Meezan Bank and the Participation Banks Association of Türkiye have signed a Memorandum of Understanding (MoU) to drive innovation, knowledge sharing, and capacity building in the Islamic finance sector.
Signed during the official state visit of Turkish President Recep Tayyip Erdoğan to Pakistan last week, the MoU’s signing was witnessed by the Turkish leader, Prime Minister Shehbaz Sharif and senior delegates of both nations. Ahmed Ali Siddiqui, group head Shariah Compliance at Meezan Bank, and İsmail Vural, secretary general of the Turkish banks association executed the deal.
In a statement, Meezan bank the partnership seeks to boost cross-border cooperation in Islamic banking by focusing on three key areas: capacity building, knowledge exchange, and operational excellence. Under the MoU, both organizations have agreed to introduce joint training programs related to Shariah governance; Sukuk Structuring and regulatory compliance; collaborative platforms for sharing expertise in the field of product development; digital transformation and fintech solution; and strategy exchanges to enhance talent and innovation. The goal is to strengthen Islamic financial institutions, promote regulatory harmonization, and expand financial inclusion through innovative Shariah-compliant solutions.
“We are pleased to cooperate under this MoU with Meezan Bank, which has made significant contributions to the development of the Islamic Finance industry on a local and international scale with its longstanding history and prior activities,” said Vural. “Collaboration in the areas of training, capacity building and technical expertise is essential for ensuring the healthy and sustainable growth of the sector,” he added.
“The MoU signing between Meezan Bank and [the Participation Banks Association of Turkiye] is a significant milestone in promoting Islamic Finance between both countries,” said Siddiqui. “By leveraging their collective expertise, both institutions aim to promote ethical banking practices, drive financial inclusion, and support the global growth of Islamic finance,” he added.