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

The Participation Banks Association of Türkiye (TKBB), which represents the participation banking sector nationally and internationally, and the Azerbaijan Banks Association (ABA) have signed a MoU to support the development of the participation finance sector in Türkiye and Azerbaijan.

The Memorandum of Understanding aims to promote the common interests of the parties through cooperation that benefits their member institutions. According to the agreement, ABA and TKBB have decided to collaborate on organizing seminars, forums, conferences, and other events related to developments in participation banking and finance.

The collaboration also aims to facilitate the organization of joint training and exchange programs, facilitate the sharing of information, and contribute to direct correspondent relationships between participation banks in Türkiye and Azerbaijan.

Speaking about the Memorandum of Understanding, İlker Sırtkaya, Chairman of TKBB, stated, "It is a great honor and pleasure to be together with our esteemed sister country at the signing ceremony of the Memorandum of Understanding between the two institutions. I hope that this agreement will make significant contributions to the development of the finance and banking sector, both economies, and our international stakeholders. In recent years, during which our ancient friendship between the two countries has strengthened and deepened, we have always supported and collaborated on regional and international issues. Today, as the umbrella organization of participation banking in Türkiye, we have come together to take this further in the field of banking. We believe that this agreement to be signed with ABA will contribute to the development of the banking system through the sharing of experiences and cooperation between the two countries."

Sırtkaya stated that this agreement between the two countries will provide opportunities for many joint projects, saying, "Increasing the sharing of knowledge and expertise in financial diversification, as well as education, technical consultancy, events, and similar issues, will create favourable opportunities for both parties. With such agreements, in which we aim to transfer our more than 40 years of experience in participation finance to stakeholders in other countries, we aim to become an education hub in the field of participation banking and increase this potential."

Emphasizing that TKBB will continue its efforts to promote the development of participation finance instruments both within our country's economy and worldwide, Sırtkaya expressed his wishes for the Memorandum of Understanding signed with ABA, the representative of Azerbaijan's banking sector, to bring blessings, and stated that continuing this bilateral cooperation with the banking associations of all other Turkic States would make a significant contribution to the development of participation finance in the region.

ABA and TKBB aim to promote the improvement of participation banking and finance in Azerbaijan through the sharing of knowledge and best practices by providing high-quality, well-equipped training and certification programs to their personnel. Additionally, they seek to promote economic growth through initiatives and collaboration between the two countries.