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.

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