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6.9.2 Key Initiatives for Implementation of the Goals
Table 6.4 provides the key initiatives that should be implemented in stages in order to make
progress in the Islamic financial industry and risk management capacity.
Table 6.4: Key Initiatives
Enablement
Integrate Islamic finance in national development plans
Introduce national Islamic financial services master plans
Enhance regulatory implementation and enforcement
Harmonize, where possible, regulation and regulatory frameworks across borders
Adopt and strengthen national Sharī`ah governance frameworks
Where mandates overlap, align the positions of industry bodies
Link Islamic financial markets across borders
Form a “Technical Assistance and Linkage Network”
Form regional working groups
Foster information-providing institutions that support the provision of Islamic finance
Incorporate Islamic finance data in statistical and official reporting
Performance
Institute centralized R&D for Islamic financial products in addition to the decentralized R&D
Establish diversified financial institutions
Demonstrate the industry’s distinctive value proposition
Fund public infrastructure projects to build Islamic capital markets
Reach
Revitalize Zakāh and Awqāffor greater financial inclusion and make them an integrated part of
Islamic financial system
Ensure that regulations allow for the use of new technology to provide affordable services
Engage with newly opened markets
Foster the financing of a wider set of economic sectors
Brand Islamic financial services for wider markets
Source: Islamic Research and Training Institute (2014): Islamic Financial Services Industry Development: Ten Year
Framework and Strategies, A Mid-Term Review
6.9.3 Support the Growth and Stability of the Islamic Finance Industry27
A main goal of the international Islamic finance community is to encourage the continued
growth and stability of the Islamic finance industries across the globe. Initiatives aimed at
accomplishing this goal include, but are not limited to, strengthening Shari’ah governance
frameworks, encouraging more diversified institutions, promoting Islamic finance, and
improving financial data and reporting practices.
27 Islamic Research and Training Institute (2014): Islamic Financial Services Industry
Development: Ten Year Framework and Strategies, A Mid-Term Review