Introduction

Abstract

Economists have long being interested in researching the role of financial development in the economic growth of countries. Many believe the stock market to be a barometer for economic performance, as it allocates the capital needed for consistent growth of the economy. Following the recent global crisis, attention on emerging and developing markets have increased tremendously, questioning whether these countries’ market are apt in withstanding influxes of capital without crashing. The Organization of Islamic Cooperation (OIC), despite its global presence and potential, has often been criticized about its stock markets, which are marred by underdevelopment and illiquidity. This forms the main crux of this book and is explored in detail in this chapter.