SESRIC participated in the 24^th Meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) Financial Cooperation Working Group, held on 17-18 September 2025 in Ankara, Republic of Türkiye. The meeting focused on the theme “Promoting Sustainable and Environmentally Friendly Islamic Financial Instruments to Combat the Adverse Effects of Climate Change and Natural Disasters in the OIC Member Countries.”

The meeting brought together representatives from OIC countries, relevant institutions, and experts to explore avenues for enhancing financial cooperation across the region. The programme opened with introductory remarks and a presentation on recent developments in financial sectors within the OIC, setting the stage for technical discussions.

Participants engaged with a research report prepared for the meeting, which examined the role of green finance—particularly green Islamic finance—in addressing climate change and natural disasters across OIC countries. The report provided a global overview of green finance initiatives, followed by an in-depth analysis of how Islamic financial instruments such as sukuk and waqf can be leveraged to support climate resilience and sustainable development. It emphasized the need for enabling regulatory frameworks, capacity building, and cross-border collaboration to scale up green financial solutions.

The research report included case studies from Indonesia, Qatar, Nigeria, Azerbaijan, and the United Kingdom. These examples, drawn from documented national experiences, highlighted approaches such as Green Sukuk, ESG integration, and regulatory reforms. They served as reference points during the meeting and supported the development of policy recommendations.

During the meeting, representatives from Saudi Arabia, Türkiye, the International Finance Corporation (WB-IFC), and Albaraka Türk shared their institutional experiences. Saudi Arabia and Türkiye presented national efforts related to the establishment of Islamic green finance frameworks and the implementation of relevant tools. The WB-IFC provided insights into global practices supporting green finance development, while Albaraka Türk highlighted private sector contributions in advancing Islamic finance aligned with environmental objectives.

The meeting concluded with a policy debate session aimed at finalizing a set of recommendations for submission to the 41^st COMCEC Ministerial Session. Delegates reviewed and refined the draft proposals based on feedback from participating Member Countries. The endorsed recommendations focused on strengthening financial literacy and consumer protection mechanisms, supporting the development of green finance—particularly green Islamic finance—and improving regulatory frameworks to facilitate sustainable financial practices across the OIC region.

The Financial Cooperation Working Group is an important part of the COMCEC Strategy. It helps members share information, align their financial policies, and work together on technical projects to achieve common financial development objectives.

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