The Meeting of the Central Banks and Monetary Authorities of the OIC Member Countries- 2011 has been organized by SESRIC, in collaboration with the Central Bank of Malaysia (Bank Negara Malaysia) and held in Kuala Lumpur, Malaysia on 16th November 2011 under the theme “Central Banking and Financial Sector Development”.

The Meeting has been preceded by an Experts Group Workshop on 14th November, where experts from central banks in OIC and non-OIC countries discussed and exchanged their views and experiences on issues related to the role of central banks in financial sector development and economic growth in emerging economies and strategies towards fulfilling their mandates.

Prior to the Meeting of the Central Banks and Monetary Authorities of the OIC Member Countries, also, the Fifth Annual Islamic Financial Intelligence Summit has been held on 15 November 2011. The Summit, hosted by the Bank Negara Malaysia and organized by the Banker Magazine and Financial Times Business, provided a platform for private sector players to discuss the latest developments and opportunities in the global Islamic finance space. The Summit brought together some 300 invited guests from both the advanced and emerging economies, including senior members of the financial and corporate community and senior central bankers.

At the end of the Meeting of the Central Banks and Monetary Authorities of the OIC Member Countries, the Governors of the Central Banks of the participated member countries adopted a Final Communiqué in which they expressed that Central Banks in collaboration with the relevant Government agencies should play a critical role in facilitating a nation’s developmental agenda towards achieving sustainable and non- inflationary economic growth and highlighted the importance of Islamic finance in this context. The Governors affirmed their commitment to enhance technical cooperation among their institutions, and their support for SESRIC’s initiatives in this respect, including the Capacity Building Programme for Central Banks of OIC Member Countries.

The Governors also listened to the SESRIC’s presentation on the follow-up actions which have been taken since the 2010 Meeting.

The Meeting of the Central Banks and Monetary Authorities of the OIC Member Countries – 2012 will be hosted by the Central Bank of the Republic of Turkey.

Programmes

• 2nd OIC Experts’ Group Workshop (14 November)
• The Fifth Islamic Financial Intelligence Summit (15 November)
• Meeting of Central Banks and Monetary Authorities of OIC Member Countries – 2011 (16 November)

Documents

• Final Communiqué (English) (Arabic) (French)

Speeches

• Dr. Savaş Alpay, Director General, SESRIC
• Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia
• Martin Redrado, Professor of International Economics, Catholic University of Argentina

Presentations

• "Follow-up Since the Last Year’s Meeting on 27 September 2010" by SESRIC
• "Finance, Stability And Growth" by Yılmaz Akyüz, Chief Economist, South Centre, Geneva
• "Central Banking and Financial Sector Development" by Tugrul Gürgür, Deputy Executive Director, Central Bank of the Republic of Turkey
• "Central Banks and the Development Agenda – The CBN Experience" by Sadiq Usman, Central Bank of Nigeria
• "Financial Development and Financial Stability: Indonesia Experience" by Sukarela Batunanggar, Senior Advisor, Bank Indonesia
• "Financial Development and Economic Growth: What we know and What we can do about it?" by Professor Kabir Hassan, University of New Orleans, USA

Papers

• “The Global Financial Crisis and Islamic Finance” by M. Kabir Hassan, University of New Orleans, USA and Rasem Kayed, Arab-American University, Palestine
• “The Global Financial Crisis, Risk Management and Social Justice in Islamic Finance” by M. Kabir Hassan, University of New Orleans, USA and Rasem Kayed, Arab-American University, Palestine
• “Financial Development and Economic Growth in the Organization of Islamic Conference Countries” by M. Kabir Hassan, University of New Orleans, USA, Benito Sanchez , Kean University, USA and Jung-Suk Yu, Dankook University, South Korea
• “Financial Development and Economic Growth: New Evidence from Panel Data” by M. Kabir Hassan, University of New Orleans, USA, Benito Sanchez, Kean University, USA and Jung-Suk Yu, Dankook University, South Korea
• “Capital Flows to Developing Countries in a Historical Perspective: Will the Current Boom End with a Bust?” by Yılmaz Akyüz, Chief Economist, South Centre, Geneva
• "Managing Financial Instability in Emerging Markets: A Keynesian Perspective" by Yılmaz Akyüz, Chief Economist, South Centre, Geneva
• "Central Banking in the 21st Century: Implications of Economic and Financial Globalization" by Martin Redrado, Professor of International Economics, Catholic University of Argentina

Photos