Islamic Finance with its growing importance in the global financial system, continues to grab attention of both Muslim and non-Muslim countries with its own features. Islamic financial products and services opens up new prospects for countries and businesses because of the opportunities it offers for all financial and non-financial sectors.
Taking into account the Islamic Finance as the fast-growing niche of financial markets and the advanced state of some COMCEC Member States' markets in terms of Islamic finance, Task force for Islamic Finance will serve as a proper platform that member states may harness their respective know-how and experiences about interest free financial instruments.
Following issues will be considered by the delegates on the forthcoming 26-27 September 2012 Forum meeting.
- Chair/co chair for the Task Force
- Member authorities
- Contributor/recipient members
- Working procedures
I. Determining Currrent State of Status for Islamic Finance of Comcec Member States
- Survey Preparation, coordination and filling out the survey,
- Need analysis for cooperation,
- Country specific issues
II. Possible Co-operation Proposals
- Concept and contracts in Islamic finance
- Infrastructures and Legal Aspects of Islamic Asset Securitisation
- Approaches on Accounting and Auditing of Islamic Finance
- Prudential issues related to Islamic capital market products
- Minimum Disclosure requirements on Islamic Financial Instruments
- Understanding Liquidity Issues in Islamic Finance
- Liquidity Management in Islamic Finance
- Regulatory Harmonisation, and reviewing the country legislations under shariah frames
- Cross-border Linkages in Islamic Finance and Country presentations
- New perspectives on Islamic Microfinance
- Regulatory and capital adequacy implications
- Enhancing improvement on Financial Infrastructure of Islamic Finance
III. Strategies and Policy Recommendations for Development of Islamic Finance of COMCEC Member States.
- With reference to the output in the above I. and II. titles drafting a report on strategies and policy recommendations regarding market development.