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3.3.3. Shariah Compliant Project Finance .................................................................................................... 51 3.3.4. Islamic Syndication and Co-financing ............................................................................................... 52 3.4. Islamic Financial Industry: An Overview........................................................................................ 53 3.5. Islamic Banking Sector and Infrastructure Financing............................................................... 55 3.6. Islamic Capital Markets/ Sukuk and Infrastructure Financing ............................................... 59 3.7. Islamic Nonbank Financial Institutions .......................................................................................... 64 3.8. Social Sectors ............................................................................................................................................ 66 3.9. International Initiatives........................................................................................................................ 68 3.10. Islamic Financial Industry and Infrastructure Investments ................................................ 69 4 Country Case Studies ................................................................................................................................... 71 4.1. Indonesia.................................................................................................................................................. 71 4.1.1. Indonesian Financial Sector and Islamic Finance: An Overview .......................................... 71 4.1.2. Current Status and Projected Investment in Infrastructure Sectors .................................. 73 4.1.3. National Level Policies and Framework for Infrastructure Development ....................... 76 4.1.4. Legal and Regulatory Framework for Infrastructure Investment........................................ 78 4.1.5. Roles of Islamic Finance in Infrastructure Financing ................................................................ 81 4.1.6. Conclusion and Recommendations .................................................................................................... 87 4.2. Malaysia ...................................................................................................................................................... 90 4.2.1. Malaysian Financial Sector and Islamic Finance: An Overview............................................. 90 4.2.2. Current Status and Projected Investments in Infrastructure Sectors ................................ 94 4.2.3. National Level Policies and Framework of Infrastructure Development ......................... 96 4.2.4. Legal and Regulatory Framework for Infrastructure Investments ..................................... 97 4.2.5. Role of Islamic Finance in Infrastructure Finance.....................................................................100 4.2.6. Conclusion and Recommendations ..................................................................................................108 4.3. Nigeria ...................................................................................................................................................... 111 4.3.1. Nigerian Financial Sector and Islamic Finance: An Overview..............................................111 4.3.2. Current Status and Projected Investments in Infrastructure Sectors ..............................113 4.3.3. National Level Policies and Framework of Infrastructure Development .......................115 4.3.4. Legal and Regulatory Framework for Infrastructure Investments ...................................116 4.3.5. Legal and Regulatory Framework ....................................................................................................118 4.3.6. Role of Islamic Finance in Infrastructure Finance.....................................................................118 4.3.7. Conclusion and Recommendations ..................................................................................................122 4.4. Saudi Arabia ........................................................................................................................................ 125 4.4.1. Financial Sector and Islamic Finance Overview .........................................................................125 4.4.2. Current Status and Projected Investments in Infrastructure Sectors ..............................127 4.4.3. National Level Policies and Framework of Infrastructure Development .......................128