UAE Banks Federation (UBF) enters into a Memorandum of Understanding with The Participation Banks Association of Turkey

UAE Banks Federation (UBF), the unified voice and representative of UAE Banks, has entered into a Memorandum of Understanding (MOU) with The Participation Banks Association of Turkey (TKBB), a leading representative association of Turkish banks, with the aim of exchanging expertise to support the banking sector and financial industry. 

The MOU, which is similar to several other MOUs which UBF has entered into with a few countries, also aims to build stronger bonds between financial institutions at both parties to actively contribute to the development and growth of all banking business that falls under UBF and TKBB. In addition, the MOU targets organizing a multitude of banking events, workshops, skill-enhancing programs, and training sessions.

“We are pleased to announce UBF’s new MOU with TKBB, which is part of UBF's plan to increase our activities in the region and globally with select premier banking representation partners. This MOU will enable us to share the key components of our success with regional/global counterparts, while enabling us to benefit from their experience in the field. It also helps produce a favorable ground for information-, expertise-, and knowledge-transfer, which contributes to further development of the banking sector in both countries,” said UBF Director General, Jamal Saleh.

Saleh added: “Moreover, this MOU will provide banking institutions in Turkey with information about UAE’s appealing banking and investment ecosystem, while highlighting the considerable growth that UAE Banks have achieved in terms of reputation, legislation, and procedures that are aimed to protect customers and guarantee that they are treated in a fair and transparent manner. This collaboration agreement also means more communication with TKBB to increase awareness about common regulatory matters, promote best industry practices, and host a series of seminars, forums, and other events in common-interest areas.”

"This agreement will contribute to strengthening the international cooperation of Turkish banks ensuring the sustainable growth of the banking sector, the expansion of the Islamic finance sector, and the upgrading of services at a global level,” said Ismail Vural, Acting Secretary-General of the Association of Participation Banks of Turkey.

"Our cooperation with UAE Banks Federation will achieve our national and international goals in establishing strong relationships between financial institutions on both sides. We are working on developing banking participation and diversifying joint financing products through cooperation and exchange of knowledge and experience together,” added Vural.