Malaysian Islamic Banks sign MoU with Turkish Counterparts

Last Updated : 30 May 2012

The Association of Islamic Banking Institutions Malaysia (AIBIM) signed a Memorandum of Understanding (MoU) with the Participation Banks Association of Turkey (TKBB) to have collaborative efforts and to establish a basis of co-operation between Malaysia and Turkey in further promoting the establishment, development, self-regulation and promotion of Islamic banking and Islamic capital and money market on a global scale. The MoU was signed in agreement to have a joint effort to cover areas of common ground between the Islamic Banking sectors of both countries. The areas which were agreed upon by both parties are awareness programs on Islamic Interbank and capital market, the standardization of Islamic financial instrument structures, contracts and products, the issuance of guidelines and best practices for Islamic Banking as well as Islamic capital and money market. the agreement is aimed at receiving a wider acceptance of the Islamic Financial instrument structures, contracts, product development and infrastructures through the production of a unified documentation frameworks and product development and infrastructure and through exchange of knowledge and expertise on Islamic banking and Islamic capital and money market. AIBIM is represented by its President, Dato Mohd Redza Shah Abdul Wahid and from TKBB, its Chairman, Mr Fahrettin Yah?i will do the honor of exchanging the MoU document. The Assistant Governor of Malaysia Central Bank, Mr Bakarudin Ishak witnessed the ceremony for AIBIM together with Mr. Necati ?ahin, Deputy Governor of Central Bank of the Republic of Turkey for TKBB side. The signing ceremony was held in conjunction with the Country Showcase held during to 9th IFSB Summit, which is hosted by the Central Bank of Turkey in Istanbul. About AIBIM The Association of Islamic Banking Institutions Malaysia (AIBIM) or Persatuan Institusi-Institusi Perbankan Islam Malaysia was established in 1996 as the Association of Interest Free Banking Institutions Malaysia, with objectives of promoting the establishment of a sound Islamic banking systems and practices and also aims at promoting and representing the interests of its 24 member banks and to render where possible such advice or assistance as may be deemed necessary and expedient to members. About TKBB Participation Banks Association of Turkey (TKBB) is a professional public institution that has been established in 2002 and currently have 4 member banks, whose main purpose is to defend the rights and interest of participation banks within the frame of the free market economy and full competition principles in direction of the banking system regulations; to carry out the studies and research for the enhancement and healthy functioning of the banking system; to adopt, practice and demand such resolutions be practiced to improve the competitive power, and avoid unjust competition. For further information, please contact Encik Adil Adra at 03-20268002/3 or e-mail adil@aibim.com.