Islamic finance infratructure
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Financial infrastructure comprises of the resources, public policy support, protection, facilities and utilities that make the use of the financial architecture beneficial for developing an inclusive, dynamic and resilient financial system.
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Islamic finance infratructure
- 1. Islamic finance Infrastructure Tariqullah Khan
- 2. Financial infrastructure comprises of the resources, support, protection, facilitie s and utilities that make the use of architecture beneficial for developing an inclusive, dynamic and resilient financial system ----- just like water, electrical, lighting, heating, communication, furniture etc., in a building that make the utilization of the building’s full capacity possible
- 3. Financial infrastructure shall be seen as work in progress and must be subjected to continuous improvement ----- just like the water, electrical, lighting, heating, communication, furniture etc., in a building that need maintenance and improvement
- 4. The 5 Pillars of financial infrastructure Pillar 1 Pillar 2 Pillar 3 Pillar 4 Pillar 5 Legal & Transparency Systemic Human Shariah regulatory & governance liquidity resources R&D governance infrastructure infrastructure infrastructure infrastructure infrastructure
- 5. □banking & company laws, □contracts, □property rights, □insolvency and creditor rights regime, □financial safety nets, □regulatory & supervisory regimes Pillar 1 Pillar 2 Pillar 3 Pillar 5 Pillar 6 Legal & Transparency Systemic Human Shariah regulatory & governance liquidity resources R&D governance infrastructure infrastructure infrastructure infrastructure infrastructure
- 6. □monetary & financial policy transparency and neutrality, □corporate governance, accounting and auditing framework, □disclosure regime & market monitoring arrangements such as credit ratings, and credit reporting systems Pillar 1 Pillar 2 Pillar 3 Pillar 5 Pillar 6 Legal & Transparency Systemic Human Shariah regulatory & governance liquidity resources R&D governance infrastructure infrastructure infrastructure infrastructure infrastructure
- 7. □monetary and exchange operations, □payment and securities settlement systems, □ microstructure of the money, exchange and securities markets Pillar 1 Pillar 2 Pillar 3 Pillar 5 Pillar 6 Legal & Transparency Systemic Human Shariah regulatory & governance liquidity resources R&D governance infrastructure infrastructure infrastructure infrastructure infrastructure
- 8. □literacy, educational, training, certific ation programs, □research, advisory services & product development, □Shariah governance competencies, □information services Pillar 1 Pillar 2 Pillar 3 Pillar 4 Pillar 5 Legal & Transparency Systemic Human Shariah regulatory & governance liquidity resources R&D governance infrastructure infrastructure infrastructure infrastructure infrastructure
- 9. □Legal protection for Shariah supervision, □arbitration & reconciliation framework, □governance of Shariah supervision, □central Shariah advisory board, □licensing of Islamic financial Pillar 1 Pillar 2 Pillar 3 Pillar 4 Pillar 5 Legal & Transparency Systemic Human Shariah regulatory & governance liquidity resources R&D governance infrastructure infrastructure infrastructure infrastructure infrastructure
- 10. Stakeholders Authorities concerned with Macro legal, regulatory and tax framework Level and policies Meso Knowledge, educational, capacity Level building, information and advisory services and providers Micro Financial services and the institutions and markets providing them Level Users of Uses and users services
- 11. Non- financial Individuals, f businesses amilies and Financial households businesses Users of International and domestic financial Not-for-profit traders services organizations Governments International and organizations government agencies
- 12. Banks (deposit Insurance taking companies institutions) Fund Investment & managers Strategy Micro level advisory services components of financial Other non- banking services & Micro & financial their special finance institutions development services Debt instrument Payments and Equity issuers issuers remittance services
- 13. Best practice Rating Education standard & services & literacy standard services setters Training Meso level and Legal and capacity advisory components building services of financial sector development Data and Services of information associations of services service providers and Markets and Physical and users ITC market infrastructure micro structures
- 14. Equity and Private debt share markets markets Quasi debt Markets and markets Money market markets micro structures Foreign Government exchange debt markets markets
- 15. Regulatory Legal & framework supervisory framework Tax framework Investors rights regimes Macro level Macro components of economic Corporate FSD policy framework governance framework Lender of Judiciary & last resort Property arbitration framework rights