TKBB and WABA Join Forces to Support the Development of the Participation Finance Sector

The West African Bankers' Association (WABA) and the Participation Banks Association of Türkiye (TKBB) have signed a Memorandum of Understanding (MoU) with the aim of fostering joint collaboration in areas such as Islamic finance sector development, foreign trade, correspondent relations, and digitalization, both in Türkiye and Africa.

Global Economy 24.06.2023, 12:08
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TKBB and WABA Join Forces to Support the Development of the Participation Finance Sector

The MoU aims to promote the common interests of the parties through mutually beneficial cooperation between its member organizations and will support the development of Islamic finance in Africa and the capacity-building activities of institutions serving in this field. According to the agreement, WABA and TKBB have decided to collaborate on organizing seminars, forums, conferences, and other events related to participation banking and financial sector advancements.

Furthermore, this partnership aims to facilitate joint education and exchange programs, contributing to the Islamic finance ecosystem and fostering direct correspondent relations between Türkiye and African countries in the realm of finance and financial institutions.

Speaking about the agreement between TKBB and WABA, TKBB Secretary General İsmail Vural stated, "It is an honour and a pleasure to be present among you esteemed colleagues at the signing ceremony of this MoU between our two institutions. I would like to emphasize that the relations between Türkiye and Africa are based on a long-standing friendship rooted in history. Our relations with African countries continue in four dimensions: bilateral, regional, continental, and global, within the frameworks of economics, politics, humanitarianism, and culture. We believe that we can further strengthen our friendship with the African continent, where our bond has been consolidated in the field of trade for many years, in the banking and finance sector. It is particularly important for us to be among you, given the banking capacity and potential in our country. I hope that this agreement will make significant contributions to the development of the finance and banking sectors, the African economy, and our international stakeholders."

Vural also highlighted that this agreement would provide opportunities for numerous joint projects between the two parties, including diversification of financial instruments. TKBB is committed to sharing expertise and knowledge with African countries, particularly in the areas of education, technical consultancy, events, and other related matters. He emphasized that Türkiye, with its over 40 years of experience in Islamic finance, is taking important steps towards becoming an educational hub and transferring its expertise to stakeholders in other countries.

Dr. Fondjo, speaking about the MoU agreement, commended the collaboration between TKBB and WABA, stating, "This cooperation will be mutually beneficial to both Organisations particularly as regards development of the banking sector in our respective jurisdictions.’’

WABA and TKBB aim to promote the positioning of participation banking and the financial sector in Africa through the sharing of information and best practices. They also seek to provide high-quality, well-designed training and certification programs for their personnel, contributing to better standards in the industry. Additionally, the collaboration between both institutions aims to encourage economic development and financial engagement through initiatives in the field.

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