COMCEC
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 Funding.
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, namely OIC Exchanges Forum, COMCEC Capital Markets Regulators Forum and the OIC-COMCEC Central Banks Forum.
OIC EXCHANGES FORUM
The COMCEC has initiated cooperation among Stock Exchanges of the Member States in 2005 and “OIC 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 exchanges of the OIC Member Countries and relevant institutions.
The Forum has convened twelve times till now and has achieved remarkable progress in deepening cooperation among the 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.The official launching ceremony of the Index was held during the 28th Session of the COMCEC.
The Fourteenth Meeting of the Forum was held virtually on October 8th, 2020.
- Report of the 14th Meeting
- Report of the 13thMeeting
- Report of the 12th Meeting
- Report of the 11th Meeting
- Report of the 10th Meeting
- Report of the 9th Meeting
- Report of the 8th Meeting
- Report of the 7th Meeting
- Report of the 6th Meeting
- Report of the 5th Meeting
- Report of the 4th Meeting
- Report of the 3th Meeting
- Report of the 2th Meeting
- Report of the Round Table Meeting
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 the OIC Member States, as well as assist the development of their markets.
The Eighth Meeting of the Forum was held on September 26th, 2019 in İstanbul.
- Report of the 8th Meeting
- Report of the 7th Meeting of the COMCEC Capital Market Regulators Forum
- Report of the 6th Meeting of the COMCEC Capital Market Regulators Forum
- Report of the 5th Meeting of the COMCEC Capital Market Regulators Forum
- Report of the 4th Meeting of the COMCEC Capital Market Regulators Forum
- Report of the 3rd Meeting of the COMCEC Capital Market Regulators Forum
- Report of the 2nd Meeting of the COMCEC Capital Market Regulators Forum
- Report of the 1st Meeting of the COMCEC Capital Market Regulators Forum
- Report of the COMCEC Capital Markets Regulatory Authorities Conference and Roundtable
Click to visit the website of the Forum for further information on its activities.
OIC-COMCEC CENTRAL BANKS FORUM
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 3rd, 2009 in İstanbul, Turkey and agreed to meet regularly for sharing experiences and enhancing institutional and human capacity in this field.
The 16th Meeting of the OIC Central Banks and Monetary Authorities was held on 23-25 September 2018 in Antalya, Turkey. In the 16th Meeting, Central Banks and Monetary Authorities of the Member Countries agreed to reorganize the Meetings as a Forum. The 34th Session of the COMCEC took note of the mentioned decision of the Meeting to continue its activities as the “OIC-COMCEC Central Banks Forum.”
- Final Communique of the 16th Meeting (23-25 Sep 2018, Antalya)
- Final Communique of the 15th Meeting (21-22 Sep 2017, Bodrum)
- Final Communique of the 14th Meeting (05-06 Nov 2014, Subaraya)
- Final Communique of the 13th Meeting (27-28 Nov 2013, Jeddah)
- Final Communique of the 12th Meeting (14-15 May 2012, İstanbul)
The Second Meeting of the Forum was held virtually on October 7th, 2020.
