Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank, has signed a $150 million Sharia-compliant financing agreement with the Istanbul-headquartered telco Turkcell to drive critical infrastructure development in Turkey.

The five-year Murabaha facility will support Turkcell’s investments in data centers, cloud technologies, and renewable energy, the Dubai-listed lender said.

Turkcell CEO Ali Taha Koç said the transaction will accelerate the company’s infrastructure investments and support long-term growth, opening doors to new Gulf-based investors.

(Editing by Bindu Rai, bindu.rai@lseg.com)