8 / 94
ii
TABLE of CONTENTS
PREFACE................................................................................................................................................................i LIST OF FIGURES ............................................................................................................................................. iii LIST OF TABLES ............................................................................................................................................... iv ABBREVIATIONS ...............................................................................................................................................v INTRODUCTION .................................................................................................................................................1 1. RECENT ECONOMIC AND FINANCIAL DEVELOPMENTS ..................................................................3 2. FINANCIAL OUTLOOK OF THE OIC MEMBER COUNTRIES .................................................................. 12 2.1 Financial Depth......................................................................................................................................................15 2.2 Financial Access.....................................................................................................................................................20 2.3 Financial Efficiency ..............................................................................................................................................23 2.4 Financial Stability .................................................................................................................................................26 3. ISLAMIC FINANCE ......................................................................................................................................29 3.1 Concept and the Brief Modern History of Islamic Finance....................................................................30 3.2 Islamic Finance Outlook.....................................................................................................................................31 3.3 Islamic Banking .....................................................................................................................................................33 3.4 Capital Market Sector..........................................................................................................................................34 3.5 Takaful ......................................................................................................................................................................38 4. FINANCIAL COOPERATION UNDER THE COMCEC .................................................................................. 39 4.1 COMCEC Strategy: Financial Cooperation....................................................................................................39 4.1.1 Regulatory and Supervisiory Cooperation.......................................................................................................39 4.1.2 Capital Flows ..................................................................................................................................................................40 4.1.3 Visibility of Financial Markets................................................................................................................................40 4.1.4 Training, R&D Activities And Statistics..............................................................................................................40 4.2 Implementation of the Strategy ......................................................................................................................41 4.2.1 COMCEC Financial Cooperation Working Group ..........................................................................................41 4.2.2 COMCEC Project Funding Mechanism................................................................................................................42 4.3 On-Going Activities Under the Comcec .........................................................................................................43 4.3.1 OIC Member States Stock Exchanges Forum...................................................................................................43 4.3.2 COMCEC Capital Markets Regulators Forum ..................................................................................................43 4.3.3 Cooperation Among the Central Banksand Monetary Authorities.......................................................44 APPENDIX .........................................................................................................................................................45 REFERENCES ....................................................................................................................................................63