Accounting and Auditing Organization for Islamic Financial Institutions and Participation Banks Association of Turkey sign an MOU for joint and mutual collaboration to enhance awareness and promotion of Islamic finance

Under the agreement, the two institutions aim to jointly work in the areas of common interest that support the development of the Islamic finance industry.

  

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Participation Banks Association of Turkey (TKBB) have signed an Memorandum of Understanding (MOU) for collaborating in enhancing the awareness and promotion of Islamic finance in Turkey and globally.  

Under the agreement, the two institutions aim to jointly work in the areas of common interest that support the development of the Islamic finance industry. This includes meaningful exchange of information, conducting joint capacity-building programmes related to AAOIFI standards in Turkey and other jurisdictions. AAOIFI and TKBB also seek to host events focused on areas of mutual interest, and promote their activities to the respective networks and local industries.

On this occasion the Secretary General of AAOIFI, Mr. Omar Mustafa Ansari stated that “we are thankful to the management of TKBB for their continous support and we hope through this official collaboration AAOIFI and TKBB will be able to support each other in their mandates in a more efficient manner. The role of TKBB is very important for the growth of Islamic finance in Turkey and we fully support their initiatives and activities.”

The Secretary General of TKBB, Mr. Osman Akyüz commented on the occassion “Throughout the years we have been working together with AAOIFI and with this MOU we hope to increase and formalize the collaboration going forward. In an era where standardization and harmonization have gained increasing importance, we believe that the cooperation between the two entities will further support the sustainable growth of Islamic finance. The MOU presents opportunities to explore areas of possible collaboration, which include increased representation of Turkish experts in AAOIFI’s boards and committees, joint organization of capacity building events, and exchange of information on matters of common interest. We hope that this partnership will support Turkey’s vision of developing the Islamic finance sector and contribute to the efforts of positioning Istanbul as a global Islamic finance hub. “

Further Dr. Rizwan Malik, Senior Manager, Standards Implementation and Strategic Development, AAOIFI who initiated the MOU during an official visit to TKBB said that “this is an important acheivement for the two institutions and lays a solid foundation to continue to work together for the growth of Islamic finance industry”

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About AAOIFI: 

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), established in 1991 is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry.

It has a total of 110 standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance.

AAOFI based in Bahrain is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards and technical pronouncements are currently followed by leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices. 

For more information on AAOIFI its activities, please contact: 

Dr. Rizwan Malik, Senior Manager, Standards Implementation and Strategic Development, AAOIFI, Office: +973 – 17244496; e-mail: rmalik@aaoifi.com 

About TKBB:

Participation Banks Association of Turkey (TKBB) is a professional public institution established in 2001 with a mandate to represent the participation banking sector both nationally and internationally, support the development of participation banking in Turkey, contribute to the efforts of raising the sector’s market share, develop professional principles and standards, and protect the rights and interests of participation banks. 

Based in Istanbul and established in accordance with the Banking Act, the TKBB has six participation bank members as of January 2020. 

For more information on TKBB and its activities, please contact: 

Ayse Nur Tepebasi, Specialist, International Relations, TKBB, Office: +90 216 636 95 29, e-mail: aysenuraydin@tkbb.org.tr  

© Press Release 2020

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