Financial Outlook of the OIC Member Countries 2016
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5.1.3 Visibility of Financial Markets
Financial visibility is vital for attracting more FDI and capital flows, and also for the deepening
of the market. With this view, COMCEC will help to enhance the visibility of financial markets
in the member countries. Regarding the Visibility of Financial Markets, the expected outcomes
introduced by the Strategy are given below:
 Enhanced awareness on Islamic financial markets,
 Increased issuance and listing of securities,
 Attracted foreign investment.
5.1.4 Training, R&D Activities and Statistics
The lack of sound statistical capacity and lack of diversified products due to limited R&D
activities are main challenges of OIC Member States. In this framework, COMCEC attaches great
importance to training and R&D activities to improve human capital for a sustainable growth
and economy. COMCEC also assists OIC Member States in monitoring their financial markets
and financial institutions to ensure their efficiency and stability. The expected outcomes of the
Strategy concerning this Output Area are:
 Enhanced diversification and variety of financial products,
 Developed platforms for payment and settlement systems and post trade services,
 Developed human resources and increased financial literacy,
 Reliable and consistent financial system database and creation of indicators of
financially sound systems,
 Enhanced monitoring of financial institutions and markets.
5.2 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 Cycle Management
(PCM).
5.2.1 COMCEC Financial Cooperation Working Group
The COMCEC Financial Cooperation Working Group intends 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 6 meetings so far.
The First Financial Cooperation Working Group Meeting was held on December 12th, 2013, in
Ankara with the theme of “Enhancing Capital flows in the OIC Member States”. The Second
Meeting of the COMCEC Financial Cooperation Working Group was held on March 27th, 2014,
in Ankara with the theme of “Enhancing Financial Inclusion in the Member States”. The third
Meeting was held on October 16th, 2014, in Ankara with the theme of “Risk Management in
Islamic Financial Instruments”. The Fourth Meeting of the COMCEC Financial Cooperation
Working Group was held on March 19th, 2015, in Ankara with the theme of “Improving
Banking Supervisory Mechanisms in the OIC Member Countries”.