Turkish Tax News
Diyadin YAKUT
01 December 2016Diyadin YAKUT

COMCEC Ministerial Session convened with a focus on Islamic finance

The 32nd Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC), an intergovernmental body affiliated with the Organization of Islamic Cooperation (OIC) was held at Istanbul Congress Center from November 21 to 24, 2016 under the auspices of the President of the Republic of Turkey with the attendance of 57 member and 5 observer government delegations.

The session was carried out with the opening speech by President Recep Tayyip Erdogan in the presence of member states’ delegations which were represented at the ministerial level together with a number of other OIC institutions and international organizations.

Since one of the most important agenda items of this year’s meeting was to search ways and method and seek bilateral and multilateral cooperation to create a level playing field and favorable conditions for a meaningful level of promotion of Islamic finance whose volume has lately reached to approximately 2 trillion dollars and expected to hit a record level of 7 trillion dollars in time, the theme of this year’s Ministerial Exchange of Views Session was designated as “Developing Islamic Finance Strategies in the OIC member Countries”   during which the challenges of member countries to promote Islamic Finance in their respective countries and possible solutions for these challenges were addressed.

Added to that, the delegates, during the course of four-day long meetings, strived to address a whole host of other topics and developments pertaining to initiatives to enhance the scope of economic interaction and the volume of trade between parties in the context of a multilateral framework labelled as ‘Preferential Trade System’ and a full activation of the mentioned system was advised.

Also a number of events and activities were held on the sidelines of the meetings regarding the Islamic finance sector and related topics.

COMCEC ministerial committee was established pursuant to resolution 13/3-P (IS) adopted by the 3rd Islamic Summit Conference held in Makkah al Mukarammah and Taif in the Kingdom of Saudi Arabia in January 1981 and subsequently entrusted the tasks of following up the implementation of resolutions in the economic and trade fields, exploring possible means of strengthening cooperation among the Member States, and preparing programs and proposals capable of improving capacities in these areas.

The committee is chaired by the president of the Republic of Turkey and headquartered in Ankara.

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