Task Forces

Task Force on Indices

Agenda

The Task Force is expected to submit a report to the Forum's 2021 annual meeting which will then be approved by our members and submitted to the 37th Ministerial Session of the COMCEC.

Context

The related decisions taken at the 14th Meeting of the OIC Exchanges:

The Forum appreciates the efforts of the Task Force on Indices in initiating the process for the opening of custody accounts in relevant OIC countries for the S&P/OIC COMCEC 50 Shariah Index Fund (the Fund). The Forum mandates the Task Force to ensure the custody account opening process is concluded successfully to enable the issuance of Fund units.

With reference to the resolution of the 35th Meeting of COMCEC, the Forum mandates the Task Force on Indices, in cooperation with IsDB, to work on the promotion of S&P OIC/COMCEC Shariah 50 Index and the Fund to investors and finance community.

The Forum invites members of the Forum to find investors for the Fund and work on increasing the Fund’s assets under management. The Forum also invites IsDB to invest in the Fund and to help find other investors.

The related decision taken at the 36th COMCEC Ministerial Session:

Requests the Member States to actively support the Forum’s Task Force on Indices towards active promotion of the S&P OIC/COMCEC Shariah 50 Index and the Fund to the investors and the finance community in their respective countries by informing themdirectly or through public events and press releases as well as publishing the Index on the official websites of their Exchanges and also invites the Member States to support the Forum’s Task Force in finding investors for the Fund and increasing the Fund’s assets under management in cooperation with IDB.

Coordinator

Borsa İstanbul

Current Status

The Task Force is in progress towards achieving its goals.

S&P/OIC COMCEC 50 Shariah Index

The S&P/OIC COMCEC 50 Shariah is designed to provide investors with a Shariah-compliant benchmark that measures the performance of leading companies from the Organization of Islamic Cooperation (OIC) member states. The website for further information is eu.spindices.com/indices/equity/sp-oic-comcec-50-shariah