Within the framework of the SESRIC project titled “Strengthening Financial Literacy and Promoting Islamic Finance in the OIC Member Countries”, which is funded by the Standing Committee for Economic and Commercial Cooperation of the Organisation of the Islamic Cooperation (COMCEC) under the 9^th Call for Project Proposals of COMCEC Project Funding, the Centre, in collaboration with the Central Bank of the Republic of Türkiye, organised a Workshop on “Best Practices on Promoting Financial Literacy and Islamic Finance in the OIC Member Countries” on 25-26 September 2022 on the sidelines of the OIC-COMCEC Central Banks Forum in Istanbul, Türkiye.

The workshop consisted of comprehensive presentations delivered by competent high-level experts and guest speakers from Central Banks and Monetary Authorities in the OIC Member Countries, as well as prominent academicians working in the relevant fields. The sessions covered ways and means of promoting financial literacy and integrating financial technology (FINTECH) into Islamic finance towards achieving more inclusive financial systems. The workshop also provided an opportunity to share the best practices and the efforts exerted in this domain in the OIC region.

The workshop commenced with the opening remarks of Mr. Onur ÇAĞLAR, Director of Training and Technical Cooperation Department at SESRIC, who briefed the meeting on the previous activities organised within the framework of the Project in cooperation with the project partners, namely the Central Bank of the Republic of Türkiye, Bank Indonesia and Financial Services Authority of Indonesia. Moreover, he indicated that sharing the best practices and country experiences in the identified areas, through this workshop, would unlock the potential for bilateral and multilateral cooperation towards economic prosperity in the OIC region.

In her remarks, Ms. Ita RULINA, Director of Islamic Economy and Finance Department at Bank Indonesia, stated that financial inclusion is a major step towards inclusive growth. In this case, greater public financial literacy is a prerequisite of an inclusive financial system that Bank Indonesia has accordingly developed a Sharia Economic Literacy Index in 2019. Upon its establishment, the index for Indonesia has shown improvement from time to time, she added. Furthermore, Ms. RULINA mentioned that improving financial literacy has also become an integral part of Indonesia Blueprint for the Sharia Economy and Finance, as one of the main agendas in developing the national Islamic economy and finance.

Mr. Can AYGÜL, Head of Research, Policy, and Monitoring Department at the COMCEC Coordination Office, also delivered his welcoming remarks at the opening session, stating that SESRIC’s efforts within the scope of this project will contribute to the improvement of financial systems and their inclusivity in OIC Member Countries through strengthening intra-OIC collaboration opportunities and solidarity. In addition to that purpose, this workshop will contribute to the efforts made by OIC Member Countries towards improving their awareness-raising mechanisms on Financial Literacy and Islamic Finance, he added. Mr. AYGÜL also underscored that this workshop would be an invaluable input for future projects and policy formulation endeavours.

Mr. Selman DAL, Director of International Organizations Affairs Division at the Central Bank of the Republic of Türkiye started his welcoming remarks by thanking SESRIC and project partners for their joint efforts in the success of this important project. Furthermore, Mr. Dal emphasised the valuable opportunity this workshop provided in terms of maintaining dialogue and exchanging views in these challenging times among the OIC Member Countries.

The workshop, which was also organised within the framework of SESRIC’s Central Banks Capacity Building Programme (CB-CaB), stands as a continuation of the work done through the said COMCEC funded Project’s two introductory virtual activities, namely the Training Course on “The Role of Central Banks in Increasing Financial Literacy” and Training Course on “Using Financial Technologies (FINTECH) in Islamic Finance” which were held on 05-06 September 2022 and 07-08 September 2022, respectively. A list of recommendations was also drafted and elaborated on with the participants at the end of the workshop as a takeaway from the project aiming at assisting the participating member countries in defining the way forward towards achieving sustainable outcomes for the long term.

The Central Banks Capacity Building Programme (CB-CaB) was developed and initiated by SESRIC in 2009 to strengthen institutional and human resources capacities by sharing knowledge, experiences and best practices among the Central Banks and Monetary Authorities in the OIC Member Countries. Within this framework, the Centre organises capacity-building activities for the benefit of the staff of the Central Banks and Monetary Authorities in the OIC Member Countries by using various modalities such as training courses, training workshops, and study visits. For more information on the Central Banks Capacity Building Programme (CB-CaB), please visit: https://www.sesric.org/cbp-centralbanks.php

The OIC-COMCEC Central Banks Forum brings together Governors of the Central Banks and high-level policymakers from OIC Member Countries to discuss the global and OIC economic outlook and to exchange views on the economic and financial priorities for OIC Countries within the framework of the COMCEC financial cooperation agenda. The Central Bank of the Republic of Türkiye assumes the role of Secretariat of the Forum. SESRIC attends and contributes to the Meetings of the Forum by making a relevant presentation on “The Economic and Financial Outlook of OIC Countries”, which is also in line with the themes of the Meetings identified by the Secretariat. For more information about the OIC-COMCEC Central Banks Forum, please visit: http://comceccentralbanks.org/

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