KUALA LUMPUR, Oct 11 -- Malaysia could take greater leadership in the Standing Committee for Economic and Commercial Cooperation (COMCEC) leveraging on the COMCEC Project Funding (CPF).

In the Economic Outlook 2020 report released by the Ministry of Finance, it said this could be further intensified towards bridging the development gap of the Organisation of Islamic Cooperation (OIC) member countries.

"Likewise, through the strengthening of these relations, Malaysia can acquire support to elicit cooperation in other multilateral platforms," said the report. 

The report said besides Malaysia being a leader in providing knowledge on Islamic finance to other OIC member countries, the focus should also be given to in-depth research projects that could potentially bring benefits to domestic financial sector developments.

Apart from that, it said local companies could also bid to undertake COMCEC projects as consultants for specific studies that aim to support the development of the six areas of cooperation. 

"For example, in financial cooperation, the International Shariah Research Academy for Islamic Finance (ISRA) and RAM Rating Services Bhd have jointly undertaken research projects on the Sukuk market and Islamic fund industry commissioned by COMCEC to be presented to member countries.

 "These studies identified issues and challenges in the Sukuk market and Islamic fund industry, and provided recommendations to elevate growth in these financial segment," said the report.   

It added that the combination of and the interplay between sustainability and financial technology could well contribute towards a new age of Islamic finance and to this effect, digital technology could facilitate more inclusive investment solutions, thus achieve a positive impact on social and environmental aspects.   

The COMCEC is one of four standing committees of the OIC, which seeks to mobilise the institutional and human capacity of member countries through CPF, a financing mechanism introduced by the COMCEC Coordination Office in 2013. 

During 2014-2018, CPF partially funded 70 training programmes, 35 workshops, 45 study visits, one international conference, and 10 research reports, while for the 2019 implementation period, 24 projects were approved for financing.

For 2020, COMCEC is expected to receive 50 project applications from the project owners and partners alike. 

COMCEC, which was established in 1981 and became operational in 1984, oversees and coordinates all OIC economic activities. 

With 57 member countries and five observer states, COMCEC's vision is to build a prosperous Islamic Ummah, based on solidarity and interdependence, enhanced mobility and good governance. 

In line with its vision, COMCEC's mission is to provide a forum for producing and disseminating knowledge as well as sharing experiences and best practices. 

-- BERNAMA