February 20, 2025: In a major step towards enhancing international collaboration in Islamic finance, Meezan Bank, Pakistan’s leading Islamic bank, and the Participation Banks Association of Türkiye (TKBB) have signed a Memorandum of Understanding (MoU) to foster 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 at a high-level ceremony held 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 countries.
The agreement was signed 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.
Under the agreement, both institutions have committed to launching joint training programs on Shariah governance, Sukuk structuring, and regulatory compliance. Additionally, they will develop collaborative platforms for expertise-sharing in product development, digital transformation, and fintech solutions. Strategic exchanges will also be introduced to enhance talent development and innovation within the sector.
The partnership seeks to strengthen Islamic financial institutions, promote regulatory harmonization, and expand financial inclusion through innovative Shariah-compliant solutions.
Mr. Ismail Vural, Secretary General of TKBB, expressed his optimism about the collaboration, stating, “We are pleased to cooperate under this MoU with Meezan Bank, which has significantly contributed to the development of the Islamic finance industry both locally and internationally.” He emphasized that collaboration in training, capacity building, and technical expertise is crucial for the sustainable growth of the sector.
Mr. Ahmed Ali Siddiqui, Group Head Shariah Compliance at Meezan Bank, underscored the significance of the agreement, stating, “The MoU signing between Meezan Bank and TKBB is a milestone in promoting Islamic finance between both countries.” He further added that by leveraging their collective expertise, the two institutions aim to promote ethical banking practices, drive financial inclusion, and support the global growth of Islamic finance.
The partnership marks a new era of cooperation between Pakistan and Türkiye in the realm of Islamic finance, reinforcing their commitment to advancing the sector through strategic initiatives and shared expertise.
