Diversification of Islamic Financial Insturments
135
Bangladesh Government may seek technical assistance from IDB for initiating an extensive
Islamic Financial Sector Reform Program (i-FSRP) to re-structure and re-design the Islamic
financial architecture for smooth development of regulatory frameworks like Islamic Banking
Act, Islamic Insurance Act, Islamic capital market instruments and products in line with
international standards issued by AAOIFI and IFSB, application of sound project governance,
risk management framework and internal controls to ensure sound foundation for Islamic
banking, Takaful and capital market and Shariah compliance. I-FSRP may also take necessary
initiatives to improve the regulators' capacity to respond to policy and regulatory issues
pertaining to Islamic banking, Takaful, capital market and Shariah compliance, to ensure a
sound enabling environment for the development and operation of Islamic NBFIs and Takaful
sector and to ensure a sound enabling environment for the development and operation of
Islamic inter-bank money market and capital market for the development and operation of
Sukuk instruments.