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Enhancing Intra-Trade in OIC Member Countries Through T-SDRs

Author

Listed:
  • Nabi, Mahmoud Sami

    (The Islamic Research and Teaching Institute (IRTI))

  • Abdelkafi, Rami

    (The Islamic Research and Teaching Institute (IRTI))

  • Drine, Imed

    (The Islamic Research and Teaching Institute (IRTI))

  • Al-Suwailem, Sami Ibrahim

    (The Islamic Research and Teaching Institute (IRTI))

Abstract

The OIC intra-trade reached 17% in 2012 and the member countries have committed to increase it to 20% by 2015. The 5th OIC Consultative Group Meeting on enhancing OIC intra-trade recommended the establishment of Trade Finance Support Schemes, as one of the driving factors, to accelerate the dynamic of the OIC intra-trade. Meanwhile, the United Nations World Economic and Social Survey (2012) considered that issuing new SDRs constitutes one of the solutions for the international community to mobilize additional resources for Development Finance. In this paper, we suggest the creation of Trade-based Special Drawing Rights (T-SDRs) among the OIC member countries to be issued by a dedicated regional financial institution on a regular frequency and according to a special mechanism. We discuss the allocation mechanism and its practical implementation among which the option to assign the role of issuance and clearing house to the Islamic Development Bank.

Suggested Citation

  • Nabi, Mahmoud Sami & Abdelkafi, Rami & Drine, Imed & Al-Suwailem, Sami Ibrahim, 2015. "Enhancing Intra-Trade in OIC Member Countries Through T-SDRs," Working Papers 1434-7, The Islamic Research and Teaching Institute (IRTI).
  • Handle: RePEc:ris:irtiwp:1434_007
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    References listed on IDEAS

    as
    1. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-1025, July.
    2. Ronald Findlay & Kevin H. O'Rourke, 2007. "Power and Plenty: Trade, War and the World Economy in the Second Millennium (Preface)," Trinity Economics Papers tep0107, Trinity College Dublin, Department of Economics.
    3. Labib, Subhi Y., 1969. "Capitalism in Medieval Islam," The Journal of Economic History, Cambridge University Press, vol. 29(01), pages 79-96, March.
    4. Lee, Grace H.Y., 2011. "Gold dinar for the Islamic countries?," Economic Modelling, Elsevier, vol. 28(4), pages 1573-1586, July.
    5. Ronald Findlay & Kevin H. O'Rourke, 2007. "Introduction to Power and Plenty: Trade, War, and the World Economy in the Second Millennium," Introductory Chapters,in: Power and Plenty: Trade, War, and the World Economy in the Second Millennium Princeton University Press.
    6. Ronald Findlay & Kevin H. O'Rourke, 2007. "Preface to Power and Plenty: Trade, War, and the World Economy in the Second Millennium," Introductory Chapters,in: Power and Plenty: Trade, War, and the World Economy in the Second Millennium Princeton University Press.
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    Keywords

    OIC; intra-trade; Special Drawing Rights.;

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