OEO the end of the 13th century to the

OEO Operations Evaluation Office.

OECD    Orgnisation for economic Co-operation and Development

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offer price The price at which a security is put up for sale, or the lowest price at which a seller is willing to sell a  security.

OIC Abbreviated form of Organization of the Islamic Conference.

Old Testament The Christian Bible is divided into two main parts, the Old Testament and the New Testament. The Old Testament is largely equivalent to the Jewish Torah and starts with the creation and the story of Adam and Eve, and progresses to the book of Malachi, where the Messiah’s arrival is predicted (the Messiah being Jesus Christ, who is born in the New Testament). As well as differences in order, the most notable difference between the Torah and the Old Testament is that the Torah is ‘complete’, that is, Israel is restored to the Promised Land, and God’s purpose is fulfilled. The stories in the Old Testament will be recognised by Muslims too as they form part of the Qur’an.

option A derivative instrument whereby the writer of the option gives the buyer the right to demand that the writer performs a specific transaction on the asset. An option’s price is calculated by taking the difference between the reference price and the value of the underlying asset (plus a premium based on the time remaining until the option’s expiration).

Organization of the Islamic Conference (OIC) An international body representing over 50 countries with either Muslim majorities or significant Muslim populations. It is supposed to be a formal platform to voice the concerns and aspirations of the Ummah (the Islamic population as a whole) and has a permanent delegation in the United Nations. The OIC was conceived and formed shortly after the Arab–Israeli War of 1967.

OTC Trading Abbreviated form of over-the-counter trading.

Ottoman Empire An empire centred in Turkey which lasted almost 650 years from the end of the 13th century to the early 20th century. At its peak in the 16th and 17th centuries, it ruled the Balkans, Greece, North Africa, the northern part of the Arabian Peninsula and all the land surrounding the Black Sea. It slowly contracted as other world powers gained much of its territory and in 1914 it sided with Germany in World War I and in 1916 the Arab Revolt started to chip away at the ever weakening empire. The armistice limited its stronghold even further, and the Turkish War of Independence led to the formal end of the empire in 1922 and the beginning of the Republic of Turkey. Because of its geographical position, the empire had a profound effect upon the history of Islamic peoples.

outstanding balance The amount of money owed or due on an account. It can be positive or negative.