Islamic banking: MBL and TKBB ink MoU on cross-border cooperation

KARACHI: In a significant step towards fostering international collaboration in Islamic finance, Meezan Bank and the Participation Banks Association of Turkiye, (Turkiye Katilim Bankalari Birlii) (TKBB) have signed a Memorandum of Understanding (MoU) to drive innovation, knowledge sharing, and capacity building in the Islamic finance.

The agreement was executed by Ahmed Ali Siddiqui Group Head Shariah Compliance at Meezan Bank, and Ismail Vural - Secretary General of TKBB. The MoU was exchanged during the official state visit of Turkish President Recep Tayyip Erdogan to Pakistan, in a high-level ceremony at the Prime Minister’s House.

The exchange was witnessed by Prime Minister of Pakistan – Mr. Shehbaz Sharif, President Erdogan, and senior delegates from both nations.

This landmark partnership seeks to boost cross-border cooperation in Islamic banking by focusing on three key areas: capacity building, knowledge exchange, and operational excellence.

The two organizations agreed to introduce: joint training programs related to Shariah governance, Sukuk Structuring and regulatory compliance, collaborative platforms for sharing expertise in the field of product development, digital transformation and fintech solution, and strategy exchanges to enhance talent and innovation. The goal is to strengthen Islamic financial institutions, promote regulatory harmonization, and expand financial inclusion through innovative Shariah-compliant solutions.

On this development Ismail Vural - Secretary General, TKBB said TKBB to cooperate under this MoU with Meezan Bank, which has made significant contributions to the development of the Islamic Finance industry on a local and international scale with its long-standing history and prior activities. “Collaboration in the areas of training, capacity building and technical expertise is essential for ensuring the healthy and sustainable growth of the sector,” he added.

Ahmed Ali Siddiqui GH Shariah Compliance, Meezan Bank said that The MoU signing between Meezan Bank and TKBB is a significant milestone in promoting Islamic Finance between both countries. By leveraging their collective expertise, both institutions aim to promote ethical banking practices, drive financial inclusion, and support the global growth of Islamic finance, he added.

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