A Memorandum of Understanding has been signed between the Participation Banks Association of Turkey (TKBB) and Islamic Research and Training Institute (IRTI) of the Islamic Development Bank on 27 May, 2014. Signed by the former Chairman of the Board of Directors of TKBB, Mr. Ufuk Uyan, and the former General Director of IRTI, Mr. Azmi Omar, the MoU aims for the two parties to collaborate on the development of the interest-free banking sector.
Areas of Collaboration and Cooperation:
(a) Within the context of their respective mandates, objectives and procedures,
the Parties anticipate that their collaboration may focus on a number of
specific areas best fitting their respective strategies and mandates.
(b) Cooperation may be considered on a case-by-case basis, on the merit of each
case and within the limitations of the mandate and resources of each Party.
(c) Any other activities and programs in areas of mutual interest, which the
Parties may jointly devise such as sharing information on the monitoring and
evaluation of programs.
(d) It is intended that this MOU should interpret and apply generally; however, if
required, the Parties may mutually agree to adopt additional arrangements to
meet specific and urgent needs in relation to a particular activity.
(e) To ensure the development of the banking profession;
(f) To ensure that members function in a dignified and well-disciplined manner as
required by the banking profession and in line with the needs of the economy, by
setting professional principles;
(g) To set the ethical professional principles and standards that the personnel of
member banks will have to abide by, upon receiving the approval of the Agency;
(h) To take and implement any measure required for preventing unfair competition
(i) To set the principles and conditions for announcements and advertisements in
terms of type, format, qualitative and quantitative elements to be complied by
the members, upon receiving the approval of the Agency;
(j) To ensure cooperation among banks for joint projects, in collaboration with
(k) To set the principles and procedures applicable to contract format and
contents envisaged by the provisions regarding customer rights.