OIC Member States Urged to Boost Digital, Economic Coop. for Islamic Financial Growth
He made the statements at the 40th session of the Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC) in Istanbul, Bernama reported on Monday.
Representing the Asian Group of OIC nations, Fahmi highlighted the potential for OIC countries to drive significant economic progress, given their natural resources, skilled human capital, and a vast market across four continents. “The OIC member states possess unparalleled potential for robust economic growth,” he said.
Fahmi underscored the importance of digital transformation within the OIC, particularly in payment systems, to ensure they meet the diverse needs of the global Muslim population while adhering to Shariah-compliant standards.
“To stay competitive in today’s global economy, we must seize the potential of digitalisation and innovation to drive connectivity and economic inclusion,” he emphasized, commending the policy recommendations by the COMCEC Coordination Office on the theme of digital payment system transformation.
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Turning to Malaysia’s economic ties within the OIC, Fahmi noted that trade with member states reached $67.17 billion in 2023 and continues to grow in 2024.
He reaffirmed Malaysia’s support for achieving the OIC’s goal of increasing intra-OIC trade to 25 percent by 2025. “We firmly believe that the full implementation of the Trade Preferential System of the OIC (TPS-OIC), coupled with the resilience of the OIC member countries’ economies, will make it possible to meet the target,” he said.
Fahmi invited all OIC nations to participate in Malaysia’s upcoming halal trade showcase, MIHAS@Dubai, to promote intra-OIC trade in halal products.
Source: Agencies
