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TuranBank and ITFC Sign Line of Trade Financing Agreement to Support the Private Sector and SMEs in Azerbaijan

06.04.2026

Baku, Azerbaijan - TuranBank ASC, one of Azerbaijan’s leading banks, has signed a US$10 million line of trade financing agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group. The agreement aims to expand financing solutions for international trade activities, enhance SMEs’ access to finance and promote the use of Islamic trade finance instruments.

The strategic partnership is designed to strengthen import-export activities of Turanbank’s clients, stimulate international trade in Azerbaijan, and improve access to finance for the private sector, particularly Small and Medium-sized Enterprises (SMEs). The funds allocated under this agreement will be directed towards strengthening the export potential of local companies and contributing to the development of the country’s non-oil sector.

Nazeem Noordali, Chief Operating Officer of ITFC stated: "The partnership with TuranBank reflects our continued commitment to strengthening the role of the private sector and SMEs as a key driver of sustainable economic growth in our member countries. In line with ITFC’s mandate to promote trade and enhance access to trade finance, this collaboration will expand the availability of Islamic financing solutions and support SMEs in scaling their international trade activities.”

Orkhan Garayev, Chairman of Management Board, TuranBank OJSC said: "The agreement signed with ITFC serves to stimulate the country’s trade turnover. The financing line will enable us to offer our clients more flexible trade solutions and create broader opportunities for them in global markets. At the same time, this cooperation is another indication of TuranBank’s active engagement in international financial markets and its continued support for local business entities.

This agreement underscores the continued momentum of ITFC’s engagement in Azerbaijan and reflects both institutions’ shared ambition to deepen trade finance solutions for the private sector. It also paves the way for further collaboration to scale Islamic finance instruments and support Azerbaijan’s trade landscape.

About TuranBank

Established in 1992, TuranBank ASC is recognized as one of the most stable and reliable institutions in Azerbaijan’s financial sector. The bank provides a wide range of financial services in accordance with international standards. Operating through 22 service points nationwide, TuranBank has demonstrated sustainable growth over its 33 years of activity. The bank is distinguished by its commitment to transparency, reliability, and social responsibility, continuing to play a key role in the country’s banking sector.

For more information, please visit: www.turanbank.az

About The International Islamic Trade Finance Corporation (ITFC):

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. Commencing operations in January 2008, ITFC has provided more than US$92 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

Twitter: @ITFCCORP

Facebook: @ITFCCORP

LinkedIn: International Islamic Trade Finance Corporation (ITFC)

Tel: +966 12 646 8337

Fax: +966 12 637 1064

E-mail: ITFC@itfc-idb.org

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