Proceedings of the 12th Meeting of the COMCEC
Financial Cooperation Working Group
18
5. Policy Debate Session on Infrastructure Financing through
Islamic Finance in the OIC Member Countries
The policy debate session was moderated by Chairperson of the Meeting, Mr. Deniz YILMAZ. At
the beginning of the session, Mr. Selçuk KOÇ, Director at the COMCEC Coordination Office,
made a brief presentation on the responses of the Member Countries to the Policy Questions
on infrastructure financing through Islamic Finance in the OIC Member Countries and
introduced the Room Document including draft policy recommendations.
After extensive discussions, the Working Group has come up with the following policy
recommendations.
 Policy Recommendation 1: Developing Legal and Regulatory Framework to Provide an
Enabling Environment for Realizing Large Infrastructure Investments through Islamic
Finance.
 Policy Recommendation 2: Increasing the Number and Share of Islamic Nonbank
Financial Institutions to Enhance the Contribution of Islamic Finance in Infrastructure
Investments.
 Policy Recommendation 3: Developing the Islamic Capital Markets Infrastructure to
Facilitate the Issuance of Different Types of Project Sukuk and other Instruments as
Appropriate for Infrastructure Projects.
 Policy Recommendation 4: Encouraging Innovative Models to use Islamic Social Sector
(i.e., Zakat, Waqf and Sadaqah) to Provide Social Infrastructure Services (such as
Education and Health) provided that they are Shariah-compliant.
 Policy Recommendation 5: Improving Capacity and human capital for increasing the
use of Islamic Finance for infrastructure financing.
(The policy recommendations with their rationale are attached as Annex 4)