National and Global Islamic Financial Architecture:
Prolems and Possible Solutions for the OIC Member Countries
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Chart 6.7 indicates that while only 25% of the countries in the sample have developed Shariah
standards or parameters for the banking and takaful sectors, 33.3% of the countries have
standards for the Islamic financial sector in general and sukuk in particular. The overall
statuses of Shariah standards and parameters for all three Islamic financial sectors is
‘underdeveloped’.
Chart ‎6.7: Shariah Standards/Parameters
6.2.4. Liquidity Infrastructure
Chart 6.8 shows the status of different elements of the liquidity infrastructure of Islamic
finance. While 83.3% of the countries have some sort of Shariah compliant liquidity
instruments, only 50% have Islamic money markets and Shariah compliant lender of last
resort facilities. The results indicate that the status of liquidity instruments in sample
countries is ‘developed’ and the Islamic money market and lender of last resort is ranked as
‘developing’.
Chart ‎6.8: Liquidity Infrastructure
6.2.5. Information Infrastructure
Chart 6.9 shows the status of accounting infrastructure in terms of using accounting reporting
and disclosures using Islamic accounting standards and rating agencies that evaluate Islamic
financial institutions and instruments. While 58.3% of the countries require using Islamic
25,0 25,0
33,3
0
5
10
15
20
25
30
35
Banking Takaful Capital Market
Percentage of total
83,3
50,0 50,0
0
20
40
60
80
100
Liquidity instruments Islamic money market Lender of Last Resort
Percentage of total