Turkey and Bosnia strengthen cooperation in participating banks

ISTANBUL

The Turkish Association of Participatory Banks (TKBB) has signed a Memorandum of Understanding with Bosna Bank International (BBI) to strengthen cooperation in the participatory banking sector.

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The agreement signed in Bosnia within the framework of the 11th Sarajevo Business Forum, held on May 11-12, covers cooperation on issues such as participation in banking principles, mutual promotion of businesses and institutions banks, and the organization of important events and activities in the two countries, the TKBB said in a statement.

The agreement was signed by TKBB Acting General Secretary İsmail Vural and BBI CEO Alek Bakalovic.

The protocol signed with BBI includes training, information exchange, increasing employee experience and developing bank participation, Vural said.

“We do not see our cooperation as a mere economic contribution. We have always had a long-standing connection with this region. BBI’s relationship with our participating banks will further develop with the Forum, and substantial economic ties between the two countries will be strengthened,” he added.

For his part, Bakalovic noted that BBI is the only equity bank operating in Bosnia.

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“We signed the agreement with TKBB to improve our cooperation and take it to the next level. We want to strengthen the bond between the two countries,” he said.

The BBI was established by the Islamic Development Bank (45.46% share), the Islamic Bank of Dubai (27.27% share) and the Islamic Bank of Abu Dhabi (27.27% share).

The medium-term growth prospects of Turkish equity banks are supported by the strategic importance of the segment for the authorities, above-average growth for the sector, helped by the entry of three public banks and Turkey’s favorable demographics , said Fitch Ratings in a recent report. .

There are six holdings or Islamic banks in Turkey, namely Al Baraka, Emlak Katılım, Kuveyt Turk, Turkiye Finans, Vakıf Katılım and Ziraat Katılım.

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