TKBB and UBA joint in forces to collaborate for the development of İslamic Finance in Uzbekistan

The signing ceremony was attended by by Mr. Ismail Vural, Secretary General of TKBB and Mr. Bakhtiyar S. Khamidov, General Director of UBA.

On the occasion, Mr. İsmail Vural said ‘’First of all, on behalf of TKBB I would like to express our pleasure for being one of the members of ‘’The Council of Banks Associations of the Turkic States’’ which was established on the 4th of November, 2022 in Istanbul which is a significant milestone for the sake of the financial sector in general and for Turkic states in specific. Referring to the established council, we aim to take our bilateral relation further and strengthen strategic partnership in the region especially in the field of Islamic finance. We are also taking another important step today for the establishment of Islamic /participation finance sector in the country and the collaboration between TKBB and UBA through this MoU presents an opportunity to explore areas of collaborations for both organizations in the field of Islamic finance and benefit 40-years’ experience of Türkiye in this field. We aim to conduct mutual initiatives including capacity building programs, certification and field training programs, exposure visits, workshops etc. with UBA to increase the awareness about Islamic finance products and services as well as contribute to direct correspondent relations between the Participation Banks of Türkiye and Banks of Uzbekistan.

Meanwhile Mr. Bakhtiyar S. Khamidov noted that ‘’The signing of the memorandum will intensify cooperation, make the most of the many years of experience of our colleagues from TKBB in Islamic banking. Uzbekistan, together with the Islamic Development Bank, is successfully implementing projects using trade finance. Further steps are the adoption of all necessary laws in the near future and the introduction of retail Islamic banking products. I would like to thank to TKBB for their initiative and confirm our interest in the implementation of joint projects on educational and other forms of promotion of Islamic banking.’’

It is expected that collaborative relationships thereby established will provide mutual benefits to both parties to stimulate economic growth in both countries through collaborative initiatives that enable penetration of Islamic banking and through the exchange of information and best practices, develops new Islamic banking products and services that meet the needs of the Uzbekistan market, provides sophisticated and advanced training activities to the human capital of the Parties to strengthen their knowledge and expertise in the Islamic finance field. This partnership will also provide opportunities to support real sector and customers with well-designed and value-oriented products and services.