COMCEC Financial Outlook 2018
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3.2 Implementation of the Strategy
In line with its objectives and expected outcomes, the COMCEC Strategy brings well-identified
operational instruments, i.e. the Working Groups and the COMCEC Project Funding Mechanism.
3.2.1 COMCEC Financial Cooperation Working Group
The COMCEC Financial Cooperation Working Group aims to bring the relevant finance experts
from the OIC Member States regularly together and to serve as a regular platform for the
Member Country experts to discuss their common issues in finance sector and share their
knowledge, experiences and best practices, for disseminating knowledge, developing common
understanding and approximating policies among Member Countries. The Working Group has
held 12 meetings so far.
The proceedings of the abovementioned Meetings and the presentations made during these
Meetings are available on the COMCEC web page ).
In its recent meetings, the Financial Cooperation Working Group has been focusing on different
aspects of Islamic Finance, namely risk management, Islamic Finance strategies, financial
architecture, diversification of instruments, Sukuk, Islamic fund management, and
infrastructure financing through Islamic Finance. Furthermore, it will also elaborate on takaful,
Shariah governance, standardization, Entrepreneurs and SMEs financing and Islamic Micro
finance in its future Meetings.
3.2.2 COMCEC Project Funding Mechanism
The COMCEC Project Funding is one of the important instruments for the implementation of the
COMCEC Strategy. Through the Project Funding Mechanism, the CCO provides grants to the
selected projects proposed by the relevant OIC institutions and Member States that have already
registered with the Financial Cooperation Working Group.
In 2019, within the framework of the 6th project call under the COMCEC Project Funding, three
projects have been selected for funding in financial cooperation area.
The first project is being implemented by Mozambique and titled “Capacity Building on Islamic
Finance in Mozambique, Gambia and Nigeria”. Project partners for this project are the Gambia
and Nigeria. The project aims at increasing the capacities of professionals working in the
financial sector by providing them necessary literacy and qualification to develop a solid
regulatory framework for the licensing and supervision of interest-free bank including Islamic
financial services.
The second financial cooperation project titled “Islamic Liquidity Management Instruments for
Sustainable Development of Islamic Financial Institutions” is being implemented by Nigeria with
the participation of the Gambia and Malaysia. The project purpose is developing the capacity of
Islamic banks and financial regulators towards effective liquidity management and monetary
operations frameworks through the development of Sharia Compliant HQLA (high-quality liquid
assets).
The last financial cooperation project titled “Assessment of COMCEC Real Estate Securities
Markets and Regulatory Landscapes for Strengthening Capital Markets” is being implemented
by Turkey with the partnership of Kuwait, Malaysia, Iran, Palestine, Azerbaijan, Saudi Arabia,
Tunisia, Gabon, Djibouti and Senegal. The project aims at searching for the possibility of