In the country’s panorama, we want to talk about the economy, trade, banking, organisational operation of countries that Turkey interacts with in the interest-free finance sector.
Hello Dear Readers,
I am very glad to share the new series of our journal: the country’s panorama. I would like to start by introducing myself. In August 2020, I started to work as the International Relations Manager at TKBB.
In this section, we want to talk about the economy, trade, banking, organisational structure, and operation of countries that Turkey interacts with in the interest-free finance sector. We want to actively give you information about the shareholders and developments of the Islamic finance ecosystem. Publishing our next issue in Turkish and English, we will be able to inform our readers about TKBB’s missions and activities both in terms of the foreign institutions in Turkey and the international area. We will contribute to our country’s vision of becoming the Islamic finance centre of the world with our journal and hope to enrich it with the country’s panorama supplement.
TKBB Is Going at Full Speed
TKBB conducted two important activities in Bahrain in September. The first one was the meeting held with the Bahrain Association of Banks (BAB). Presidents of TKBB and BAB attended the meeting and decided to sign a memorandum of understanding. The agreement, which will cover experience sharing and joint projects between the institutions, organisation of trainings and seminars, and mutual visits is planned to be signed in Istanbul in November.
Another important activity within TKBB is the project participated upon the invitation of DEIK Bahrain Business Council to attract Islamic finance organisations to Turkey. The main goals of this endeavour are to attract investments from Islamic finance organisations and banks in Turkey, increase their representative offices in our country, develop cooperation, and contribute to Turkey’s vision of becoming an Islamic finance centre. DEIK Bahrain Business Council and TKBB International Relations team prepared the project with mutual efforts. After online meetings, all shareholders came together in a session on September 17, 2020.
TKBB Is in Cooperation with International Organisations
In Bahrain, Islamic and conventional banks are represented under the same Association. And other organisations in the country also contribute to the centralisation of Islamic finance. I would like to give a brief summary of TKBB’s relations with them.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
Founded in 1991, AAOIFI is a non-profit organisation that is responsible for improving and releasing standards for the Islamic finance sector. TKBB and AAOIFI signed a memorandum of understanding on January 3, 2020 to promote and raise awareness of Islamic finance in Turkey and in the world. With this agreement, both organisations aim to share their experience and conduct programs to improve mutual capacity regarding the AAOIFI standards in Turkey and in the world. At the Governance and Ethics Board of AAOIFI, Dr. Ahmet Albayrak is representing Turkey, and Mr. Samet Arslan is on the Accounting Board.
International Islamic Financial Market (IIFM)
Founded in 2002 in Bahrain, IIFM is mainly developing financial documents, product approvals, and guides aligned with interest-free finance for the Islamic Finance Services Industry (IFSI). Prof. Hasan Hacak, TKBB Central Advisory Board Chairman, is the representative of Turkey in the Advisory Board of the organisation.
General Council for Islamic Banks and Financial Institutions (CIBAFI)
It was established in 2001 by the Islamic Development Bank (IDB) and a series of leading Islamic finance institutions. With over 130 members from over 34 countries, CIBAFI significantly contributes to the human resource development of the Islamic finance industry. Senior staff, advisory boards, product developers, and personnel of the Islamic finance organisations benefit from their regular trainings and seminars. TKBB and Albaraka Participation Bank members represent Turkey in CIBAFI.
Islamic International Rating Agency (IIRA)
The Bahrain-based Islamic International Rating Agency (IIRA) was established in 2005 with the support of the Islamic Development Bank. Financial organisations operating in the member countries of the Islamic Development Bank and Organisation of Islamic Cooperation are among its partners. It is an independent and transparent rating agency with methodology and analytic processes complying with international applications. Kuveyt Türk Participation Bank is also among its partners from Turkey.
We present to you the interviews and articles of the first issue of the country’s panorama, which we prepared with great excitement and care. Best regards…