Aiming to strengthen cooperation between Türkiye and the United Kingdom in the field of participation finance and to accelerate the sector’s global integration, the UK–Türkiye Islamic Finance Forum was successfully held in London on July 8, 2025, through the collaboration of the Participation Banks Association of Türkiye (TKBB), the British Consulate General in Istanbul, and UK Export Finance.

In the opening session of the forum, prominent figures shared their visions for Islamic finance in both countries. His Excellency Kenan Paleo, British Consul General in Istanbul, addressed the UK’s financial cooperation with Türkiye from a strategic perspective. UK Trade Envoy Afzal Khan emphasized the potential of Islamic finance in strengthening bilateral economic relations. Turkish Minister of Treasury and Finance H.E. Mehmet Şimşek highlighted Türkiye’s reform agenda in the participation finance sector and its global outreach goals.

As part of the forum, a Memorandum of Understanding was signed between TKBB and UK Export Finance to enhance trade and export financing, increase sectoral interaction, and foster technical cooperation in the field of participation finance between the two countries. The agreement aims to establish sustainable communication, promote collaboration among stakeholders, and ensure effective participation in joint projects. TKBB Chairman Mehmet Ali Akben expressed confidence that the MoU would deepen cooperation in areas such as trade and export financing, education initiatives, and compliance with international standards. He also stated that this collaboration would contribute to making Islamic finance more accessible to broader segments of society in Türkiye. This strategic step not only establishes an institutional cooperation mechanism between the two countries but also contributes to the global integration of Islamic finance.

The first panel was opened by A. Burak Dağlıoğlu, President of the Investment Office of the Presidency of the Republic of Türkiye. Highlighting the growing strategic role of participation finance in Türkiye’s financial ecosystem, Dağlıoğlu discussed reforms to improve the investment climate, the vision of the Istanbul Financial Center, and the country's digitalization capacity. He emphasized Türkiye’s potential to become a regional hub for Islamic finance, offering an attractive alternative for global investors with its ethics-based financial model.

The first panel session, moderated by Ben Aldred, Deputy Trade Commissioner at the UK Department for Business and Trade, focused on “Global Prospects on Islamic Investment Banking Practices from Türkiye’s Financial Ecosystem” speakers included Serhan Yıldırım (Executive Vice President, Albaraka Türk), Stella Cox (Managing Director, DDCAP Group), Olga de Tapia (Global Head of Asset Management, HSBC), and Hussain Zaidi (Managing Director, Standard Chartered). The panel emphasized that participation finance is not merely a financial model but a holistic approach that prioritizes social benefit and supports sustainable development. Participants agreed that Türkiye, with its young population and developed infrastructure, has the potential to be a more influential player in the global participation finance arena.

The second panel, titled “Engaging Turkish Participation Banks with UK’s Trade Finance Ecosystem” explored trade finance cooperation between the two countries from a participation finance perspective. Moderated by TKBB Deputy Secretary General Fatma Çınar, the panel featured Osman Karakütük (Executive Vice President, Ziraat Katılım), Dr. N. Saygın Sungur (CFO, Katılım Finans Kefalet), Farrukh Raza (Group CEO, IFAAS), and Şebnem Alp (Country Head, UK Export Finance). The panel highlighted the potential for Turkish participation finance institutions to become more active at the international level and noted that participation-based partnerships between Türkiye and the UK could serve as a catalyst for the global growth of Islamic finance.

The third panel focused on how Islamic finance is being reshaped in the age of digital transformation. Titled “Transition to a Digital World: A New Era for Islamic Finance with Innovation and Financial Inclusion,” the panel was moderated by Ersoy Erkazancı, UK Advisor Turkish Presidency Finance and Investment Office, UK), Panelists included Galip Karagöz (CEO, Hayat Finans), Areeb Siddiqui (CEO, Kestrl), Hasan Sami Bayansar (CEO, Insha Ventures), Adam Gagen (Global Head of Government Affairs, Revolut), Dr. Okan Acar (Executive Vice President, Kuveyt Türk), and Kamil Kibar (Executive Vice President, Dünya Katılım). The session emphasized that participation finance can become not just a follower but a driver of the digital transformation process. Speakers highlighted that leveraging digital technologies to develop innovative, Sharia-compliant financial models is no longer a choice but a sectoral necessity.

The fourth panel approached the participation finance investment ecosystem from a global perspective, focusing on the development of capital markets and the expansion of investment opportunities. The session was opened with session keynote speech delivered by Arda Ermut, CEO of the Türkiye Wealth Fund, who discussed efforts to deepen Sharia-compliant financial products, diversify participation finance investment funds, and transform Türkiye’s capital markets into an attractive hub for global investors. He also outlined the strategic role of the Türkiye Wealth Fund in this context and how participation finance aligns with sustainable development goals.

The panel titled “Global Outlook on Islamic Investment Boosting- Developing Equity Capital Markets to Empower Shariah Compliant Investment” was moderated by Timothy Ash (Advisor, BlueBay Asset Management) and featured Razi Pahlavi (Chairman, Xanderia), Dr. Bayram Veli Salur (Executive Vice President, Kuveyt Türk Portföy), Adnan Halawi (Senior Proposition Manager at London Stock Exchange Group), and Tolibjon Tursunov (Investment Manager & Head of Islamic Equities at Baillie Gifford). The session concluded with an emphasis on participation finance as a universal financial model based not only on religious principles but also on ethical, sustainable, and long-term investment criteria. Türkiye’s strong positioning in this model was noted as a shared view among participants.

The closing panel of the UK–Türkiye Islamic Finance Forum focused on the intersection of participation finance and sustainability principles. Moderated by Omar Shaikh, Managing Director of the Global Ethical Finance Initiative (GEFI), the panel included Damla Tüzüner (Managing Director, ANKON), Dr. Adnan Aziz (CPO, Global Islamic Finance Program for Climate, Nature, & Development (GIFP)), Gülşah Günay (Head of Sustainability and Standards, KGK), Richard Barker (Member, ISSB), and Vikas Aggarwal (Regional Head of Public Affairs, Association of Chartered Certified Accountants (ACCA)). Panelists emphasized the strong alignment between participation finance and environmental and social sustainability goals and agreed on the need to develop Sharia-compliant standards in green finance and establish closer cooperation with international institutions.

The UK–Türkiye Islamic Finance Forum 2025 offered not just a platform for bilateral financial dialogue, but a multi-faceted vision supporting the global growth of participation finance. Throughout the day, it was repeatedly highlighted that participation finance is not only a financial system but also an ethical, inclusive, sustainable, and digitally adaptable structure. The synergy between Türkiye’s dynamic financial infrastructure and the UK’s global financial network and regulatory expertise was underscored as a source of great opportunity. The outcomes of the forum are expected to pave the way for new collaborations among public institutions, banks, fintech startups, regulatory bodies, and international investors.