UAE bank expands cross-border role with strategic Islamic financing deal

Dubai: Dubai Islamic Bank (DIB) has signed a $150 million financing agreement with Turkcell, Türkiye’s largest telecom and tech services provider, to support its expanding investments in digital infrastructure, including data centres, cloud platforms, and renewable energy.

Structured as a Sharia-compliant Murabaha deal with a five-year term, the facility marks a key push by the UAE’s biggest Islamic lender to finance real economy projects beyond its borders, especially in high-growth sectors like technology.

The agreement was formalised at a high-level signing in Istanbul, attended by DIB Group CEO Dr. Adnan Chilwan and Turkcell CEO Dr. Ali Taha Koç.

Bridging geographies through Islamic finance

Dr. Chilwan said the partnership reflects DIB’s evolving mission: “This deal is not just about funding. It’s about enabling organisations to unlock their full potential through ethical, future-focused finance. Türkiye is a natural partner for us as it scales its next-gen infrastructure.”

He added that Islamic finance is increasingly being seen as a bridge for global development, and DIB is focused on supporting markets with scale, ambition, and digital vision.

Turkcell, which has been at the centre of Türkiye’s digital transition, plans to use the funding to upgrade key infrastructure in data-driven services. The company is also investing in sustainability-linked technology to support the country’s shift toward a more resilient and inclusive digital economy.

“This facility is not just timely—it lays a strong foundation for our growth journey,” said Turkcell’s CEO, Dr. Koç.