A memorandum of understanding (MoU) was signed between the Participation Banks Association of Turkiye (PBAT) and the Azerbaijan Banks Association (ABA) to support the development of the participation finance sector in the two countries.
According to the statement made by the PBAT, the memorandum of understanding aims to promote the common interests of the parties through cooperation between member organizations.
Within the scope of the agreement, ABA and PBAT decided to work together to organize seminars, forums, conferences and different events related to developments in participation banking and finance.
With the cooperation, it is aimed to organize joint training and exchange programs, facilitate information sharing, and contribute directly to correspondent relations between participation banks between Turkiye and Azerbaijan.
“It will contribute to the development of the banking system”
In his statement, PBAT Chairman of the Board of Directors, Ilker Sirtkaya, wished that the agreement would contribute significantly to the development of the finance and banking sector, the economy of both countries and international stakeholders.
“We have always been in support and cooperation on both regional and international issues in recent years, when our long-standing friendship between the two countries has increased and strengthened. Today, as the umbrella organization of Turkiye’s participation banking, we have come together to take this to a further point in the field of banking. We believe that this agreement, which we will sign with ABA, will contribute to the development of the banking system through the sharing of experience and cooperation of both countries.”
“We aim to be a training base in the field of participation banking”
Stating that the agreement will enable many joint projects between countries, Ilker Sirtkaya said:
“Increasing the sharing of financial instruments, especially on the diversification of financial instruments, training, technical consultancy, activities and similar issues in the field of finance will create good opportunities for the parties. We aim to be a training base in the field of participation banking and increase this potential with such agreements, where we aim to transfer over 40 years of participation finance experience as a country to its stakeholders in other countries.”
Stating that as PBAT, they will continue to work for the development of participation finance instruments both within the country’s economy and all over the world, Mr. Sirtkaya mentioned the importance of maintaining the memorandum of understanding signed with the ABA with the bank unions of all other Turkish states.
Source: AA / Prepared by Irem Yildiz