A Memorandum of Understanding (MoU) has been signed between the Participation Banks Association of Turkey (TKBB) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) on 15 May, 2012. Signed by the former Chairman of the Board of Directors of TKBB, Mr. Fahrettin YAHŞİ, and the former President of AIBIM, Mr. Dato’ Mohd Redza Shah Abdul Wahid, the MoU has declared a preliminary Turkey – Malaysia collaboration in the field of interest-free banking.
Areas of collaboration:
(a) the awareness programme on Islamic interbank, capital market and/or other
mutually agreed areas on Islamic finance for the international banking
(b) the advancement and standardisation of Islamic financial instrument
structures, contracts, product development and infrastructure;
(c) the issuance of guidelines, best practices and recommendations in relation
to Islamic banking and Islamic capital and money market;
(d) the production of unified documentation frameworks and product development
for Islamic financial institutions;
(e) a wider Sharia acceptance of the Islamic financial instrument structures,
contracts, product development and infrastructure;
(f) the exchange of knowledge and expertise on Islamic banking and Islamic
capital and money market; and
(g) any other specific initiatives which will be mutually agreed upon by the
Parties from time to time.