Turkcell has secured a $1 billion syndicated international Murabaha financing facility with participation from 14 banks, marking the largest syndicated Islamic financing deal ever completed by a Turkish corporate. The funding will primarily support the company’s 5G rollout, advanced connectivity initiatives, and broader digital infrastructure investments as Türkiye prepares for the launch of next-generation mobile services.
Initially launched at $500 million, the facility was oversubscribed by approximately 2.4 times, driven by strong demand from Middle Eastern lenders and global financial institutions. As a result, Turkcell increased the size of the financing to $1 billion.
The transaction was coordinated and bookrun by HSBC, with mandated lead arrangers including Kuwait Finance House, BNP Paribas, Dubai Islamic Bank, Emirates NBD, Gulf Bank, ICBC, and QNB.
Structured in accordance with Shariah-compliant, interest-free financing principles, the Murabaha facility reflects Turkcell’s strategy to diversify its funding sources while maintaining long-term financial sustainability. The financing carries a profit rate of SOFR + 1.95%, with an all-in cost of SOFR + 2.14% per annum, and features a seven-year maturity, exceeding the typical five-year market standard. The agreement also includes a two-year grace period on principal repayments.
The company noted that the transaction highlights its strong credit profile and continued access to international capital markets despite ongoing geopolitical tensions and challenging financing conditions in the region.
Turkcell operates across Türkiye, Belarus, and Northern Cyprus, offering mobile, fixed, and digital services, including enterprise and fintech solutions. The company reported TRY 241 billion in revenue for 2025 and remains dual-listed on the NYSE and BIST.
KEY QUOTE:
“As Turkcell builds the technologies of the future, our finance team acts as a bridge, supporting this vision with a solid financial foundation. Realising the potential of digital transformation and advanced technology depends on a robust balance sheet and diversified funding sources. Our steps are designed to deliver on today’s objectives while enabling tomorrow’s opportunities on a sustainable path. Given today’s macroeconomic and geopolitical environment, the fact that this syndicated Murabaha financing more than doubled our initial target clearly shows that international investors strongly support Turkcell’s financial strength, solid balance sheet, and investment strategy. With a seven-year tenor and highly attractive, super tight financing terms, this facility will accelerate our 5G and digital infrastructure investments, diversify our funding structure, and support our long-term growth ambitions.”
Kamil Kalyon, Chief Financial Officer, Turkcell
