Financial Outlook of the OIC Member Countries 2017
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3. ISLAMIC FINANCE
Islamic economics is the knowledge and application of injunctions and rules of the Shari’ah
that prevent injustice in the acquisition and disposal of material resources in order to provide
satisfaction to human beings and enable them to perform their obligations to Allah and to the
society.
Islamic finance focuses on adhering to Shariah standards and providing Shariah compliant
financial services and instruments. Islamic finance is becoming one of the most significant
aspects of the modern global financial system. Despite the Islamic Finance industry has grown
substantially it has mostly grown in a limited amount of regions. There is a great amount of
opportunity for the industry to grow further by increasing public awareness.
Based on the Vision and with the guiding Core Principles of the COMCEC Strategy, finance
especially Islamic finance has been an important field of study for the Financial Cooperation
Working Group which brings together the relevant experts from the Member Countries
regularly to produce knowledge, share experiences and best practices and develop a common
understanding. In this context, the Financial Cooperation Working Group prepares analytical
reports on Islamic finance industry.
The 9th Meeting of the Working Group will be held in October, 2017 in Ankara with the theme
of “Diversification of Islamic Financial Instruments”. The main objective of the report is to
analyze existing Islamic financial products and services used at national and global level and to
suggest policy recommendations on diversification of Islamic financial instruments. Ten
countries including one non-OIC country analyzed as case studies.
The 10th Meeting of the Working Group with theme of the “Role of Sukuk in Islamic Capital
Markets” will be held in March, 2018 in Ankara. The main objective of this study is to provide
an analysis on theoretical and legal nature of sukuk, operational aspects of sukuk and the role
of sukuk for capital market development. The study will provide comprehensive assessment
of sukuk structures, issuances and investment. Five member countries and 1 non-OIC country
will be studied as case country within the scope of the study.
Furthermore, during the period 2018-2020 the financial cooperation working group will
elaborate different aspects of the Islamic Finance.