The Union of Banks of Uzbekistan (UBA) and the Participation Banks Association of Turkiye (TKBB) signed a Memorandum of Understanding (MoU) on May 18, 2023 in Tashkent, Uzbekistan to develop the Islamic finance sector.

The cooperation is expected to stimulate economic growth in both countries through joint efforts to expand Islamic banking, facilitate knowledge transfer, share best practices and develop new Islamic banking products and services that meet the needs of the Uzbekistan market. It is also aimed to organize joint training and technical capacity building programs to strengthen the competencies of the parties' human resources in the field of Islamic finance. This cooperation will also provide opportunities to support the real sector and its customers with well-designed and value-oriented products and services.

TKBB and UBA are also members of the Council of Banking Associations of Member States of the Organization of Turkic States (CBATS), which was founded in Istanbul on November 4, 2022.

For Press Release: https://tkbb.org.tr/haber/tkbb-ve-uba-ozbekistanda-islami-finans-alaninda-is-birligini-artirmak-icin-guclerini-birlestirdi-460789

UBA Webpage: https://uba.uz/en/