#Turkey's Banking Regulation and #Supervision Agency BRSA" officially an Institutional Member of #AAOIFI

The important role of the Republic of Turkey in the global Islamic finance industry as well as its distinct standing both at the official and popular levels, the steady growth both of Islamic banks and financial institutions operating there, in addition to the parallel evolution of its regulatory and supervisory framework, the AAOIFI has been keen to strengthen professional and technical ties with this country. This was translated into an official visit by AAOIFI to a number of banking regulatory and supervisory bodies as well as a number of Islamic banks and financial institutions, professional entities and academic institutions.
A meeting was held at the Banking Regulation and Supervision Authority with its Chairman, H.E. Mehmet Ali Akben and its senior management. During the meeting, the two sides discussed a range of issues of mutual interest, and means by which AAOIFI's role may be expanded to the best interest of the Islamic finance industry in Turkey. Furthermore, the two sides mulled over AAOIFI's key role in the area of standards development and its efforts to provide an extensive degree of harmonization for the industry products and contracts, worldwide. The two sides agreed to develop professional and technical cooperation between AAOIFI and BRSA. The meeting featured the approval of BRSA's Board members to join AAOIFI membership along with a number of major central banks, regulators, insurance and finance companies from a wide range of countries around the world.
In addition, AAOIFI's delegation held a meeting with the Turkish Central Bank's senior management, during which the two sides reviewed the development of the Islamic finance industry in Turkey and highlighted a number of AAOIFI's technical and professional activities.
On the other hand, AAOIFI has held a meeting with the CEO and senior officials in the Turkish Participation Association of Banks at its headquarters. Views were exchanged on a range of issues, mainly the translation AAOIFI standards to the Turkish language, and possible means to foster cooperation in the training and building capacities of Turkish professionals in participation finance and in particular with regard to AAOIFI's professional certificates, Certified Shari'a Auditor and Advisor and Certified Islamic Public accountant.
AAOIFI has also embarked on a series of visits to a number of Islamic banks and financial institutions such as Al Baraka Bank of Turkey, Kuwait Finance House - Turkey. Moreover, Ziraat, one of Turkey's leading banks, has officially joined AAOIFI as an institutional member.
On a different note, AAOIFI's Secretary General delivered a research paper in a forum hosted by one of the major Turkish universities. The forum was supported by a host of institutions including the Islamic Institute for Research and Training - Islamic development Bank, the World Bank, and Deloitte. It was attended by a group of experts and professionals from Turkey and other countries as well as a number of academicians and students. AAOIFI has also paid a visit to one of its accredited exam centers in Turkey, where the delegation was briefed on the center's Islamic finance training and consultancy work.