Doha – Qatar: Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, and Participation Banks Association of Türkiye (TKBB), a public institution with a mandate to represent the participation banking sector both nationally and internationally, signed a Memorandum of Understanding (MoU) to support the development of the financial sector in Türkiye and Qatar.
The MoU aims to promote the parties' common interests through mutually beneficial cooperation between their member organisations. As per the agreement, 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 Türkiye and Qatar.
Speaking about the MoU, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: "As an international business platform, the QFC has good and longstanding relations with Türkiye, forged through significant partnerships with Turkish organisations and companies. We are proud to enter this partnership with the Participation Banks Association of Türkiye, which bolsters our efforts in developing the local financial industry and positioning Qatar as a leading financial hub. More importantly, this MoU strengthens the ties between Qatar and Türkiye in the financial sector."
Osman Çelik, Chairman of the Board of Directors, TKBB, said: “We are very pleased to sign this Memorandum of Understanding (MoU) with the QFC. 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 Türkiye where there are many potential areas of cooperation, 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.”
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.
ABOUT QATAR FINANCIAL CENTRE
Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. QFC offers its own legal, regulatory, tax, and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. QFC welcomes a broad range of financial and non-financial services firms.
For more information about the permitted activities and the benefits of setting up in QFC, please visit www.qfc.qa
ABOUT PARTICIPATION BANKS ASSOCIATION OF TÜRKIYE
The Participation Banks Association of Türkiye (TKBB) works to support the development of participation banking in Türkiye, contributes to the efforts of raising the sector's market share, develop professional principles and standards, protects the rights and interests of participation banks, conducts extensive training programs for increasing public awareness and understanding about Participation Banking both nationally and internationally.