Risk Management in
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innovation 6.2 Volume of published research on product innovation and
standardization
6.3 Number and usage of innovative products
7 Enhance the implementation
of the international
prudential, accounting
and auditing standards
applicable to the IFSI
7.1 Percentage of members requiring compliance with applicable,
Islamic finance industry-specific prudential, accounting and
auditing standards as generated by industry standard-setting
bodies
7.2 Collaboration with international standard-setting bodies such
as Basel Committee, IAIS, IOSCO and IASB
8 Develop an appropriate
legal, regulatory and
supervisory framework, as
well as an IT infrastructure
that would effectively
cater for the special
characteristics of the IFSI
and ensure tax neutrality
8.1 Percentage of member countries with tax neutrality, legal
enablement and other basic enablers of Islamic banking as
enumerated in ten recommendations from the 2007
8.2 Framework and reviewed in this document
Level of new and social media adoption by IIFS
9 Develop comprehensive and
sophisticated interbank,
capital and hedging
infrastructures for the IFSI
9.1 Percentage of member countries with domestic Islamic
interbank markets
9.2 Number of member countries with developed regulatory
and market infrastructure for Islamic capital markets
10 Promote public awareness
of the range of Islamic
financial services
10.1 Percentage of member countries with market share of Islamic
finance of 10% or greater
10.2 Percentage of Islamic banking, Takāful, Islamic capital
markets and Islamic microfinance activities as a proportion of
the total for the respective sector in member countries
10.3 Number of member countries with awareness-raising
programmes on Islamic finance (as standalone programmes
or part of broader financial literacy)
11 Strengthen and enhance
collaboration among
the international Islamic
financial infrastructure
institutions
11.1 Number of collaborative projects between infrastructure
Institutions
11.2 Impact assessment analysis of collaborative projects between
infrastructure institution
12 Foster collaboration among
countries that offer Islamic
financial services
12.1 Number of collaborative projects (multilateral and bilateral)
between countries that offer Islamic financial Services (e.g.
technical assistance on regulation, public awareness
campaigns, etc.)
13 Conduct initiatives and
enhance financial linkages
to integrate domestic
IFSIs with regional and
international financial
markets
13.1 Number of initiatives under way in member countries to link
domestic IFSIs with regional and international financial
markets (e.g. the facilitation of introductions between IFSIs
and overseas capital market participants)
13.2 Issuances of cross-border Islamic financial instruments
13.3 Observer or delegate status for Islamic finance services
infrastructure bodies on international regulatory bodies