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The first working committee meeting of OIC member states' stock exchanges forum was held May 6, 2009 in Esteghlal Hotel, Tehran.
The representatives of the Exchanges, regulators and financial institutes from Malaysia, Turkey, UAE, Oman, Pakistan, Bangladesh and Iran attended the event to discuss over the feasibility of establishing a common securities exchange and its pre-requisites.
The working committee includes four task forces, whose coordinators presented their activity reports on the following issues in the meeting:- Studying the Feasibility of Establishing an Islamic Securities Exchange (by Tehran SE)
- Customized Indices, ETFs, and Islamic Depository Receipts (by Istanbul SE)
- Post-Trade Services (by Takasbank of Turkey)
- Promotion of Awareness and Education of Investors about Islamic Capital Markets (by Bursa Malaysia)
Dr. Abdul Aziz Mohammed Zahir Al Hinai, Vice President (Finance) of Islamic Development Bank also attended the event, as the guest speaker to elaborate on the Bank’s activities for financing companies through Islamic capital markets instruments.
The working committee assembly was approved to be held in Tehran during the second meeting of OIC member states' stock exchanges forum, last October in Istanbul. The results of the meeting in Tehran will be provided to the next forum's meeting, fall 2009 in Istanbul, Turkey for all members' approval.
The idea of promoting investments among the OIC member countries goes back to 1970's when the Fifth Islamic Conference of Foreign Ministers (ICFM) (Kuala Lumpur, 21-25 June1974) recommended the establishment of a) joint ventures and b) investment by individual Muslim countries in other Muslim countries, the relaxation of controls on the movement of investment capital, and conclusion of agreements on the avoidance of double taxation, guarantees for remittances of such investment and adequate safeguard for all investments.
