Source: Islamic Corporation for the Development of the Private Sector (ICD) |

The Islamic Corporation for the Development of the Private Sector (ICD), Türkiye Wealth Fund and Catalyst Group cooperate to develop mortgage sector of Turkey

The collaboration will focus on identifying specific primary and secondary market interventions which have multiplying effects on the economy and act as an enabler to home ownership

The growth of the mortgage sector in member countries is an important objective for ICD and is a significant driver for any economy

ISTANBUL, Turkey, May 3, 2017/APO/ --

Türkiye Wealth Fund (“TWF”) (www.TurkiyeVarlikFonu.com.tr), The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-PS.org), the private sector arm of IDB Group, and Catalyst Group (“Catalyst”) (www.CatalsytGroup360.com) have entered into a Joint Strategic Collaboration to develop the mortgage sector in Turkey. The collaboration will focus on identifying specific primary and secondary market interventions which have multiplying effects on the economy and act as an enabler to home ownership.

Mr. Khalid Al Aboodi, CEO of ICD stated “The growth of the mortgage sector in member countries is an important objective for ICD and is a significant driver for any economy. Strategically, further development of the mortgage sector in Turkey will provide a myriad of positive benefits to the economy notwithstanding the profound impact home ownership has upon individual families.”

Mr. Mehmet Bostan, Chairman and CEO of TWF said, “Development of the mortgage ecosystem is required to meet the growing housing requirements for Turkey. This collaboration is aimed at the identification of specific models to deploy with the assistance of our collaboration partners. Turkey will invest billions of dollars for different industries in the next decade. The housing sector will grow together with these investments. The Fund will contribute to economic growth together with this value increase and contribute to the diversity and depth of the capital markets. Capital markets will continue to expand within this growing ecosystem.”

Mr. Nazih Al Naser, the Vice Chairman of Catalyst, said “We are pleased to provide our collaboration partners our expertise in Islamic mortgage finance”. He added, “The Turkish housing sector is reliant on capital markets for sustained liquidity and growth. Supporting the mortgage sector directly increases liquidity while unlocking significant multiplying effects across the overall economy of Turkey.”

The general framework of the collaboration contemplates TWF as sponsor, the ICD as Lead Arranger, and Catalyst as the Technical Advisor. The initial scope includes a comparative study of mortgage ecosystems globally and the development of a master development plan for the mortgage sector. 

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Note for Editors:

About the Türkiye Wealth Fund (TWF) 
The TWF was established by Law Number 6741 to help grow the Turkish economy and to address critical initiatives to enable growth and prosperity to Turkey amongst other objectives.
TWF is the Sovereign Wealth Fund of Turkey and it was established in 2016. TWF’s mission is to develop Turkey’s strategic assets, to grow their value and thereby to provide funding for Turkey’s priority investments. TWF aims to be one of the most successful Wealth Funds in the World in terms of its successful investments and in terms of its performance based and transparent corporate governance approach. Further information can be found at www.TurkiyeVarlikFonu.com.tr.

Media Inquiries
Mr. Alpay Alptekin
email: Alpay.Alptekin@TurkiyeVarlikFonu.com.tr
fax: +90 212 282 1077
tel: +90 212 371 2212

About the Islamic Corporation for the Development of the Private Sector
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.ICD-PS.org.

Media Inquiries
Mr. Nabil El Alami
Email: NAlami@ISDB.org
Fax: +966 12 6444427
Tel: +966 12 6468192

About Catalyst Group
Catalyst Group was established in 2009 and is a wholly-owned subsidiary of the Islamic Corporation for the Development of the Private Sector, member of the Islamic Development Bank Group. The company is a leading provider of technical advisory services for Islamic Financial Institutions & Real Estate Development. For more information visit www.CatalystGroup360.com.

Media Inquiries
Mr. Yousef Faris 
email: YFaris@CatalystGroup360.com
fax: +966 12 618 2123
tel: +966 12 618 2100 ext 190