International Islamic Trade Finance Corporation Wins Global Trade Review Award for Turkey Earthquake Response Financing

Strategic Insights -

The International Islamic Trade Finance Corporation (ITFC) has been recognized with a Global Trade Review (GTR) Best Deals of 2025 award for its innovative US$150 million Murabaha financing facility, designed to support Turkey's post-earthquake economic recovery. The financing facility was developed in response to the devastating earthquakes that struck Turkey in February 2023, resulting in an estimated US$100 billion in damages and disrupting over 220,000 businesses.

Key Takeaways:

  • The ITFC's US$150 million Murabaha financing facility was the first Islamic trade finance facility designed for post-disaster recovery in Turkey, with the goal of supporting the country's economic revival in key sectors such as food security, agriculture, and trade.
  • The facility was executed in close partnership with the Ministry of Treasury and Finance of the Republic of Turkey, the Industrial Development Bank of Turkey (TSKB), and the Development and Investment Bank of Turkey (TKYB).
  • The financing was developed in response to the February 2023 earthquakes that struck Turkey, resulting in an estimated US$100 billion in damages and disrupting over 220,000 businesses.
  • The facility delivered working capital support and helped to strengthen recovery and support long-term trade sustainability in Turkey.
  • The award recognizes ITFC's leadership in Islamic trade finance solutions and its contribution to achieving SDG 8 (Decent Work & Economic Growth) and SDG 9 (Industry, Innovation & Infrastructure).
  • The project has also accelerated the adoption of Islamic trade finance solutions in Turkey's public sector, with TSKB and TKYB utilizing the opportunity to develop new Shariah-compliant frameworks.

Statistics:

  • The estimated damage from the February 2023 earthquakes in Turkey was US$100 billion.
  • Over 220,000 businesses were disrupted due to the earthquakes.
  • US$150 million was provided through the ITFC's Murabaha financing facility.
  • The facility supported working capital and helped to strengthen recovery and support long-term trade sustainability in key sectors such as food security, agriculture, and trade.

Sources:

  • M2 PRESSWIRE, "CORRECTION: The International Islamic Trade Finance Corporation (ITFC) Wins Global Trade Review (GTR) Best Deals of 2025 for Türkiye Earthquake Response Financing"
  • International Islamic Trade Finance Corporation (ITFC)
  • Global Trade Review (GTR)
  • Ministry of Treasury and Finance of the Republic of Turkey
  • Industrial Development Bank of Turkey (TSKB)
  • Development and Investment Bank of Turkey (TKYB)
  • Meral Murathan, Executive Vice President & Sustainability Leader of TSKB
  • Ibrahim H. Oztop, CEO of the Development and Investment Bank of Turkey