Financial Outlook of the OIC Member Countries 2016
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The third project call within the scope of the COMCEC PCM was made in September 2015. The
Final List of the COMCEC-PCM was announced on January 15th, 2016. Regarding Financial
Cooperation field, Gambia’s and SESRIC’s projects titled “Towards an Improved Institutional
Framework for Islamic Finance” and “Developing Islamic Financial Industry Database of OIC
Countries” have been final-listed. Both projects are expected to be implemented and finalized
in 2016.
For the new project proposal term, CCO has already announced the fourth project call in
September 2016 to be implemented in 2017.
5.3 On-Going Activities under the COMCEC
5.3.1 OIC Member States Stock Exchanges Forum
COMCEC initiated the cooperation among Stock Exchanges of the Member States in 2005 and
"OIC Member States Stock Exchanges Forum" was established in this regard. The Forum
focuses on the harmonization of the rules and regulations governing market operations, as
well as opening communication channels for the stock exchanges of the OIC Member Countries
and relevant institutions.
The Forum provides a regular cooperation platform for the Stock Exchanges of the member
countries to share their experiences and knowledge on harmonizing the rules and regulations
governing market operations, as well as for increasing the amount of international portfolio
investments flowing to the OIC Member States.
The Forum has convened nine times till now and has achieved remarkable progress in
deepening cooperation among the Stock Exchanges of the Member States. It has completed its
work regarding the S&P OIC/COMCEC Index. The Index, launched on June 22nd 2012, in
Istanbul, was designed to measure the performance of 50 leading companies from the 19
member states of OIC, namely, Bahrain, Bangladesh, Cote D’ivoire, Egypt, Indonesia, Jordan,
Kazakhstan, Kuwait, Lebanon, Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia,
Tunisia, Turkey and the United Arab Emirates. The official launching ceremony of the Index
was held during the 28th Session of the COMCEC.
In the 31st Session of the Follow-up Committee Meeting, the Committee requested the Forum
Coordinator to conduct a study on the feasibility of a Gold Exchange among the OIC Member
States. The Forum coordinator prepared a report and presented the report at the 31st meeting
of COMCEC Ministerial Session. The Ministerial Session welcomed the report on “Gold Market
Initiative for the OIC Member Countries” prepared by the OIC Member States' Stock Exchanges
Forum and requested it to further study, through its Task Force on Precious Metals, to
accelerate the process of integration of exchanges and harmonization of regulatory
frameworks with a view to establishing a gold exchange among the OIC Member Countries and
submit a report on this issue to the 32nd Session of the COMCEC. The 32 nd Session of the
Follow-up Committee Meeting welcomed the progress achieved on “Gold Exchange Initiative
for the OIC Member Countries” and requested the OIC Member States' Stock Exchanges Forum
to further extend its work on the initiative and submit a report to the 32nd Session of the
COMCEC.
The 10th OIC Member States Stock Exchanges Forum will be held on October 27th, 2016 in
İstanbul.