Monday, February 20, 2023 – 6:47 PM
ABU DHABI, 20th February, 2020 (WAM) — The Emirates Banks Federation signed a memorandum of understanding with the Azerbaijan Association of Banks (the unified umbrella for banks and financial institutions in the Republic of Azerbaijan) with the aim of enhancing cooperation and exchanging experiences to support the financial and banking sector in both countries.
Jamal Saleh, Director General of the UAE Banks Federation, and Zakir Nureyev, President of the Azerbaijan Association of Banks, signed the memorandum of understanding, which aims to strengthen ties and develop the business of financial and banking institutions members of both sides, which is always carried out under the direct supervision and guidance of the Central Bank of the United Arab Emirates and the Central Bank of Azerbaijan. .
The scope of the memorandum of understanding includes organizing various banking activities between the two parties to exchange knowledge and experiences, including joint workshops, training and awareness programs.
The Azerbaijan Association of Banks, which includes 31 banks and two financial institutions, has been working since its establishment in 1990 to represent banks operating in the State of Azerbaijan, develop banking work and improve their legislation to support the sector..while the Emirates Banks Federation works to represent the banking sector in the United Arab Emirates and the United Arab Emirates.
Jamal Saleh said: “The Federation of Emirates Banks continues its unremitting efforts to strengthen relations with all parties concerned with banking work with the aim of sharing knowledge, expertise and banking cadres, as part of the federation’s endeavors to play its role in developing banking work and contributing to development in the UAE, under direct supervision and continuous guidance.” from the Central Bank of the United Arab Emirates.
He added: “This agreement enhances the knowledge of banks and investors in Azerbaijan about investment and work opportunities in the UAE. It also sheds light on the development of the UAE banking sector, which has strengthened the UAE’s position among the most prominent financial and banking centers in the world.”
This agreement allows Azerbaijani banks and investors to be briefed on the development of the banking and financial sector in the UAE in the field of legislation and in the UAE’s adoption of best practices in governance, transparency and risk management, in addition to the significant development that the UAE is witnessing in digital transformation. We hope that this joint cooperation will contribute to increasing exchanges and joint investments and will open up horizons for investment in the United Arab Emirates, especially that economic relations in the banking sector in the two countries are witnessing growth that provides many opportunities.”
The signing of the memorandum of understanding comes in light of the remarkable increase in trade exchange between the two countries and the increase in joint investments, as trade exchange during the past year 2022 witnessed a growth of more than 100% compared to 2021, and the representative trade office of the Republic of Azerbaijan was opened in the UAE, which is considered a commercial center global logistics.
Reda Abdel Nour / Ramy Samih
