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Table of Contents
PREFACE.............................................................................................................................................................I BOXES...............................................................................................................................................................III FIGURES...........................................................................................................................................................III TABLES ............................................................................................................................................................ IV ABBREVIATIONS ........................................................................................................................................... V INTRODUCTION..............................................................................................................................................1 1 BANKING .....................................................................................................................................................2 2 CAPITAL MARKETS .............................................................................................................................. 11 3 CHARACTERIZATION AND FUNCTIONING OF FINANCIAL SYSTEMS................................... 14 3.1 F INANCIAL A CCESS ............................................................................................................................................. 16 3.2 F INANCIAL D EPTH .............................................................................................................................................. 18 3.3 F INANCIAL E FFICIENCY ...................................................................................................................................... 20 3.4 F INANCIAL S TABILITY ........................................................................................................................................ 22 4 ISLAMIC FINANCE.................................................................................................................................. 24 4.1 T OTAL A SSETS OF THE I NDUSTRY .................................................................................................................... 26 4.2 P ARTICIPATION B ANKING S ECTOR ................................................................................................................... 28 4.3 I SLAMIC C APITAL M ARKET S ECTOR ................................................................................................................. 29 4.4 T AKAFUL S ECTOR ............................................................................................................................................... 33 5 FINANCIAL COOPERATION UNDER THE COMCEC...................................................................... 34 5.1 T HE COMCEC S TRATEGY : F INANCIAL C OOPERATION .................................................................................. 34 5.1.1 Regulatory and Supervisory Cooperation.................................................................................34 5.1.2 Capital Flows .........................................................................................................................................34 5.1.3 Visibility of Financial Markets........................................................................................................35 5.1.4 Training, R&D Activities and Statistics.......................................................................................35 5.2 I MPLEMENTATION OF T HE S TRATEGY ............................................................................................................. 35 5.2.1 COMCEC Financial Cooperation Working Group ...................................................................35 5.2.2 Project Cycle Management (PCM) ................................................................................................36 5.3 O N -G OING A CTIVITIES UNDER THE COMCEC................................................................................................ 37 5.3.1 OIC Member States Stock Exchanges Forum ...........................................................................37 5.3.2 COMCEC Capital Markets Regulators Forum...........................................................................38 5.3.3 Cooperation among the Central Banks and Monetary Authorities ................................38 APPENDIX I ................................................................................................................................................... 40 APPENDIX II.................................................................................................................................................. 62 REFERENCES................................................................................................................................................. 78