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7th Meeting of the OIC Member States’ Stock Exchanges Forum and IIFM Seminar held in İstanbul

20 September 2013 - 00:08

7th meeting of the Organization of the Islamic Conference (OIC) Member States’ Stock Exchanges Forum and International Islamic Financial Market (IIFM) seminar have been held at Four Seasons Bosphorus Hotel today.

Borsa İstanbul and IIFM signed a Memorandum of Understanding (MoU).

The seventh meeting of the OIC Member States’ Stock Exchanges Forum, aimed at strengthening the cooperation between and among the securities exchanges of the Organization of the Islamic Conference (OIC) member states, has been held today. The Forum has been working under the coordination of Borsa İstanbul since 2005. The meeting was attended by Borsa İstanbul Chairman & CEO Dr. İbrahim M. Turhan, as well as the representatives of the securities exchanges and post-trade institutions of OIC member states.

The seminar entitled “Islamic Collateralized Liquidity Management Tool and Islamic Real Estate Investment Trusts”, organized in cooperation with IIFM, attracted participants from the securities exchanges and post-trade institutions of OIC member states as well as Turkish intermediary institutions and investment funds.

Borsa İstanbul Chairman & CEO Dr. İbrahim M. Turhan expressed his pleasure for hosting the 7th meeting of the OIC Member States’ Stock Exchanges Forum, and went on to say, “In the difficult period that our region is going through, this meeting, realized with the participation of the securities exchanges of the OIC members states is even more important. Today, we are holding the seventh meeting of this Forum, which brings together the member exchanges and offers us the opportunity to study issues regarding capital markets development, and exchange views on furthering our cooperation. Towards this purpose, the steps to be taken to raise awareness on interest-free financial products and develop and cross-trade common instruments are crucial. I believe that improving the interaction and cooperation among our exchanges in the long run will contribute to the development of the region’s capital markets, sustainable economic wealth, and stability. Last, but not least, I would like to congratulate those that have worked in the organization of this meeting”.

A Memorandum of Understanding Signed between Borsa İstanbul and IIFM

Borsa İstanbul Chairman and CEO Mr. İbrahim M. TURHAN remarked, “This MoU will boost the existing cooperation between the two institutions and result into concrete outcomes. We highly appreciate IIFM’s vast experience and work in developing Islamic finance. We believe our collaboration will contribute to the growth of Islamic financial products.”

About International Islamic Financial Market (IIFM)

IIFM is the international Islamic Financial Services Industry’s standard setting organization focused on the standardization of Islamic financial products, documentation and related processes at the global level. IIFM was founded with the collective efforts of the Central Bank of Bahrain, Islamic Development Bank, Monetary Authority of Brunei Darussalam, Bank Indonesia, Central Bank of Sudan and the Bank Negara Malaysia as a neutral and non-profit organization.

About the Organisation of Islamic Cooperation (OIC)

Organization of the Islamic Conference, the collective voice of the Muslim world, was established upon a decision of the historical summit which took place in Rabat, Kingdom of Morocco on in 1969. OIC has 57 members, and similar to the United Nations and the Council of Europe, it is an international legal entity. The Organization envisages cooperation of the Member States for strengthening trade, information technologies, insurance, freight, banking, investments and partnerships. OIC Member States include:

Afghanistan, Albania, Algeria, Azerbaijan, Bahrain, Bangladesh, Benin, Brunei-Darussalam, Burkina-Faso, Cameroon, Chad, Comoros, Cote D'Ivoire Djibouti, Egypt Gabon, Gambia, Guyana, Guinea, Guinea-Bissau, Indonesia, Iran, Iraq, Jordan, Kyrgyzstan, Kazakhstan, Kuwait, Lebanon, Libya, Maldives, Mali, Malaysia, Mauritania, Morocco, Mozambique, Niger, Nigeria, Oman, Pakistan, Palestine, Tajikistan, Saudi Arabia, Senegal, Sudan, Suriname, Sierra Leone, Somalia, Syria, Turkey, Turkmenistan, Togo, Tunisia, Uganda, United Arab Emirates, Uzbekistan, Qatar, Yemen. Observer members are Turkish Republic of Northern Cyprus, Bosnia and Herzegovina, Central African Republic, Kingdom of Thailand, and the Russian Federation.

About OIC Member States’ Stock Exchanges Forum:

The Organization of Islamic Cooperation (OIC) Member States’ Stock Exchanges Forum was initiated with a decision taken in line with the request made by the Twentieth Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) for launching a framework of cooperation among the OIC stock exchanges. The Forum has been coordinated by Borsa İstanbul since 2005. Forum meetings bring together the securities exchanges, central custody, settlement, and registry institutions of the OIC member states every year.