipate these deals will serve as models for future collaborations across various sectors.”
Expanding Islamic Finance in Türkiye
The project has significantly advanced the adoption of Islamic trade finance solutions within Türkiye’s public sector. Both TSKB and TKYB leveraged this opportunity to develop new Shariah-compliant frameworks with potential applications across renewable energy, climate resilience, employment initiatives, and inclusive development programs.
This initiative has also created new pathways for Islamic financing in Türkiye’s public sector, potentially attracting additional Murabaha-based financing from international institutions in the future.
Banking Leaders Reflect on the Achievement
Meral Murathan, Executive Vice President & Sustainability Leader of TSKB, commented: “As Türkiye’s first privately-owned development bank with 75 years of experience, sustainable and inclusive development remains our core mission. Following the 2023 earthquake, we prioritized the sustainable redevelopment of affected regions. Our $150 million Murabaha agreement with ITFC in August 2024 marked our first collaboration and has effectively supported trade-driven recovery by addressing the urgent needs of local businesses.”
İbrahim H. Oztop, CEO of TKYB, added: “We’re proud to participate in this transaction with our partner ITFC. This financing represents progress in strengthening our corporate financing structure while advancing our strategic objectives. This international recognition affirms our institution’s vision and mission.”
Global Recognition
The award was presented at the GTR Best Deals 2025 ceremony, where ITFC representatives were joined by officials from Türkiye’s Ministry of Treasury and Finance and TSKB to celebrate this achievement in Islamic finance innovation.
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