GCC financial market institute proposed

Updated 15 August 2013
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GCC financial market institute proposed

The General Secretariat of GCC countries is considering a proposal submitted by the United Arab Emirates to establish a training institute specializing in financial market operations prior to the formal launch of the GCC common market.
Another proposal by Kuwait to establish an information and data center for financial markets will be reconsidered by the General Secretariat. The center will be headquartered in Kuwait.
Chairman of the organizers of financial markets committee has emphasized the importance of submitting regular reports to the secretariat on the application of unified rules concerning the listing of financial instruments, as well as suggestions for improving and developing them, according to forms prepared by the team of listing, disclosure and governance.
The proposal by the UAE suggested that the General Secretariat be included as a strategic partner while delivering services of the training institute to all organizers of the financial markets. The institute will be the foundation for the establishment of another institute which will be dedicated to development of staff specializing in the supervision of financial markets.
Sources told local media that the ministerial committee agreed to form a team comprising experts in training and studies. Members of the team will be sent to the organizers of the financial markets for selection process, and for proposing necessary mechanisms for cooperation and integration of institutions working in the financial field.
Regarding Kuwait’s proposal for the establishment of an information and data center for financial markets, the ministerial committee decided that a study needs to be conducted on best global practices in establishing such a center.


‘Saudi Arabia’s stability, security a red line for Muslim world’

The Supreme Council of the Muslim World League (MWL) holds its 43rd session in Makkah. (SPA)
Updated 54 min 31 sec ago
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‘Saudi Arabia’s stability, security a red line for Muslim world’

  • The council praised the Kingdom’s pioneering role in the Muslim world, its religious importance, its history of supporting international security and peace efforts

JEDDAH: The Supreme Council of the Muslim World League (MWL) held its 43rd session in Makkah, with senior scholars and ministers from Muslim countries in attendance.
The council expressed solidarity with the Saudi leadership and people, and condemned attempts to target the Kingdom, saying its stability and security are a red line for the Muslim world.
The council praised the Kingdom’s pioneering role in the Muslim world, its religious importance, its history of supporting international security and peace efforts, and its fight against extremism and terrorism.
The great place that the Kingdom occupies in the hearts of Muslims is founded on a sincere and firm belief in its care for Muslim sanctity, the council said, adding that targeting Saudi stability also affects international stability.
The council discussed several matters, including the Palestinian cause, developments in Syria and Yemen, the tragedy of Myanmar’s Rohingya people, the fight against extremist groups such as Al-Qaeda and Daesh, and the importance of promoting dialogue among followers of different religions and cultures.
It also discussed the well-being of Muslim minorities in non-Muslim countries, expressing regret and concern about Islamophobia, and calling for peaceful coexistence.
The council urged Muslims in these countries to fulfil their duty to educate their children, and protect them from deviant ideologies and groups that use religion as a pretext to justify terrorism and extremism.
It also urged Muslims in these countries to use legitimate channels to enjoy their just religious and cultural rights, to contribute to societal development, and to support stability and integration.
The council highlighted the MWL’s efforts and international presence in influential platforms, especially in the West.
Islamophobia is creating serious rifts in multicultural societies and damaging the social contract based on equal citizenship, the council said.
It expressed its full support for the MWL’s programs and activities that highlight the truth about Islam and its values, promote intellectual and religious awareness among Muslim minorities, and spread the values of toleration, moderation and peace.
The council reviewed the MWL’s efforts against radicalization and terrorism, including international collaborative programs, conferences, forums, statements and visits to Muslim and non-Muslim countries.
It noted the MWL’s efforts to promote dialogue among followers of different religions and cultures, including its secretary-general’s meeting with Vatican leaders, the signing of a historic cooperation agreement with the Pontifical Council for Interfaith Dialogue, and organizing an international peace conference at Oxford University.
The council agreed to establish an international center for cultural exchanges, as part of its support for the Conference on Cultural Rapprochement between the US and the Muslim World.
The council stressed the importance of building good East-West relations and launching initiatives to foster cooperation, cultural exchanges and positive values.
“Only 10 percent of our common principles are sufficient to bring peace and harmony to our world,” said MWL Secretary-General Sheikh Mohammed bin Abdul Karim Al-Issa.