UAE Banks Federation signs MoU with Azerbaijan Banks Association

By Arya M Nair, Official Reporter
  • Follow author on
UBF_ABA partnership
Officials from UBF & ABA MoU signing ceremony

UAE Banks Federation (UBF), the representative and unified voice of banks in the UAE, has signed a Memorandum of Understanding (MoU) with the Azerbaijan Banks Association (ABA), the umbrella organization of banks and financial institutions in the Republic of Azerbaijan, to enhance cooperation and exchange of experiences and promote the growth of the financial and banking sectors in both countries.

The MoU was signed by Mr. Jamal Saleh, Director-General of UAE Banks Federation, and Mr. Zakir Nuriyev, President of the Azerbaijan Banks Association, to further strengthen ties and develop the business of the financial and banking institutions of both sides under the direct supervision and guidance of the Central Bank of the UAE (CBUAE) and the Central Bank of Azerbaijan (CBA).

The scope of the MoU includes organizing various activities in the finance and banking sector jointly by both parties in order to exchange knowledge and experience through events such as workshops, training and awareness programs.

Jamal Saleh_UBF_ABA MoU
Jamal Saleh

“UBF continues to work tirelessly to strengthen relationships with all stakeholders in the banking sector to share knowledge, expertise and talent. This is part of the Federation’s efforts to play a valuable role in the advancement of the banking sector and contributes to the development of the UAE, under the direct supervision and constant guidance of the Central Bank of the UAE.”

The signing of the MoU comes in light of the significant increase in trade exchanges and joint investments between the two countries, which increased by more than 100 percent in 2022 compared to 2021. The Republic of Azerbaijan recently opened a representative trade office in the UAE, a global trade and logistics hub.

Mr. Saleh added that “This agreement will enhance the knowledge of banks and investors in Azerbaijan about investment and business opportunities in the UAE. It also highlights the development of the UAE’s banking sector, which has strengthened the country’s position as one of the world’s leading financial and banking centers. The agreement also provides Azerbaijani banks and investors the opportunity to learn about the development of the banking and financial sector in the UAE in terms of legislation, governance, transparency, risk management and the significant progress made in digital transformation.”

Related: European Investment Bank pours $27mn into Middle East Venture Fund IV