The Qatar Financial Centre (QFC) and Participation Banks Association of Turkiye (TKBB), a public institution with a mandate to represent the participation banking sector both nationally and internationally, have entered into a memorandum of understanding (MoU) to support the development of the financial sector in both the countries.
The MoU aims to promote the parties' common interests through mutually beneficial co-operation between their member organisations. As per the pact, the QFCA and TKBB will work together to organise common platforms, summits, forums, conferences, seminars, webinars and other events related to the developments in participation banking and finance.
The partnership also sets out to organise joint training and exchange programmes, facilitate data and knowledge sharing, as well as contribute to direct correspondent relations between the Participation Banks of Turkiye and Qatar.
"As an international business platform, the QFC has good and longstanding relations with Turkiye, forged through significant partnerships with Turkish organisations and companies. We are proud to enter this partnership with the Participation Banks Association of Turkiye, which bolsters our efforts in developing the local financial industry and positioning Qatar as a leading financial hub," QFC Authority chief executive officer Yousuf Mohamed al-Jaida said.
More importantly, he said, this MoU would strengthen the ties between Qatar and Turkiye in the financial sector.
Osman Çelik, chairman of TKBB, said diversification of financial instruments and increasing the exchange of training and technical consultancy will provide good opportunities for both parties.
"This also leads to many joint projects between Qatar and Turkiye where there are many potential areas of co-operation, especially in digitalisation and fintech solutions, which both countries are actively developing. The Istanbul Finance Centre is on its way to becoming a global financial centre and will play an important role in increasing the share of participation finance in the financial sector,” he said.
The QFCA-TKBB partnership aspires to stimulate economic growth in both countries through collaborative initiatives that promote and develop participation banking and establish dynamic and competitive financial ecosystems.
The QFCA-TKBB partnership aspires to stimulate economic growth in both countries through collaborative initiatives that promote and develop participation banking and establish dynamic and competitive financial ecosystems.
