Sharjah Islamic Bank Pioneers $100M Islamic Facility with TWF 

Sharjah Islamic Bank (SIB) has entered into a groundbreaking agreement with the Turkiye Wealth Fund (TWF), marking a significant milestone in Islamic finance. The agreement involves the provision of a Shariah-compliant Murabaha facility worth $100 million USD over a three-year period. Facilitated by Dogan Investment Bank, this marks the first time the Turkish Sovereign Wealth Fund has secured financing from an international source in compliance with Islamic Shariah law. 

The agreement was formalised with Mohamed Abdalla, CEO of Sharjah Islamic Bank, and Arda Ermut, CEO and Board Member of TWF, signing the deal. Mohamed Abdalla expressed SIB’s commitment to expanding partnerships and diversifying business sectors according to its strategic plan for 2024 – 2028. He emphasized the importance of Turkiye in SIB’s strategy to diversify investments and financial services, highlighting confidence in Turkiye’s economic recovery. 

This collaboration underscores the strong economic and investment relations between the UAE and Turkiye, paving the way for sustainable commercial growth. The agreement aims to deepen Islamic financing facilities in Turkiye and aligns with SIB’s commitment to Islamic principles, customer interests, and positive contributions to the financial ecosystem. 

Arda Ermut commented on behalf of TWF, emphasizing their mission to support financial market improvement and sustainable development. TWF aims to become a significant player in Islamic finance, diversifying instruments and fostering prosperity. 

The Turkiye Wealth Fund oversees strategic assets in Turkiye, including Turkish Airlines, Ziraat Bank, HalkBank, and others, contributing to the nation’s economic development.