Organization of Islamic Cooperation

• IAS NEXT, Lucknow
• 21, Dec 2021

Reference News:-

The Organization of Islamic Cooperation (OIC) had recently called for a meeting in Islamabad to find ways to help Afghanistan avert an imminent economic collapse they say would have a “horrendous” global impact.

• The summit brought together dozens of Foreign Ministers as well as the representatives on Afghanistan of major powers, including China, the U.S. and Russia.

Outcomes:

• The meet ended with a promise to set up a fund to provide humanitarian aid through the Islamic Development Bank (IDB), which would provide a cover for countries to donate without dealing directly with the country’s Taliban rulers.

What’s the issue?

There has been a growing call for the U.S. and other countries to release upward of $10 billion in frozen Afghan assets. However, previously the U.S. has said at least some of that money is tied up in litigation involving the survivors and the families of victims of the 9/11 terrorist attacks carried out by al-Qaeda while being harboured in Afghanistan by the Taliban.

• Several nations called for a quick opening of the country’s banking system and collectively, with the UN and international banking institutions, to provide assistance to Afghanistan.

About OIC:

• It is an international organization founded in 1969, consisting of 57 member states.
• It is the second largest inter-governmental organization after the United Nations.
• The organisation states that it is “the collective voice of the Muslim world” and works to “safeguard and protect the interests of the Muslim world in the spirit of promoting international peace and harmony “.
• The OIC has permanent delegations to the United Nations and the European Union.
• Permanent Secretariat is in Jeddah, Saudi Arabia.

Significance of OIC for India:

OIC’s growing economic and energy interdependence with India has become important in recent times.