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Türkiye, UK Formalize MoU to Deepen Islamic Finance Collaboration
(MENAFN) The Participation Banks Association of Türkiye (TKBB) and UK Export Finance (UKEF) formalized a strategic Memorandum of Understanding (MoU) on Tuesday, designed to deepen collaboration in Islamic finance.
This agreement, signed at the UK-Türkiye Islamic Finance Forum in London, aims to expand joint efforts across export financing, trade, education, and harmonization with global financial standards.
The MoU sets forth commitments for shared technical assistance, continuous stakeholder engagement, and cooperative projects in the participation (Islamic) finance sector.
Speaking with media, TKBB Chairman and Vakif Katilim Bank’s General Manager Mehmet Ali Akben emphasized the significance of the partnership’s potential impact for both nations.
"The share of participation finance in Türkiye’s banking sector is currently around 8%. Our initial goal is to increase this to 15%," he said.
Akben highlighted London’s status as a premier financial center while noting that Türkiye has established its own financial hub in Istanbul.
"We attach great importance to mutual cooperation in this context. We believe that this MoU will enable deeper collaboration between the two countries in trade and export finance, education, and alignment with international standards. We also believe that Islamic finance will become more accessible to a broader audience in Türkiye as a result," he added.
He further pointed out the global underutilization of Islamic finance, which constitutes a mere 1% of the worldwide financial system.
"This share must increase significantly. To achieve this, there is a substantial untapped potential in Islamic countries. What’s needed is the establishment of internationally recognized standards and greater global visibility for local institutions. Given the ongoing trade wars across the world, we can clearly see the importance of such partnerships," he added.
This agreement, signed at the UK-Türkiye Islamic Finance Forum in London, aims to expand joint efforts across export financing, trade, education, and harmonization with global financial standards.
The MoU sets forth commitments for shared technical assistance, continuous stakeholder engagement, and cooperative projects in the participation (Islamic) finance sector.
Speaking with media, TKBB Chairman and Vakif Katilim Bank’s General Manager Mehmet Ali Akben emphasized the significance of the partnership’s potential impact for both nations.
"The share of participation finance in Türkiye’s banking sector is currently around 8%. Our initial goal is to increase this to 15%," he said.
Akben highlighted London’s status as a premier financial center while noting that Türkiye has established its own financial hub in Istanbul.
"We attach great importance to mutual cooperation in this context. We believe that this MoU will enable deeper collaboration between the two countries in trade and export finance, education, and alignment with international standards. We also believe that Islamic finance will become more accessible to a broader audience in Türkiye as a result," he added.
He further pointed out the global underutilization of Islamic finance, which constitutes a mere 1% of the worldwide financial system.
"This share must increase significantly. To achieve this, there is a substantial untapped potential in Islamic countries. What’s needed is the establishment of internationally recognized standards and greater global visibility for local institutions. Given the ongoing trade wars across the world, we can clearly see the importance of such partnerships," he added.
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