Istanbul: Governor of the Palestine Monetary Authority Yahya Shanar and Governor of the Central Bank of the Republic of Turkey Fatih Karahan met on the sidelines of the AlBaraka Islamic Economics Summit to discuss ways to enhance financial and banking cooperation between Palestine and Turkey. They focused on several priority issues affecting the Palestinian banking sector. According to Palestine News and Information Agency - WAFA, Shanar highlighted the significance of Palestinian-Turkish relations in supporting economic and financial collaboration. He emphasized the necessity of further developing these ties to bolster the financial and trade sectors, which would contribute to the stability of the Palestinian economy. During the meeting, Shanar informed his Turkish counterpart about the major challenges facing the Palestinian banking sector. These include the accumulation of the shekel, Israeli restrictions on clearance revenues, and issues related to correspondent banking relations between Palestinian and Israeli banks. These challenges, he noted, have direct impacts on the banking sector's performance, trade movement, and the continuity of banking services. Shanar called for serious international efforts to address these challenges and ensure the stability of the Palestinian financial sector. The discussions also covered ways to enhance cooperation between financial and banking institutions in both countries. Both parties emphasized the importance of Palestinian-Turkish trade relations in supporting economic activity and underscored the need for developing the financial and banking sector to facilitate trade and investment flows while improving banking services linked to commercial exchange. The Turkish Central Bank Governor expressed interest in the issues raised and highlighted the importance of continued institutional dialogue and the development of cooperation frameworks to enhance financial integration and support stability in economically challenged environments. In a separate meeting, Shanar engaged with the Governor of the Central Bank of Malaysia, Abdul Rasheed Ghaffour, to discuss the prospects for developing the institutional framework of Islamic finance. They explored expanding its tools to support the real economy, cooperation in financial innovation, digital payment systems, and enhancing the efficiency of financial infrastructure. The discussions also included a review of Malaysia's experience in Islamic finance as an advanced model that links financial stability with inclusive growth. They explored the possibility of leveraging best practices in regulation, governance, and financial product development.
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