National and Global Islamic Financial Architecture:
Problems and Possible Solutions for the OIC Member Countries
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1.3.2. Data Collection and Analysis
Other than presenting quantitative data related to the size and status of the Islamic financial
sector in different jurisdictions, the bulk of the discussion on Islamic financial architectural
institutions will be qualitative in nature. The sources of data and information will include
policy documents from international organizations and standard setting bodies, national level
legal and regulatory documents and standards, and publications on financial architectural
institutions. Data sources will include global databases such as World Bank’s Doing Business,
Legal and Regulatory Database, Global Survey on Consumer Protection and Financial Literacy
and country specific documents such as Financial Sector Assessment Reports, laws, regulations
and standards related to the financial sector. While most of the information/data will be
collected from secondary sources, the country level materials from different sources are also
used to communicate with the relevant personnel in their respective jurisdictions.
Both quantitative and qualitative methods are used to analyze the information/data for the
study. While a descriptive analysis is carried out on quantitative data, the financial
architecture elements are assessed by doing content and thematic analyses of various
documents and literature and also the information gathered at the country level through
interactions with relevant personnel in their respective countries. The research is descriptive
and evaluative and attempts to arrange, summarize, and present data/information to enable a
meaningful interpretation and produce material that can identify gaps in Islamic financial
architectural institutions and come up with appropriate policy recommendations.
1.4. Overview of the Study
Other than the introductory chapter, the study has seven chapters. A brief overview of these
chapters is given below.
Chapter 2: Financial Sector in OIC Member Countries and Islamic Finance: Global Status
and Evaluation
The chapter starts by outlining the legal regulatory environment and presenting the size and
characteristics of the financial sectors in OIC MCs. This is followed by a discussion of the
foundational principles of Islamic finance and the features of the basic contracts used in
Islamic finance. After presenting a brief historical overview of the development of Islamic
finance and the supporting infrastructure institutions, the chapter ends by examining the
global status of the Islamic financial industry.
Chapter 3: Islamic Financial Architecture: Key Components and Framework
While there are some common elements that apply to both the conventional and Islamic
financial sectors, certain infrastructure institutions are unique to Islamic finance. The key
issues of seven categories of the Islamic financial architecture (legal infrastructure; regulation
and supervision framework; Shariah governance framework; liquidity infrastructure;
information infrastructure and transparency; consumer protection architecture and; human
capital and knowledge development framework) are discussed in the chapter.