QFC & TKBB unite to support development of financial sector

By Shilpa Annie Joseph, Official Reporter
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QFC Digital Assets Lab

Qatar Financial Centre (QFC), a leading onshore financial and business center in the region, has signed a Memorandum of Understanding (MoU) with the Participation Banks Association of Türkiye (TKBB) in order to support the development of the financial sector in Türkiye and Qatar.

The MoU aims to promote the parties’ common interests through mutually beneficial cooperation between their member organizations.

As per the agreement, the QFCA and TKBB will work together to organize common platforms, summits, forums, conferences, seminars, webinars, and other events related to the developments in Participation banking and finance.

The partnership also sets out to organize joint training and exchange programs, facilitate data and knowledge sharing, as well as contribute to direct correspondent relations between the Participation Banks of Türkiye and Qatar.

Yousuf Mohamed Al Jaida
Yousuf Mohamed Al Jaida

“As an international business platform, the QFC has good and longstanding relations with Türkiye, forged through significant partnerships with Turkish organizations and companies. We are proud to enter this partnership with the Participation Banks Association of Türkiye, which bolsters our efforts in developing the local financial industry and positioning Qatar as a leading financial hub. More importantly, this MoU strengthens the ties between Qatar and Türkiye in the financial sector.”

The QFCA-TKBB partnership aspires to stimulate economic growth in both countries through collaborative initiatives that promote and develop participation banking and establish dynamic and competitive financial ecosystems, as per the statement.

Mr. Osman Çelik, Chairman of the Board of Directors, TKBB, said that, “We are very pleased to sign this Memorandum of Understanding (MoU) with the QFC. Diversification of financial instruments and increasing the exchange of training and technical consultancy will provide good opportunities for both parties.”

“This also leads to many joint projects between Qatar and Türkiye where there are many potential areas of cooperation, especially in digitalization and fintech solutions, which both countries are actively developing. The Istanbul Finance Centre is on its way to becoming a global financial center and will play an important role in increasing the share of participation finance in the financial sector,” Mr. Çelik added.

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