Risk Management in
Islamic Financial Instruments
139
14 Develop an understanding
of the linkages and
dependencies between
different components of
Islamic financial services
to enable more informed
strategic planning to be
undertaken
14.1 Regular tracking of the industry-level KPIs
14.2 Re-visiting the framework strategies at the end of the Ten-
Year period
14.3 Inclusion of Islamic finance statistics in the national and
regional statistics of member countries
14.4 Participation in the Islamic Financial Sector Assessment
Programme (iFSAP), an initiative that provides
supplementary templates on Islamic finance for the World
Bank–IMF Financial Sector Assessment Program
14.5 Participation in self-assessment, peer review and/or IMFWB
FSAP on the basis of Core Principles for Islamic Finance
Regulation
15 Foster and embrace
innovative business models,
including new technologies
and delivery channels, in
delivering Islamic financial
service
15.1 Percentage of IIFS utilizing internet, mobile banking and other
forms of alternative channels
15.2 Introduction of innovative business models such as peerto-
peer financing, crowdfunding, digital payments, etc.
16 Strengthen contributions
to the global dialogue on
financial services, offering
principles and perspectives
to enhance the global
financial system
16.1 Participation by Islamic infrastructure institutions and
regulators in reviews of the overall financial system at
international forums (e.g. the G20, Basel Committee, IMF/
World Bank, etc.)
16.2 Explicit reference and consideration of Islamic finance
principles in communiqués and proceedings of key
international forums (e.g. the G20, Basel Committee,
IMF/World Bank, etc.)
16.3 Number of dialogues held between OIC central banks, stock
exchanges and regulatory authorities on various issues of
Islamic finance
16.4 Number of papers prepared or events organized providing
Islamic perspective on the current and long-term strategic
issues pertaining to the global financial system
Source: Islamic Research and Training Institute (2014): Islamic Financial Services Industry Development: Ten Year
Framework and Strategies, A Mid-Term Review