Muslim world's economic challenges focus in Istanbul

ANKARA

Business and political leaders from around the Islamic world will meet in Istanbul starting Monday to discuss and address the economic challenges their countries face.

The Standing Committee for Commercial and Economic Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC), a major economic body for Islamic countries, will have its 32nd meeting in Istanbul on Nov. 21-24, the Turkish Development Ministry said in a statement Sunday.

The meeting’s ministerial session will start on Wednesday, and Turkish President Recep Tayyip Erdogan is expected to address the opening, the statement added.

Ministers from 57 OIC member countries will discuss how to develop Islamic finance in the member countries after the opening Wednesday.

Additionally, given the importance of Islamic finance, a number of high-level panels will be held on the sidelines of the meeting on such subjects as the essentials of Islamic finance and using Islamic finance in financing infrastructure, with the participation of high-level representatives from member countries and OIC institutions as well as other international organizations, NGOs, think-tanks, private sector organizations, and academia, the statement added.

Borsa Istanbul, Turkey's main stock exchange, will make a presentation for the establishment of the COMCEC Gold Exchange at the meeting.

COMCEC, which aims to become a policy dialogue platform for producing and disseminating knowledge, sharing experience and best practices, developing a common understanding, and approximating policies among member countries, was established in Mecca in 1981.

Describing itself as “the main multilateral economic and commercial cooperation platform of the Islamic world,” COMCEC convenes annually at the ministerial level in Istanbul under the chairmanship of Turkey’s president "to address the common problems of the Muslim world.”

The OIC’s 57 member states are also members of COMCEC, and there are also five countries with observer status.

Turkey's Development Ministry coordinates COMCEC’s activities in Turkey.