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Financial Outlook of the Oic Member Countries 2016

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Financial Outlook of the Oic Member Countries 2016 FINANCIAL OUTLOOK OF THE OIC MEMBER COUNTRIES 2016 COMCEC COORDINATION OFFICE October 2016 FINANCIAL OUTLOOK OF THE OIC MEMBER COUNTRIES 2016 COMCEC COORDINATION OFFICE October 2016 For further information please contact: COMCEC Coordination Office Necatibey Caddesi No: 110/A 06100 Yücetepe Ankara/TURKEY Phone: 90 312 294 57 10 Fax: 90 312 294 57 77 Web: www.comcec.org PREFACE The Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) Financial Outlook is a contribution of the COMCEC Coordination Office to enrich the discussions during the Finance Working Group Meetings being held twice a year. Finance Working Group is established as part of the implementation of the COMCEC Strategy. For developing a common language/understanding, and approximating policies in financial cooperation to address and find solutions to the financial challenges of the OIC Member Countries, the COMCEC Strategy envisages Financial Cooperation Working Group as one of the implementation instruments of the Strategy. In this respect, Finance Working Group Meetings aim to provide a regular platform for the member countries’ experts to elaborate thoroughly financial cooperation issues and share their best practices and experiences. COMCEC Financial Outlook 2015 is prepared by Alper BAKDUR (Chapters 1, 2 and 3) and Okan POLAT (Chapters 4 and 5), with the objective of presenting a general outlook of the financial system of the OIC Member States, highlighting the potential areas for cooperation in this sector and as well as evaluating the recent developments in the global financial structure. Views and opinions expressed in the report are solely those of the author(s) and do not represent the official views of the COMCEC Coordination Office or the Member States of the Organization of Islamic Cooperation. Excerpts from the report can be made as long as references are provided. All intellectual and industrial property rights for the report belong to the COMCEC Coordination Office. This report is for individual use and it shall not be used for commercial purposes. Except for purposes of individual use, this report shall not be reproduced in any form or by any means, electronic or mechanical, including printing, photocopying, CD recording, or by any physical or electronic reproduction system, or translated and provided to the access of any subscriber through electronic means for commercial purposes without the permission of the COMCEC Coordination Office. I Table of Contents PREFACE ............................................................................................................................................................. I BOXES ............................................................................................................................................................... III FIGURES ........................................................................................................................................................... III TABLES ............................................................................................................................................................ IV ABBREVIATIONS ........................................................................................................................................... V INTRODUCTION .............................................................................................................................................. 1 1 BANKING ..................................................................................................................................................... 2 2 CAPITAL MARKETS .............................................................................................................................. 11 3 CHARACTERIZATION AND FUNCTIONING OF FINANCIAL SYSTEMS ................................... 14 3.1 FINANCIAL ACCESS ............................................................................................................................................. 16 3.2 FINANCIAL DEPTH .............................................................................................................................................. 18 3.3 FINANCIAL EFFICIENCY...................................................................................................................................... 20 3.4 FINANCIAL STABILITY ........................................................................................................................................ 22 4 ISLAMIC FINANCE .................................................................................................................................. 24 4.1 TOTAL ASSETS OF THE INDUSTRY .................................................................................................................... 26 4.2 PARTICIPATION BANKING SECTOR ................................................................................................................... 28 4.3 ISLAMIC CAPITAL MARKET SECTOR ................................................................................................................. 29 4.4 TAKAFUL SECTOR ............................................................................................................................................... 33 5 FINANCIAL COOPERATION UNDER THE COMCEC ...................................................................... 34 5.1 THE COMCEC STRATEGY: FINANCIAL COOPERATION .................................................................................. 34 5.1.1 Regulatory and Supervisory Cooperation ................................................................................. 34 5.1.2 Capital Flows ......................................................................................................................................... 34 5.1.3 Visibility of Financial Markets........................................................................................................ 35 5.1.4 Training, R&D Activities and Statistics ....................................................................................... 35 5.2 IMPLEMENTATION OF THE STRATEGY ............................................................................................................. 35 5.2.1 COMCEC Financial Cooperation Working Group ................................................................... 35 5.2.2 Project Cycle Management (PCM) ................................................................................................ 36 5.3 ON-GOING ACTIVITIES UNDER THE COMCEC ................................................................................................ 37 5.3.1 OIC Member States Stock Exchanges Forum ........................................................................... 37 5.3.2 COMCEC Capital Markets Regulators Forum ........................................................................... 38 5.3.3 Cooperation among the Central Banks and Monetary Authorities ................................ 38 APPENDIX I ................................................................................................................................................... 40 APPENDIX II .................................................................................................................................................. 62 REFERENCES ................................................................................................................................................. 78 II BOXES Box 1. Herfindahl Hirschmann Index ..................................................................................................................... 7 Box 2. Draft Policy Recommendations to be submitted to the Exchange of Views Session of 32nd COMCEC Session ................................................................................................................................................ 24 Box 3. Islamic Finance Country Index- IFCI ....................................................................................................... 27 FIGURES Figure 1: Total Assets in 2014 (in millions USD) .............................................................................................. 5 Figure 2: Herfindahl-Hirschman Index of Total Assets in 2014 ................................................................. 6 Figure 3: Net Loans over Total Assets in 2014 (%) .......................................................................................... 8 Figure 4: Return on Average Assets in 2014 (%) .............................................................................................. 8 Figure 5: Impaired Loans over Gross Loans in 2014 ....................................................................................... 9 Figure 6: Number of Listed Companies as of 2014 ......................................................................................... 12 Figure 7: Market Capitalization as of 2014 (billions USD) .......................................................................... 12 Figure 8: Market Capitalization over GDP as of 2014 (%) .......................................................................... 13 Figure 9: Bank Accounts per 1,000 Adults ......................................................................................................... 16 Figure 10: Bank Branches per 100,000 Adults................................................................................................. 17 Figure 11: Account at a formal financial institution
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