Tarfin, Turkey's leading digital agriculture platform, combines the agricultural supply chain with the power of financial technology and continues to contribute to the diversification of investment instruments in the sector. Having issued the first Agricultural Lease Certificate (Sukuk) in accordance with the principles of Islamic Finance last July, Tarfin completed its second Sukuk issuance on November 9th. In cooperation with the Development and Investment Bank of Turkey and Ziraat Investment and Securities, Tarfin made a Sukuk issuance with a maturity of 210 days and an amount of TRY 50 million, thus once again demonstrating its support for sustainable agriculture.
It will attract investors to Turkey:
Tarfin’s CFO Kerimcan Aycibin said, "Turkey is the second-largest agricultural producer in Europe and the eleventh-largest in the world. To use this potential and ensure sustainable production, it is important to provide farmers with access to high-quality agricultural inputs at affordable prices and increase their competitiveness. At Tarfin, we set out to support agriculture in Turkey, and continue to act as an intermediary between investors and farmers for high-value-added services. We supply agricultural inputs to more than 47 thousand farmers with the services we offer and continue to support production. We aim to attract more Islamic Fintech investors to Turkey through Sukuk issuances as part of our efforts to diversify investment models. We will continue to create added value throughout the process extending from producers to consumers through issuances, investments, and agreements with international financing sources.”
Sukuk is issued to provide financing to governments and businesses, allowing its investors to earn interest-free returns. Sukuk (lease certificate), a security that adheres to the principles of interest-free financing and gives investors rights proportionate to their share of the revenues, provides significant benefits to both companies and investors, as well as the whole sector.
Tarfin Tarım A.Ş. was established in 2017 to solve the problem of access to agriculture finance and meet input needs such as fertilizers, seeds, and feeds with the maturities demanded by farmers. Using the machine learning-based agricultural risk scoring model it has developed, the company enables Turkish farmers to meet all their agricultural needs such as fertilizers, seeds, and feeds at affordable prices, with deferred payment, prepayment, and payment at harvest options.
The company provided services to 18,000 farmers in 2022 and a total of 47,982 farmers since its establishment through 1211 authorized sales points in 80 provinces. Farmers can complete their purchases within 4 minutes using the Tarfin mobile app, which enables farmers to compare the up-to-date prices of fertilizers, feeds, and other agricultural inputs in their regions, and through authorized sales points. With Tarfin, agricultural producers procure their inputs at affordable prices and avoid additional costs such as guarantors, mortgages, file fees, card fees, and membership fees.
Having a growth rate of %300 percent every year since its establishment, the company has been named among the top companies in several award categories, including first place in the fastest-growing company category and second place in the best product/service category of Digital Money & Fintech Awards, 19th place in fastest growing companies in the Startup100 list, and 9th place in LinkedIn Top Startups 2022: The 10 Turkish Companies on the Rise list.