ISTANBUL: The Organisation of Islamic Cooperation (OIC) member states must prioritise the sharing of best practices and foster robust collaboration among Islamic nations to develop modern, efficient and inclusive financial ecosystems, effectively phasing out outdated traditional methods. Communications Minister Fahmi Fadzil said such efforts would be crucial in strengthening digital payment systems and ensuring that they meet the diverse needs of the global Muslim community while adhering to Islamic financial principles.
According to BERNAMA News Agency, Fahmi highlighted the significant potential for development within the OIC, noting its position as the world’s second-largest intergovernmental organisation. ‘With vast natural resources, diverse human capital and a vast market spanning four continents, the OIC member states possess unparalleled potential for robust economic growth,’ he stated at the opening ceremony of the 40th session of the Standing Committee for Economic and Commercial Cooperation of the
Organisation of the Islamic Cooperation (COMCEC).
Fahmi delivered a statement on behalf of the Asian Group of OIC member states at COMCEC, joining representatives from Qatar and Gambia. This marks the first time in 40 years that a Malaysian minister has attended COMCEC, with the last being Tengku Razaleigh Hamzah in 1984.
He pointed out that Muslims now comprise about 25 per cent of the global population, forming a market with potential as a significant economic force. ‘The rising affluence of Muslims worldwide holds vast potential in international trade and investment. To stay competitive in today’s global economy, we must seize the potential of digitalisation and innovation to drive connectivity and economic inclusion,’ he emphasised.
Fahmi further explained that adopting digital technologies would enhance a country’s competitiveness and productivity, moving it up the value chain. He praised the policy recommendations by the COMCEC Coordination Office (CCO) on the theme of ‘Digital transformation of paym
ent systems in OIC member countries,’ highlighting the importance of aligning advancements with shariah-compliant principles.
Discussing Malaysia’s economic relationship with OIC member states, he noted the steady increase in total trade over the years. In 2023, Malaysia’s trade with OIC member states reached US$67.17 billion, representing 11.6 per cent of Malaysia’s global trade in goods. This positive trend continues in 2024, with a 9.1 per cent increase in total trade recorded from January to September compared to the same period in 2023.
Fahmi also expressed Malaysia’s commitment to supporting OIC member states’ goals of increasing intra-OIC trade to 25 per cent by 2025, as outlined in the OIC-2025: Programme of Action. He stressed that the implementation of the Trade Preferential System of the OIC (TPS-OIC) and the resilience of OIC economies would be pivotal in achieving this target.
He reiterated Malaysia’s dedication to participating in OIC activities and initiatives, supporting the development of
the Muslim community. Fahmi mentioned the increasing global demand for halal products as a catalyst for intra-OIC trade growth, citing the success of the 20th MIHAS in Kuala Lumpur, which recorded a trade value nearing US$1 billion.
Looking forward, he announced the inaugural MIHAS@Dubai event scheduled for November 18-20, 2024, at the Dubai World Trade Centre, inviting all OIC member states to participate.
Fahmi concluded by reaffirming Malaysia’s commitment to advancing free and fair trade and fostering growth across the OIC fraternity. He is currently on a three-day working visit to Turkiye to attend the COMCEC in Istanbul.