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The 18^th Meeting of the COMCEC Financial Cooperation Working Group was held on October 3^th,2021, in a virtual-only format with the theme of “Standardization Efforts in Islamic Finance”.

The representatives of 16 Member States, which have notified their focal points for the Financial Cooperation Working Group, attended the Meeting. The meeting was further attended by the representatives of the SESRIC, SMIIC, IsDB, CIBAFI, AAOIFI, OIC Exchanges Forum, COMCEC Capital Markets Regulators Forum, OIC-COMCEC Central Banks Forum, Participation Banks Association of Türkiye (TKBB), Public Oversight, Accounting, and Auditing Standards Authority of Türkiye (KGK), and COMCEC Coordination Office.

The Representatives of the Member States have shared their experiences, achievements, and challenges in improving the Standardization Efforts in Islamic Finance. The Meeting has also considered all case-country studies along with the final draft of the research report prepared on the said theme and participants formulated policy recommendations that will be submitted to the 38^th COMCEC Ministerial Session.

For more information about the meeting, click on the links below:

• Meeting Agenda
• Meeting Program
• Presentations made during the meeting

Trade Preferential System among the Member States of the Organization of Islamic Cooperation (TPS-OIC), which has been working since the early 1990’s, came into effect in July 1st, 2022. In the scope of Trade Preferential System among the Member States of the Organization of Islamic Cooperation (TPS-OIC), which is one of the most important projects of The Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) in the field of trade, chaired by President of the republic of Turkey, Mr. Recep Tayyip ERDOĞAN, the first export from Turkey was made to Jordan after the completion of the technical and administrative processes. For the products exported to Jordan from Turkey, the certificate of origin stipulated by the Agreement (TPS-OIC) was used for the first time.

The System, which came to life with the decision taken at the 37th Ministerial Meeting of COMCEC held in November last year, created a strong ground for multilateral trade between Islamic countries. The Agreement, to which 13 OIC member countries are parties, brings remission of duties to various products. Moreover, attempts are continuing to increase the number of party countries and expand the scope of the product with new negotiations