National and Global Islamic Financial Architecture:
Prolems and Possible Solutions for the OIC Member Countries
5
As the Islamic financial industry is expected to grow in the future and become systematically
important in some countries, the study suggests establishing a Stability Board for Islamic
Finance (SBIF) to enhance the global stability and development of a sound Islamic financial
sector. Among others, SBIF can come up with a framework for establishing an Islamic Financial
Sector Assessment Program (IFSAP) and also the relevant Standards and Codes applicable to
the Islamic financial sector, coordinate the implementation of existing standards from IFSB and
AAOIFI, and contribute to filling the gaps in other architectural elements such as the legal and
Shariah governance frameworks for the Islamic financial sector globally. As the body would
engage key policy holders from different countries, the suggested organization, SBIF, can be
initiated by either OIC under the realm of COMCEC or by D-8 countries.