National and Global Islamic Financial Architecture:
Prolems and Possible Solutions for the OIC Member Countries
13
Chapter 4: Islamic Finance Architecture: Case Studies of Selected OIC Member Countries
In line with the framework of the Islamic financial architecture presented in Chapter 3, aspects
of the seven elements of financial architecture for Islamic finance of 12 OIC countries will be
presented in this chapter. Noting that in some countries the elements of the different
infrastructure categories do not exist, the country level reports are expected to identify the
general (conventional) case and then discuss the Islamic alternative for each category, if it
exists.
Chapter 5: Global Financial Centers and Islamic Finance
This chapter explores the status of Islamic finance in non-OIC global finance centers. Five
countries with global financial centers used as case studies are the UK, Germany, Luxemburg
Singapore and Hong Kong. After presenting the overall sizes of the financial sectors, the
approaches taken towards Islamic finance in these countries are discussed. Depending on the
size of the Muslim population and the strategic outlook towards Islamic finance, global centers
have approached various sectors of Islamic finance differently.
Chapter 6: Issues Needed for Further Development: Institutional Perspective
Based on the country case studies, this chapter highlights the strengths and weaknesses in the
financial architectural institutions of the Islamic financial industry. The issues are discussed in
a comparative way under the headings of the seven institutional categories. After presenting
the institutional statuses of each infrastructure institution for individual countries in a
comparative way, the overall average statuses of these elements for the whole sample of
countries are examined. The chapter ends by providing an overview of the international
institutions in supporting different architectural institutions.
Chapter 7: Policy Recommendations
Based on the findings from case studies, this chapter puts forward policy recommendations at
the national and international levels to strengthen the financial architecture for Islamic
finance. Different stakeholders who will be responsible for strengthening different institutional
elements at both the national and international levels are also identified.
Chapter 8: Summary of the Findings and Conclusion
The last chapter summarizes the key findings of the study at the national level, international
level and global financial centers. In particular, the key gaps are highlighted and the roles of
different stakeholder in filling these are identified. The chapter ends with concluding remarks
with some suggestions for further research.