SESRIC and Bank Negara Malaysia (BNM) organised the First Interim Meeting of the Working Group on Liquidity Management in Islamic Finance. The Meeting was held on 20 December 2012 in Kuala Lumpur, Malaysia, under the hospitality of BNM. A total of 8 representatives from 5 central banks and monetary authorities of Organisation of Islamic Cooperation (OIC) member countries, and SESRIC, attended the Meeting. SESRIC was represented in the Meeting by Mr. Nadi Serhan Aydin, Centre’s Researcher.
The First Interim Meeting aimed to draw a roadmap for the Working Group in the preparation of the Technical Background Report on Islamic Liquidity Management, as requested by the 2012 Meeting of the Central Banks and Monetary Authorities of OIC Member Countries which was held on 14-15 May 2012 in Istanbul, Turkey. The Interim Meeting featured presentations by the representatives of both international organisations such as Islamic Financial Services Board (IFSB) and Working Group member central banks and monetary authorities on the existing initiatives in the area of Islamic liquidity management.
The 2012 Meeting of the Central Banks and Monetary Authorities of OIC Member Countries resolved to establish three working groups, namely the Working Groups on Liquidity Management in Islamic Finance, Macro-Prudential Regulations, and Payment Systems, to prepare Technical Background Reports for the 2013 annual meeting to be held in Riyadh, Saudi Arabia, under the hospitality of the Saudi Arabian Monetary Agency (SAMA).
The Working Group on Liquidity Management in Islamic Finance is comprised of the central banks and monetary authorities from seven member countries of the OIC, namely Malaysia, as the Chair of the Working Group, in addition to Turkey, Uganda, Brunei Darussalam, Saudi Arabia, Mauritania, and Turkish Republic of Northern Cyprus.
Since 2009, SESRIC assumes the role of Coordinator and Secretariat for the Annual Meetings of the Central Banks and Monetary Authorities of OIC Member Countries. The Centre also oversees the activities of the three working groups which were established pursuant to the Final Report of the 2012 Annual Meeting.