Task Force for Islamic Finance

CONCEPT

        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.

MANDATE

        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.​