SESRIC and the Participation Banks Association of Türkiye (TKBB) have formalized their partnership through the signing of a Memorandum of Understanding (MoU). This MoU, signed by H.E. Zehra Zümrüt SELÇUK, and H.E. Mr. Ismail VURAL, Secretary General of TKBB, signifies a pivotal advancement in the collaborative efforts between the two institutions towards enhancing Islamic finance capacity and promoting sustainable economic development across the OIC region. The signing ceremony took place at SESRIC Headquarters in Ankara.

The signing ceremony was followed by a comprehensive presentation on SESRIC and the OIC System. The presentation covered the history and structure of the OIC as the second largest intergovernmental organization after the United Nations, striking facts and statistics on the OIC Member Countries group, the history of SESRIC, and its activities falling under its 3 mandated areas of statistics, research, and training.

On their turn, TKBB, representing Türkiye’s participation banks, outlined its mandate and activities in promoting and developing participation banking principles within the country. As a leading advocate for Islamic finance, TKBB supports the expansion of the Halal financial ecosystem, aligning with broader objectives of enhancing financial inclusion and stability in the region.

The MoU aims to foster collaboration for economic growth, focusing on Islamic finance among OIC Member Countries, for innovation and progress. Islamic financial and real sectors are expected to grow at a growth rate of 8-10% by 2025. The Islamic economy, spanning financial and real sectors, is projected to surpass USD 3.5 trillion by 2025.

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