Katılım Finans Starts the Country’s Panorama Series

COUNTRY PANORAMA 05.03.2021, 00:06
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Katılım Finans Starts the Country’s Panorama Series

TKBB International Relations Manager Fatma Çınar In the country’s panorama, we want to talk about the economy, trade, banking of countries that Turkey interacts with in the interestfree finance sector.

Hello Dear Readers,

I am very glad to share the new series of our journal: the country’s panorama. I would like to start by introducing myself. In August 2020, I started to work as the International Relations Manager at TKBB. In this section, we want to talk about the economy, trade, banking, organisational infrastructure, and operations of countries that Turkey interacts with in the interest-free finance sector. We want to actively give you information about the participants and developments of the Islamic finance ecosystem. Publishing our next issue in Turkish and English, we will be able to inform our readers about TKBB’s mission and activities both at the counter of foreign institutions operating in Turkey and international institutions worldwide. We are aiming for countribution to our country’s strategic vision of becoming the Islamic finance centre of the world with our journal and hope to enrich it with the country’s panorama issue.

TKBB IS GOING AT FULL SPEED

TKBB conducted two important activities in Bahrain in September. The first one was the meeting held with the Bahrain Association of Banks (BAB). Presidents of TKBB and BAB attended the meeting and decided to sign a memorandum of understanding. The agreement, which will cover experience sharing and joint projects between the institutions, organisation of trainings and seminars, and mutual visits is planned to be signed in Istanbul in November. Another important activity within TKBB is the project participated upon the invitation of DEİK Bahrain Business Council to attract Islamic finance organizations to Turkey. The main goals of this endeavour are to attract investments from Islamic finance organizations and banks in Turkey, increase their representative offices in our country, develop cooperation, and contribute to Turkey’s vision of becoming an Islamic finance centre. DEİK Bahrain Business Council and TKBB International Relations team prepared the project with mutual efforts. After online meetings, all participants came together in a session on September 17, 2020.

TKBB IS IN COOPERATION WITH INTERNATIONAL ORGANISATIONS

In Bahrain, Islamic and conventional banks are represented under the same association. And other organizations based in Bahrain contributing significantly for the centralization of Islamic finance in the country. I would like to give a brief summary of TKBB’s relations with them.

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI): Founded in 1991, AAOIFI is a nonprofit organization that is responsible for improving and publishing standards for the Islamic finance sector. TKBB and AAOIFI signed a memorandum of understanding on January 3, 2020 to promote and raise awareness of Islamic finance in Turkey and in the world. With this agreement, both institutions aim to share their experience and conduct programs to improve mutual capacity regarding the AAOIFI standards in Turkey and in the world. At the Governance and Ethics Board of AAOIFI, Dr. Ahmet Albayrak is representing Turkey, and Mr. Samet Arslan is on the Accounting Board.

International Islamic Financial Market (IIFM): Founded in 2002 in Bahrain, IIFM is mainly developing financial documentation, product approvals, and guidelines aligned with interest-free finance for the Islamic Finance Services Industry (IFSI). Prof. Hasan Hacak, TKBB Central Advisory Board Chairman, is the representative of Turkey in the Advisory Board of the organization.

General Council for Islamic Banks and Financial Institutions (CIBAFI): It was established in 2001 by the Islamic Development Bank (IDB) and a series of leading Islamic finance institutions. With over 130 members from over 34 countries, CIBAFI significantly contributes to the human resource development of the Islamic finance industry. Senior staff, advisory boards, product developers, and personnel of the Islamic finance organizations benefit from their regular trainings and seminars. TKBB and Albaraka Participation Bank members represent Turkey in CIBAFI.

Islamic International Rating Agency (IIRA): The Bahrain-based Islamic International Rating Agency (IIRA) was established in 2005 with the support of the Islamic Development Bank. Financial organizations operating in the member countries of the Islamic Development Bank and Organization of Islamic Cooperation are among its partners. It is an independent and transparent rating agency with methodology and analytic processes complying with international applications. Kuveyt Türk Participation Bank is also among its partners from Turkey. We would like to present to you the interviews and articles of the first issue of the country’s panorama, which we prepared with great excitement and care. Best regards…

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