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Table of Contents
List of Tables.............................................................................................................................................................v List of Charts ............................................................................................................................................................vi List of Figures .......................................................................................................................................................viii List of Abbreviations.............................................................................................................................................ix Executive Summary................................................................................................................................................1 1 Introduction ....................................................................................................................................................7 1.1. Infrastructure Definition, Features and Role in Development..................................................7 1.1.1. Infrastructure and Development ........................................................................................................... 8 1.2. Brief Overview of Global Infrastructure Needs and Financing Gaps.................................... 10 1.3. Aim, Objectives and Research Methods .......................................................................................... 14 1.3.1. Methodology................................................................................................................................................. 15 1.4. Overview of the Study ............................................................................................................................ 16 2 Infrastructure Financing.......................................................................................................................... 18 2.1. Special Features of Infrastructure Financing................................................................................ 18 2.1.1. Project Phase and Contractual Structures ...................................................................................... 18 2.1.2. Public Private Partnerships (PPPs).................................................................................................... 20 2.1.3. Structure and Stakeholders in Infrastructure Projects ............................................................. 20 2.2. Products and Approaches for Infrastructure Financing........................................................... 22 2.2.1. Project Financing........................................................................................................................................ 23 2.2.2. Modes of Infrastructure Finance ......................................................................................................... 24 2.2.3. Features and Risks in Infrastructure Financing ........................................................................... 25 2.2.4. Development Levels and Infrastructure Planning....................................................................... 27 2.3. Sources of Infrastructure Finance..................................................................................................... 28 2.4. Factors Affecting Financing Long-term Infrastructure Projects............................................ 32 2.4.1. Infrastructure Policy Framework ....................................................................................................... 32 2.4.2. Legal and Regulatory Framework ...................................................................................................... 33 2.4.3. Institutional Arrangements and Procurement Processes and Procedures ...................... 34 2.4.4. Project Related Factors............................................................................................................................ 36 2.5. Infrastructure Needs and Financing Gaps in the OIC Member Countries........................... 36 3 Islamic Finance for Long-Term Infrastructure Financing ........................................................... 43 3.1. Introduction .............................................................................................................................................. 43 3.2. Islamic Financial Contracts.................................................................................................................. 44 3.3. Islamic Infrastructure Financing: Framework and Contracts ................................................ 45 3.3.1. Islamic Perspectives on Infrastructure Contracting................................................................... 45 3.3.2. Structures of Islamic Infrastructure Financing............................................................................. 46