The Participation Banks Association of Turkiye (TKBB) signed a Memorandum of Understanding (MoU) with the International Islamic Finance Market (IIFM) on April 11, 2023 for the development of participation banking.

With the agreement, IIFM's standard agreements will be used by the PBAT. Joint workshops will support the development of the sector both in Turkiye and in the international arena. Within the scope of the agreement, IIFM's globally standardized set of comprehensive document templates, financial contracts, product confirmations and related guidelines in compliance with Islamic Law will be used by the PBAT. IIFM standard agreements will be complementary to the PBAT's national Islamic Law Standards and will make a significant contribution to the development of the participation banking sector in Turkiye.

For Press Release: https://tkbb.org.tr/haber/iifm-ve-tkbb-turkiye-ve-dunya-capinda-katilim-bankaciliginin-gelisimini-desteklemek-amaciyla-mutabakat-anlasmasi-imzaladi--372841

IIFM Web Page: https://www.iifm.net/