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BBI Bank and the Union of Participating Banks of Turkey signed a memorandum on the development of Islamic banking

The Union of Participating Banks of Turkey (TKBB) signed a Memorandum of Understanding with Bosna Bank International (BBI) d.d. Sarajevo for the development of participatory (Islamic) banking. The memorandum agreed on cooperation on strengthening the economic relations of the two countries, as well as the exchange of information and the joint organization of events important for the improvement and development of Islamic banking.

Bosna Bank International (BBI) and the Union of Participatory Banks of Turkey (TKBB) signed a Memorandum of Understanding in Sarajevo aimed at the development of participatory (Islamic) banking. The memorandum was signed in the premises of BBI Bank in BiH as part of the 11th Sarajevo Business Forum (SBF), held on May 11 and 12. With this agreement, cooperation in the area of promotion of participatory (Islamic) banking between the two institutions on the world financial markets, as well as the organization of events and various activities in both countries, was agreed upon.

The memorandum of understanding was signed by acting Secretary General of TKBB İsmail Vural and President of the Management Board of BBI Bank Alek Bakalović.

President of the Management Board of BBI Bank, Alek Bakalović, pointed out that BBI d.d. Sarajevo is the only bank in BiH that operates in accordance with Islamic principles and added: “One of the goals of the Sarajevo Business Forum, which is organized by BBI Bank in cooperation with our shareholders – Islamic Development Bank (IsDB), Dubai Islamic Bank and Abu Dhabi Islamic Bank, is also the strengthening of cooperation with participation banks in the world. In this context, we signed a Memorandum of Understanding with TKBB in order to improve our cooperation and raise it to a higher level. We held a series of meetings with the managers of participation banks and in the coming period we expect progress in the field of Islamic finance development, improvement of trade cooperation and exchange of information between participation (Islamic) banks from all over the world,” said Bakalović.

Speaking at the signing ceremony, İsmail Vural recalled the first meeting with representatives of BBI Bank in 2019, as well as the meeting held in Istanbul last month, saying: “We came to the Sarajevo Business Forum to support BBI and the state of Bosnia and Herzegovina. The protocol signed with BBI includes education and improvement of employee knowledge, information exchange and development of participatory banking. We met with the management of BBI bnaka in order to give our contribution to the Sarajevo Business Forum, but also to express our support for the development of the only participating bank in BiH”.

Stating that Turkey always attaches special importance to Bosnia and Herzegovina due to strong historical ties, Vural added: “We do not perceive our cooperation only as an economic contribution. We have always had a long-standing relationship with this region. BBI’s relations with our participating banks, as well as with the Sarajevo Business Forum, will continue to develop, and the good economic ties between the two countries will be further strengthened.”

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