Meezan Bank, TKBB sign MoU to advance Islamic finance

February 19, 2025 (MLN): In a significant move to enhance international cooperation in Islamic finance, Meezan Bank, Pakistan’s leading Islamic bank, and the Participation Banks Association of Türkiye (Türkiye Katilim Bankalari Birligi - TKBB) have signed a Memorandum of Understanding (MoU) to drive innovation, knowledge sharing, and capacity building in the sector.

The MoU was exchanged during the official state visit of Turkish President H.E. Recep Tayyip Erdogan to Pakistan, in a high-level ceremony at the Prime Minister’s House.

The exchange was witnessed by Prime Minister of Pakistan, Mr. Shehbaz Sharif, President Erdogan, and senior delegates from both nations, as per the press release.

The agreement was executed by Mr. Ahmed Ali Siddiqui, Group Head Shariah Compliance at Meezan Bank, and Mr. Ismail Vural, Secretary General of TKBB.

This landmark partnership aims to enhance cross-border cooperation in Islamic banking by focusing on three key areas: capacity building, knowledge exchange, and operational excellence.

Both institutions have committed to launching joint training programs on Shariah governance, Sukuk structuring, and regulatory compliance, as well as developing collaborative platforms for expertise-sharing in product development, digital transformation, and fintech solutions.

Additionally, strategic exchanges will be introduced to enhance talent development and innovation.

The ultimate goal is to strengthen Islamic financial institutions, promote regulatory harmonization, and expand financial inclusion through innovative Shariah-compliant solutions.

Expressing his views, Mr. Ismail Vural, Secretary General of TKBB, stated, We are pleased to cooperate under this MoU with Meezan Bank, which has made significant contributions to the development of the Islamic finance industry on a local and international scale with its long-standing history and prior activities.

Collaboration in the areas of training, capacity building, and technical expertise is essential for ensuring the healthy and sustainable growth of the sector, he added.

Mr. Ahmed Ali Siddiqui, Group Head Shariah Compliance at Meezan Bank, highlighted the significance of the agreement, stating, The MoU signing between Meezan Bank and TKBB is a significant milestone in promoting Islamic finance between both countries.

By leveraging their collective expertise, both institutions aim to promote ethical banking practices, drive financial inclusion, and support the global growth of Islamic finance, he added.

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