The Participation Banks Association of Türkiye (TKBB) signed a Memorandum of Understanding with Bosna Bank International (BBI) to develop participation banking sector. The cooperation to strengthen economic relations will allow the two countries to exchange information, and various events and activities will be mutually organised.
Bosna Bank International (BBI) and the Participation Banks Association of Türkiye (TKBB) signed a Memorandum of Understanding. The agreement signed at the BBI premises in Bosnia and Herzegovina within the scope of the 11th Sarajevo Business Forum (SBF), held on 11-12 May, covers cooperation on issues such as participation in banking principles, mutual promotion of business and banking institutions, and organization of important events and activities in both countries. The Memorandum of Understanding signed between TKBB Acting Secretary-General İsmail Vural and BBI CEO Alek Bakalović aims to develop participation banking.
Speaking at the signing ceremony, İsmail Vural reminisced the first meeting with the BBI in Bosnia in 2019 and their meeting in Istanbul last month, stating: “We are at this Forum to support BBI and Bosnia. The signed protocol with BBI includes training, information exchange, increasing employee experience, and development of participation banking. We met with BBI executives, determined how we can contribute to the Sarajevo Business Forum, and outlined what they need as they are the only participation bank in the country.”
Stating that they always place special importance on Bosnia due to strong historical relationships, Vural added: “We do not see our cooperation as just an economic contribution. We have always had a long-standing bond with this region. BBI's relations with our participation banks will further develop with the Forum, and substantial economic ties between the two countries will be strengthened.”
Alek Bakalović, BBI CEO, on the other hand, stated that they are the only participation bank operating in Bosnia and said: “As a bank, we are the main organizer of SBF with the support of our shareholders. Bosna Bank International (BBI) has been established by Islamic Development Bank, Dubai Islamic Bank and Abu Dhabi Islamic Bank. We aim to improve the cooperation of participation banks with the Forum. In this context, we signed a Memorandum of Understanding with TKBB to improve our cooperation and take it to the next level. We want to strengthen the liaison between the two countries. Noting that important meetings were held in the field of participation finance between the participants and stakeholders as part of the Sarajevo Business Forum,” Bakalović said, and concluded: “We are looking forward to new developments in the field of participation finance, trade and information exchange between participation banks from different parts of the world.”