Infrastructure Financing through Islamic
Finance in the Islamic Countries
6
Key Recommendations and Responsible Stakeholders
No. Recommendations Responsible Stakeholders
Key Recommendations for the Public Sector
1. Identify a pipeline of innovative
sustainable projects that are essential for
long-term economic growth
Relevant government ministries or a specialized
public body
2. Develop standardized Shariah compliant
contract templates for infrastructure
projects
Government agencies and regulators in
collaboration with the Islamic Development Bank
3. Establish a National Islamic
Infrastructure Bank (NIIB)
Government establishes and provides the initial
equity
Key Recommendations for the Private Sector
4. Change Islamic banking law to establish
restricted investment accounts in Islamic
banks that can be used for longer-term
investments
Relevant government ministry and bank regulators
5. Establishment of a Shariah compliant
infrastructure fund
Government can form a GLC or NIIB as suggested
above that will drive the establishment and
operations of the fund
6. Establish a GLC that can advise on the
structuring and issuance of sukuk
Government can form a GLC that will provide such
services
Key Recommendations for the Islamic Social Sector
7. Develop innovative models of using
zakat and waqf for providing social
infrastructure services
Zakat institutions, waqf institutions, government
bodies and international organizations
Key Recommendations for the International Stakeholders
8. Establish an International Islamic
Infrastructure Bank (IIIB)
Multilateral organizations and/or large private
sector organizations can take the lead to initiate
the process and OIC member countries can provide
the initial capital for establishing the IIIB.
9. Build capacity and human capital for
implementing Islamic infrastructure
financing
Multilateral development organizations such as
IDB, COMCEC or the proposed IIIB can provide the
technical assistance for training professionals of
Islamic financial institutions.