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Ziraat Participation opens up to Africa

Having reached an asset size of ₺60.2 billion in participation banking in a short period of five years, Ziraat Participation raised its target in Africa. Ziraat Participation South Africa, which opened a branch in Sudan last year, rolled up its sleeves to open a branch in Somalia. The target is Libya. Metin Ozdemir, General Manager of Ziraat Participation Bank, said, “After Sudan, demand started to come from other African countries. We have such a project in Somalia and South Africa, and we want to engage in banking activities in Libya.”

Speaking at the SOE Commission, where Ziraat Participation’s 2017-2018 accounts were discussed, Ozdemir also talked about Turkey’s first domestic industrial enzyme factory, LIVZYM Biotechnology, which started operating in June last year in partnership with Ziraat Participation. Ozdemir said, “Enzymes with an annual global market size of $8 billion are used as technological intermediates in the food, detergent, paper, textile, leather and feed industries.” Ziraat Participation Asset Lease Inc. Chairman of the Board Osman Karakutuk also stated that they issued 23 lease certificates worth ₺12.5 billion last year, adding, “The amount of 19 lease certificates issued in the previous year was ₺8.2 billion. The terms of lease certificates are 100-104 days. Our Sukuk issuances will continue.”

Source: Sabah / Translated by Irem Yildiz

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