UAE Banks Federation, the representative and unified voice of banks in the UAE signed a Memorandum of Understanding (MoU) with the Azerbaijan Banks Association, the umbrella organisation of banks and financial institutions in the Republic of Azerbaijan, on 15th February to enhance cooperation and exchange of experiences and promote the growth of the financial and banking sectors in both countries.
The MoU was signed by Mr. Jamal Saleh, Director General of UAE Banks Federation, and Mr. Zakir Nuriyev, President of the Azerbaijan Banks Association, to further strengthen ties and develop the business of the financial and banking institutions of both sides under the direct supervision and guidance of the Central Bank of the UAE and the Central Bank of Azerbaijan.
The scope of the MoU includes organising various activities in the finance and banking sector jointly by both parties in order to exchange knowledge and experience through events such as workshops, training and awareness programmes.
Since its establishment in 1990, the Azerbaijan Banking Association, which includes 31 banks and two financial institutions, has been working to represent banks operating in Azerbaijan, develop their banking operations and improve legislation to support the sector.
Commenting on the signing of the MoU, Mr. Jamal Saleh, Director General of UBF, said: “UBF continues to work tirelessly to strengthen relationships with all stakeholders in the banking sector to share knowledge, expertise and talent. This is part of the Federation’s efforts to play a valuable role in the advancement of the banking sector and contribute to the development of the UAE, under the direct supervision and constant guidance of the Central Bank of the UAE.”
The signing of the MoU comes in light of the significant increase in trade exchanges and joint investments between the two countries, which increased by more than 100% in 2022 compared to 2021. The Republic of Azerbaijan recently opened a representative trade office in the UAE, a global trade and logistics hub.
The Director General of UAE Banks Federation further added: “This agreement will enhance the knowledge of banks and investors in Azerbaijan about investment and business opportunities in the UAE. It also highlights the development of the UAE’s banking sector, which has strengthened the country’s position as one of the world’s leading financial and banking centres. The agreement also provides Azerbaijani banks and investors the opportunity to learn about the development of the banking and financial sector in the UAE in terms of legislation, governance, transparency, risk management and the significant progress made in digital transformation. We hope this cooperation will lead to increased exchanges and joint investments and open up new investment horizons in the UAE, as the banking sector in both countries is witnessing growth offering many opportunities.”