Turkcell Subsidiary Secures €100 Million Islamic Financing to Boost Data Center, Cloud Expansion

Turkcell Iletisim Hizmetleri (NYSE:TKC) is one of the best telecom stocks to buy according to Wall Street analysts. Towards the end of May, Turkcell announced that its subsidiary, called TDC Veri Hizmetleri (or simply TDC), secured €100 million in murabaha financing. The 5-year financing agreement was made with Emirates NBD Bank, which is a banking group in the Middle East and Türkiye MENAT region.

The murabaha financing adheres to interest-free Islamic finance principles and helps TDC support its position in the data center and cloud business. The funds empower Turkcell Group’s data center investments via TDC, accelerate its digital infrastructure initiatives, and align with its long-term growth objectives.

Turkcell Subsidiary Secures €100 Million Islamic Financing to Boost Data Center, Cloud Expansion

A mid-rise office building bustling with employees working on various telecom projects.

Turkcell prioritizes the development of high-capacity and eco-friendly data centers for cloud computing, AI, and big data demands. This approach aligns with the company’s national digitalization goals. Turkcell Group offers a portfolio of voice, data, and IPTV services across its mobile and fixed networks, in addition to digital consumer, enterprise, and techfin services.

Turkcell Iletisim Hizmetleri (NYSE:TKC) provides converged telecommunication and technology services in Turkey, Belarus, the Turkish Republic of Northern Cyprus, and the Netherlands.

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Disclosure: None. This article is originally published at Insider Monkey.