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Islamic finance
Infrastructure

                  Tariqullah Khan
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
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
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
□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
□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
□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
□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
□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
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
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
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
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
Equity and         Private debt
            share              markets
           markets


                                                  Quasi debt
                       Markets and                 markets

Money                     market
markets                    micro
                        structures

                                        Foreign
           Government                  exchange
              debt                      markets
             markets
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

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Islamic finance infratructure

  • 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