OREANDA-NEWS. October 01, 2010. As a follow-up to last their year's decision to meet annually, the governors of the central banks and monetary authorities of the OIC member states met in Istanbul, Turkey, under the theme "Payments systems and capacity building in OIC member states".

The meeting which was convened by the Central Bank of Turkey and co-organized with SESRIC was officially opened by Durmus Yilmaz, Governor of the Central Bank of the Republic of Turkey.

About 20 honorable governors of central banks and monetary authorities representing their countries, as well as Organization of Islamic Conference (OIC) institutions attended the meeting.

Prof. Ekmeleddin Ihsanoglu, OIC Secretary General, in his message delivered on his behalf by Cheikh Oumar T. Sow, Director General of the Economic Affairs Department, urged the governors to foster and expand Islamic banking and financial instruments within the OIC member states and worldwide, in order to promote the general welfare and collective prosperity of the Ummah.

The governors addressed the issues of payments systems both within the Islamic Ummah and worldwide, as well as provided strategic guidance on capacity building efforts for the financial systems of the OIC member states.

The meeting finally embarked on crafting a road-map for the next sessions of the meetings of the central banks and monetary authorities.

This gathering was preceded by an experts group meeting on 26 September in Istanbul. Experts from member states debates and made recommendations on alternative options to cross-border payments and settlement systems among OIC member states, including oversight, risks and financial stability.

Experts also dwelt on capacity building initiatives towards exploring technical assistance, partnership, training and joint projects opportunities in the Islamic world.