Financial Outlook of the OIC Member Countries 2016
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5.3.2 COMCEC Capital Markets Regulators Forum
In accordance with the relevant resolutions of the 25th and the 26th Sessions of the COMCEC
calling for developing a cooperation mechanism for capital markets regulatory bodies of the
Member States, the COMCEC Capital Markets Regulators Forum was established in 2011.
The Forum aims at increasing coordination and cooperation in regulatory and legal
infrastructure with a view to achieving more harmonized policies and regulations among the
OIC Member States, supporting market development and reinforcing capabilities of regulatory
authorities. The Forum has held 4 meetings so far.
In its last Meeting, the Forum proposed organizing regional programs on Islamic capital
markets, provide training and knowledge resources at the existing capital market training
institutions, also deliberated the survey focused on such as disclosure systems in place within
OIC member jurisdiction, financial instruments disclosure requirements and enhancing the
regulating and monitoring capacity of capital market regulators of the Member Countries.
In the 31st Session of the Follow-up Committee Meeting, the Committee requested the
Secretariat of the COMCEC Capital Market Regulators Forum to conduct a study on the
feasibility and the ways and means of realizing the proposal made in the statement of H.E.
Recep Tayyip ERDOĞAN, Chairman of the COMCEC, in the 30th Session of COMCEC on
establishing a Real Estate Exchange among the OIC Member Countries, and submit it to the
31st Session of the COMCEC. The Secretariat prepared a report and presented the report at the
31st meeting of COMCEC Ministerial Session. The Ministerial Session welcomed the report on
“Real Estate Securities Exchange Initiative” prepared by the COMCEC Capital Markets
Regulators Forum and requests it to further study the matter with the ultimate aim of
establishing an exchange for the trading of real estate / real estate securities for the OIC
Member Countries and submit a report on this issue to the 32nd Session of the COMCEC. The
32nd Session of the Follow-up Committee Meeting welcomed the progress on “Real Estate
Securities Exchange Initiative” and requested the COMCEC Capital Markets Regulators Forum
to further extend its work on this initiative and submit a report to the 32nd Session of the
COMCEC.
The 5th COMCEC Capital Markets Regulators Forum will be held on October 27 th, 2016 in
İstanbul.
5.3.3 Cooperation among the Central Banks and Monetary Authorities
As per the resolution of the 24th Session of the COMCEC, since 2009 the Central Banks and
Monetary Authorities of the Member Countries of the OIC have regularly convened for sharing
experiences and enhancing institutional and human capacity in this field.
The 14th meeting of the Central Banks and Monetary Authorities was held on 5-6 November
2014 in Surabaya, Indonesia. The 15th meeting was planned to be held in the Republic of
Suriname on 23-24 October 2015. Due to low participation notification, it wasn’t convened on
declared dates. The 31st Session of the COMCEC requested the Republic of Suriname to
reschedule the hosting of the 15 th Meeting of the Central Banks and Monetary Authorities of
the OIC Member States in January 2016 and also urged the Member States to actively
participate in this meeting. Because of the intense work plan of the majority of the Central