Financial Cooperation

Despite the fact that financial cooperation has a great potential for the soci-economic development of the OIC member countries, the majority of the OIC Member States’ financial markets are not efficient to support a sustainable economic growth and development, due to their small financial markets, lack of diversified financial products and insufficient infrastructure.

The idea of enhancing financial cooperation under the COMCEC dates back to its initial meetings. Cooperation efforts in this area have been intensified and deepened in recent years. The COMCEC Strategy has defined finance as one of the cooperation areas of COMCEC. Financial cooperation deepening has been defined as a strategic objective of the Strategy. Hence, it envisages regulatory and supervisory cooperation, capital flows, visibility of financial markets and training and research & development activities and statistics as the output areas. In line with its objectives and expected outcomes, the COMCEC Strategy presents well-identified operational instruments, i.e. the Working Groups and the COMCEC Project Cycle Management (PCM).

The COMCEC Financial Cooperation Working Group brings together the relevant experts from the Member Countries regularly to produce knowledge, share experiences and best practices and develop a common understanding as well as approximate policies. Click for more information on the meetings of the COMCEC Financial Cooperation Working Group.
(http://www.comcec.org/en/cooperation-areas/financial-cooperation/comcec-financial-cooperation-working-group-meetings/)

Furthermore, there are also several on-going efforts in this field, such as cooperation among the Stock Exchanges Forum, COMCEC Capital Markets Regulators Forum and the Meetings of OIC Central Banks and Monetary Authorities.

COOPERATION AMONG THE STOCK EXCHANGES

The COMCEC has initiated cooperation among Stock Exchanges of the Member States in 2005 and “OIC Member States’ Stock Exchanges Forum” was established in this regard. The Forum focuses on the harmonization of the rules and regulations governing market operations, as well as opening communication channels for the stock exchanges of the OIC Member Countries and relevant institutions.

The Forum has convened tenth times till now and has achieved remarkable progress in deepening cooperation among the Stock Exchanges of the Member States. It has completed its works regarding the S&P OIC/COMCEC. The Index has been launched on June 22nd, 2012, in Istanbul. The Index was designed to measure the performance of 50 leading companies from the 19 member states of OIC, namely, Bahrain, Bangladesh, Cote d’Ivoire, Egypt, Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates. The official launching ceremony of the Index was held during the 28th Session of the COMCEC.

The Tenth Meeting of the Forum was held on November 27th, 2016 in İstanbul.

Click to visit the website of the Forum for further information on its activities.

COMCEC CAPITAL MARKETS’ REGULATORS FORUM

The COMCEC Capital Markets Regulators Forum was established in 2011 and the 27th Session of the COMCEC welcomed its establishment. The Forum aims at increasing coordination and cooperation in regulatory and legal infrastructures, with a view to establishing more harmonized policies and regulations among the Member Countries.

The Forum has Four Task Forces on the areas of; Market Development, Capacity Building, Islamic Finance, Financial Literacy. The main aim of these Task Forces is to accelerate the exchange of experiences and information at both global and regional levels among OIC Member States, as well as assist the development of their markets.

The 5th Meeting of the COMCEC Capital Markets’ Regulators Forum was held on November 27th, 2016 in İstanbul.

Click to visit the website of the Forum for further information on its activities.

COOPERATION AMONG CENTRAL BANKS AND MONETARY AUTHORITIES

As per the resolution of the 24th Session of the COMCEC, the Central Banks and Monetary Authorities of the Member Countries of the OIC met on October 3th, 2009 in İstanbul, Turkey and agreed to meet regularly for sharing experiences and enhancing institutional and human capacity in this field.

The 14th Meeting of the OIC Central Banks and Monetary Authorities was held on 5-6 November 2014 in Surabaya, Indonesia. The 15th meeting will be held in the Republic of Turkey in 2017.

Click for further information on the cooperation among central banks and monetary authorities.