11th Meeting of the OIC Member States Stock Exchanges’ Forum was held on October 31, 2017 at Le Meridien Hotel, Istanbul with the participation of Member representatives and distinguished speakers. The annual meetings of the Forum have been organized by Borsa İstanbul since 2005 to foster cooperation among the exchanges of the Organization of the Islamic Conference (OIC) Member States.
During the 11th Meeting of the Forum, which is a closed meeting for senior executives of the participating institutions, presentations were delivered by AAOIFI Secretary General Hamed Merah, IIFM Chief Executive Officer Ijlal Ahmed Alvi, Director of IDB Country Gateway Office in Turkey Saleh Jelassi, Head of Islamic Finance at the World Bank (GIFDC) Abayomi Alawode and Nasdaq Product Manager on Blockchain Johan Toll.
During his opening remarks, Selçuk KOÇ, Director of COMCEC Cooperation Office said: “We attach particular importance to the efforts of this Forum for the promotion of Islamic finance in the Member States. The Forum also has a particular importance for the realization of the COMCEC projects in finance domain and for accomplishing COMCEC Financial Cooperation Working Group Recommendations.”
In his opening remarks, Borsa İstanbul Chairman Himmet Karadağ said: “As the management of Borsa İstanbul, we have always been committed to promoting Islamic finance and we believe that the Forum is a precious channel for reaching out to and collaborating with other stakeholders of Islamic finance.”
Murat Çetinkaya, CEO and Board Member of Borsa İstanbul also delivered a welcoming speech in the afternoon session, where he said: “Without question, exchange of ideas is highly valuable; yet, tangible results are what will take us forward. That is why we should work on Forum decisions decisively and turn policy recommendations into action.”
Workshops on Gold Trading and Shariah Index held by the Task Forces of the OIC Member States’ Stock Exchanges Forum
This year, as the Coordinator of the Forum, Borsa İstanbul hosted two adjacent workshops on October 30, 2017—the day before the 11th Meeting of the Forum. The Workshops provided a platform for the delegations of the Member institutions to discuss and elaborate on the topics of gold trading, Shariah Index and Index-based products among OIC Member States. The report of the Workshops with policy recommendations, their rationale, and the draft decisions were presented to the Members on the following day.
Borsa İstanbul and AAOIFI sign a membership agreement
Borsa İstanbul and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed a membership agreement. The official signing ceremony took place on the sideline of Workshops of the Task Forces held on October 30, 2017. The agreement was signed by Borsa İstanbul Chairman, Himmet Karadağ and AAOIFI Secretary General Dr. Hamed Merah. Justice and Development Party Manisa Parliamentarian Recai Berber and Borsa İstanbul CEO and Board Member Murat Çetinkaya also participated in the ceremony. Borsa İstanbul’s AAOIFI membership will be the basis for bilateral collaboration between the two prominent institutions that strive to develop Islamic capital markets.
The Organisation of Islamic Cooperation (OIC) Member States’ Stock Exchanges Forum
In order to provide a dedicated platform and communication channel for the representatives of the relevant OIC organizations and institutions, to discuss international cooperation activities, and to offer participants the opportunity to share their experiences, The Organization of Islamic Cooperation (OIC) Member States’ Stock Exchanges Forum (Forum) was initiated in 2005 following the request of the 20th Session of COMCEC in 2004. Information on Forum activies, reports and presentations can be found at the official website of the Forum( http://www.oicexchanges.org/ ).
Auditing Organization for Islamic Financial Institutions (AAOIFI)
AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 100 standards in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. It is supported by a number of institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries.
About Borsa İstanbul Exchange Group
Borsa İstanbul Exchange Group offers a fully integrated business model ranging from trading, settlement, custody and registry services for equities, derivatives, fixed income & repo, precious metals and Islamic finance products.
With historical roots going back to the Dersaadet Bonds Market in 1873, Borsa İstanbul completed its demutualization and incorporation in 2012, and achieved horizontal integration via the acquisition of the derivatives and gold exchanges in 2013. Vertical integration with Takas İstanbul (Turkish CCP) and Merkezi Kayıt İstanbul (Turkish CSD) was achieved shortly thereafter. Hence, working together as an exchange group, it provides a broad range of financial services and efficient access to the flourishing Turkish capital markets.
For further information, please visit Borsa İstanbul at http://www.borsaistanbul.com/ and follow us on Facebook (www.facebook.com/borsaistanbulEN), and Twitter (www.twitter.com/borsaistanbulEN).