(MENAFN- Kuwait News Agency (KUNA)) ISTANBUL, March 20 (KUNA) -- Turkiye Wealth Fund (TWF) and UAE's Sharjah Islamic Bank (SIB) have signed a USD 100 million Murabaha financing agreement.
This three-year term agreement marks the first Islamic finance transaction for the TWF, the fund said in a press statement on Wednesday.
The transaction, which is the first mutual Murabaha financing provided to a sovereign wealth fund in the world, aims at bolstering the confidence of international markets in the Turkish economy, it added.
TWF General Manager Arda Ermut said that the deal is part of the fund's sustainable development vision and mission of promoting recovery and deepening financial markets.
For his part, SIB's CEO Mohammad Abdullah welcomed Turkiye's support by providing the first Murabaha financing with an international sovereign fund, saying that this cooperation would greatly contribute to creating more international Islamic finance openings in Turkiye. (end)
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