The Azerbaijan Banks Association, the umbrella organisation of banks and financial institutions in the Republic of Azerbaijan, and the UAE Banks Federation (UBF), the representative and unified voice of banks in the UAE, signed a Memorandum of Understanding (MoU) to strengthen cooperation and exchange of experiences and promote the growth of the financial and banking sectors in both countries.
The Memorandum of Understanding (MoU) was signed by Zakir Nuriyev, President of the Azerbaijan Banks Association, and Jamal Saleh, Director-General of the UAE Banks Federation, in order to further develop relations and the business of the financial and banking institutions on both sides under the direct supervision and direction of the Central Banks of the UAE and Azerbaijan.
The MoU covers organising a range of financial and banking-related activities jointly by the two parties in order to share expertise and experience through activities including workshops, training sessions, and awareness campaigns.
The Azerbaijan Banking Association, which was founded in 1990 and currently consists of 31 banks and two financial institutions, has been striving to represent banks operating in Azerbaijan, advance their banking operations, and strengthen laws supporting the industry.
Commenting on the signing of the MoU, 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 agreement was signed in light of the two nations' strong expansion in trade and joint investments, which climbed by more than 100% in 2022 compared to 2021. In the UAE, a hub for international trade and logistics, the Republic of Azerbaijan has launched a representative trade office.
The Director-General of UBD 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,” he concluded.