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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 ................................................................................................................................9 1.3 Financial Efficiency....................................................................................................................... 12 1.4 Financial Stability.......................................................................................................................... 15 2. ISLAMIC FINANCE............................................................................................................................ 19 2.1 Concept and the Brief Modern History of Islamic Finance............................................. 19 2.2 Islamic Finance Outlook ............................................................................................................. 20 2.3 Islamic Banking.............................................................................................................................. 22 2.4 Capital Market Sector ............................................................................................................. 23 2.5 Takaful .............................................................................................................................................. 25 3. FINANCIAL COOPERATION UNDER THE COMCEC................................................................ 26 3.1 COMCEC Strategy: Financial Cooperation............................................................................. 26 3.1.1 R EGULATORY A ND S UPERVISORY C OOPERATION ................................................................................26 3.1.2 C APITAL F LOWS .........................................................................................................................................26 3.1.3 V ISIBILITY O F F INANCIAL M ARKETS ......................................................................................................27 3.1.4 T RAINING , R&D A CTIVITIES A ND S TATISTICS .....................................................................................27 3.2 Implementation of the Strategy ............................................................................................... 28 3.2.1 COMCEC F INANCIAL C OOPERATION W ORKING G ROUP ....................................................................28 3.2.2 COMCEC P ROJECT F UNDING M ECHANISM ...........................................................................................28 3.3 On-Going Activities under the COMCEC................................................................................. 29 3.3.1 OIC E XCHANGES F ORUM ..........................................................................................................................29 3.3.2 COMCEC C APITAL M ARKETS R EGULATORS F ORUM ..........................................................................29 3.3.3 OIC COMCEC C ENTRAL B ANKS F ORUM ...............................................................................................30 ANNEX ....................................................................................................................................................... 31 DEFINITIONS OF SELECTED FINANCIAL BENCHMARKING DATA ........................................31 REFERENCES ........................................................................................................................................... 33