The COMCEC, which has 57 member and 5 observer countries, and chaired by the Chairmanship of the President of the Republic of Turkey, held its 32nd Ministerial Session on 21-24 November 2016 at İstanbul Congress Center. The member states were represented by their respective Ministers during the session inaugurated by the Turkish President H.E. Recep Tayyip Erdoğan. In addition, the Session was attended by the delegates of relevant OIC institutions and international organizations.
Islamic finance has become an important component within the international financial system and has been, certainly, one of its fastest growing components over the last decades. Islamic finance has a crucial potential to play a role, with its strong ethical principles and asset based approach in promoting international economic growth and mitigating financial crisis as well as enhancing financial inclusion among the Muslim population.
In this regard, the theme of this year’s Ministerial Exchange of Views Session was designated as “Developing Islamic Finance Strategies in the OIC member Countries”. During the session, the challenges of member countries to promote Islamic Finance in their respective countries and possible solutions for these challenges were addressed during the session.
During the 32nd Ministerial Session, the delegates also addressed the latest developments pertaining to efforts to improve cooperation among the member states of the COMCEC, and discussed over the items of the Draft Agenda adopted by the 32nd Follow-up Meeting of the COMCEC held on May 17-18, 2016 in Ankara.
On the sideline of the 32nd COMCEC Session, a series of side events were held on Islamic finance.
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