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3.8.5 TAKAFUL (ISLAMIC INSURANCE) IN MALAYSIA ............................................................................. 161 3.8.6 POLICY RECOMMENDATIONS .................................................................................................................. 165 3.8.7 CONCLUSION .................................................................................................................................................... 167 3.9 CASE STUDY: BAHRAIN ....................................................................................................................... 168 3.9.1 INTRODUCTION .............................................................................................................................................. 168 3.9.2 ISLAMIC BANKING IN BAHRAIN.............................................................................................................. 171 3.9.3 ISLAMIC CAPITAL MARKETS IN BAHRAIN ......................................................................................... 176 3.9.4 TAKAFUL (ISLAMIC INSURANCE) IN BAHRAIN ............................................................................... 179 3.9.5 BEST PRACTICES, ACHIEVEMENTS AND CHALLENGES............................................................... 180 3.9.6 POLICY RECOMMENDATIONS .................................................................................................................. 181 3.9.7 SUMMARY .......................................................................................................................................................... 182 3.10 CASE STUDY: UNITED KINGDOM................................................................................................... 183 3.10.1 INTRODUCTION............................................................................................................................................ 183 3.10.2 ISLAMIC BANKING IN UK ......................................................................................................................... 184 3.10.3 ISLAMIC CAPITAL MARKETS IN UK .................................................................................................... 189 3.10.4 TAKAFUL (ISLAMIC INSURANCE) IN UK........................................................................................... 193 3.10.5 POLICY RECOMMENDATIONS ............................................................................................................... 194 4 POLICY RECOMMENDATIONS.................................................................................................................... 195 4.1 ISLAMIC BANKING................................................................................................................................. 195 4.2 ISLAMIC CAPITAL MARKETS ............................................................................................................. 196 4.3 TAKAFUL (ISLAMIC INSURANCE) .................................................................................................... 197 4.4 KEY LESSONS FOR KNOWLEDGE TRANSFER ............................................................................... 199 4.5 GLOBAL POLICY RECOMMENDATIONS FOR ALL ISLAMIC FINANCE DESTINATIONS ... 200 4.6 RECOMMENDATIONS FOR NASCENT ISLAMIC FINANCE DESTINATIONS ......................... 205 REFERENCES ....................................................................................................................................................... 208