The Esin Attorney Partnership has advised the Islamic Corporation for Development of the Private Sector (ICD) on the extension of a USD 20 million murabaha facility to Aktif Yatirim Bankasi ("Aktif Bank").
The ICD — a multilateral development financial institution and is a member of the Islamic Development Bank Group (IDB) — was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies, and encouraging cross border investments. The ICD has an authorized capital of USD 4 billion and shareholders of the ICD include the IDB, 54 Islamic countries, and five public financial institutions.
Remarking on the matter, Esin Attorney Partnership Partner Muhsin Keskin — who led his firm’s team on the matter — commented that: “international financial institutions have been very instrumental in funding Turkish businesses and energy and infrastructure projects for the last couple of years. ICD is among the IFIs that have expressed interest in Turkey and it has committed to ensure sustainable economic and social development in member countries including Turkey. We are proud to have teamed up with ICD on this transaction which marks the growth of our Islamic finance practice.”
Keskin was supported by Esin Attorney Partnership Associates Berkay Ozludil and Serenay Cinki.
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