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Iran calls for creation of Islamic fund

Iran has called for the creation of an Islamic fund and an increase in mutual trade among member states of the Organization of the Islamic Conference (OIC).

“During the Twenty-Sixth Session of the Standing Committee for Economic and Commercial Cooperation of the OIC (COMCEC) in Istanbul, Iran’s Minister of Economy and Financial Affairs Seyyed Shamseddin Hosseini urged the OIC members to promote Islamic economy and banking,” Iranian Deputy Finance Minister Behrouz Alishiri said Tuesday.

The 26th session of COMCEC was held in the Turkish city of Istanbul on October 5-8, 2010.

The Iranian minister also stressed on the implementation of the preferential tariff system as well as increased cooperation among OIC member states to fight money laundering and terrorism financing, Alishiri said.

Hosseini also invited the heads of OIC’s customs administrations to attend an international meeting on the Silk Road which is to be held in the Iranian capital of Tehran next week.

Secretary-General of the OIC Ekmeleddin Ihsanoglu said at the beginning of the summit that regional groupings are building blocks for a pan-Islamic economic integration.

Ihsanoglu urged OIC member states to consider supporting the numerous capacity-building programs undertaken by various OIC institutions as this will certainly pave the way for aligning national trade policies to enhance intra-OIC cooperation in the domain of trade.

The meeting also discussed the implementation of the OIC Ten Year Program of Action, which was approved at the 3rd extra-ordinary OIC summit held in Saudi Arabia’s holy city of Mecca in 2005, within the context of the on-going economic activities, programs and projects for promoting rapid socio-economic development in the OIC countries.

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