The agreement was signed by His Excellency Mohamed Abdalla, CEO of Sharjah Islamic Bank, and Mr. Arda Ermut, CEO and Board Member of the Turkiye Wealth Fund.
Launching new paths for sustainable commercial growth between the two parties
In this context, His Excellency Mohamed Abdalla, CEO of Sharjah Islamic Bank, 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.
His Excellency Mohamed Abdalla stated: "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 cooperation with one of the world's largest sovereign wealth funds, the Turkiye Wealth Fund. This confirms our strong confidence in the anticipated economic recovery in Turkey and the return of business activities and economic activities in it to a path of growth and escalation once again."
The CEO of the Sharjah Islamic Bank highlighted the strong economic and investment relations between the United Arab Emirates and the Republic of Turkey, which are witnessing the launch of new paths for sustainable commercial growth between the two parties, through the comprehensive economic partnership agreement signed between the two countries. He added that the agreement of SIB with the TWF, being the primary owner of strategic assets, will help increase the depth of Islamic financing facilities in Turkey. In return, it will enhance the SIB's commitment to the responsibility of ensuring its operations comply with the rules and principles of Islamic Sharia, achieving the interests of customers, and contributing positively to the effective financial ecosystem on the local, regional, and global levels.
From his part, Mr. Arda Ermut, CEO and Board Member of TWF commented on the transaction, stating, “Through this transaction, conducted for the first time on behalf of TWF, we highlight our mission to support improvement and deepening in financial markets, as well as our vision for sustainable development. As TWF, we continue our efforts for our country to become a significant player in Islamic finance, diversifying instruments in this field, and build a prosperous cycle. We sincerely thank all stakeholders involved in this process.
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