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Organization of Islamic Cooperation (OIC) meaning

What does Organization of Islamic Cooperation (OIC) mean?
In legal practice, the Organisation of Islamic Cooperation (OIC) is encountered in treaty interpretation, development finance and diplomatic law. It is an intergovernmental organisation of 57 member states across four continents, often described as the second largest after the United Nations. Formerly the Organisation of the Islamic Conference, it is headquartered in Jeddah and has UN observer status. The term is not defined in UK or Irish legislation and is used descriptively across legal contexts. References arise in: (i) the 1981 Agreement on Promotion, Protection and Guarantee of Investments among OIC Member States (the OIC Investment Agreement), relied on in investor–state arbitration; (ii) financing with the Islamic Development Bank (IsDB), an OIC specialised institution; and (iii) recognition of privileges and immunities for OIC officials or missions where granted under host‑state arrangements. Resolutions of OIC organs are not binding in the UK or Ireland unless implemented domestically or via applicable international obligations. Usage is consistent across England & Wales, Scotland, Northern Ireland and Ireland. Practitioners should verify current membership and organ mandates when drafting definitions, assessing treaty protections for investors from OIC member states, or applying sanctions, export controls and KYC that group countries by participation in intergovernmental organisations.
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View the related Practice Notes about Organization of Islamic Cooperation (OIC)

PRACTICE NOTES
UK Banking, Finance, Capital Markets, Derivatives and Insolvency Law Glossary including Islamic finance

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...

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