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TABLE OF CONTENTS
PREFACE........................................................................................................................................................... ii TABLE OF CONTENTS ................................................................................................................................. iii LIST OF FIGURES ...........................................................................................................................................iv LIST OF TABLES.............................................................................................................................................iv ABBREVIATIONS ............................................................................................................................................v INTRODUCTION..............................................................................................................................................1 1. FINANCIAL OUTLOOK OF THE OIC MEMBER COUNTRIES .........................................................2 1.1 Financial Depth...................................................................................................................................................5 1.2 Financial Access..................................................................................................................................................8 1.3 Financial Efficiency ........................................................................................................................................11 1.4 Financial Stability ...........................................................................................................................................14 2. ISLAMIC FINANCE.................................................................................................................................. 18 2.1 Concept and the Brief Modern History of Islamic Finance............................................................18 2.2 Islamic Finance Outlook...............................................................................................................................19 2.3 Islamic Banking................................................................................................................................................20 2.4 Capital Market Sector....................................................................................................................................21 2.5 Takaful.................................................................................................................................................................23 3. FINANCIAL COOPERATION UNDER THE COMCEC...................................................................... 24 3.1 COMCEC Strategy: Financial Cooperation ............................................................................................24 3.1.1 Regulatory and Supervisory Cooperation..................................................................................24 3.1.2 Capital Flows...........................................................................................................................................25 3.1.3 Visibility of Financial Markets.........................................................................................................25 3.1.4 Training, R&D Activities and Statistics........................................................................................25 3.2 Implementation of the Strategy................................................................................................................26 3.2.1 COMCEC Financial Cooperation Working Group ....................................................................26 3.2.2 COMCEC Project Funding Mechanism .........................................................................................26 3.3 On-Going Activities under the COMCEC ................................................................................................27 3.3.1 OIC Member States Stock Exchanges Forum ............................................................................27 3.3.2 COMCEC Capital Markets Regulators Forum ............................................................................27 3.3.3 Cooperation among the Central Banks and Monetary Authorities .................................27 ANNEX............................................................................................................................................................. 28 REFERENCES................................................................................................................................................. 30