​Islamic Financial Products Development Center​

Role 

The Islamic Financial Products Development Center serves as the focal point of the IDB Group for the development of new Islamic Financial Products (IFPs) and instruments, including new Shari’ah-compatible IFPs and instruments as a key means for supporting the implementation of the IDB Group’s 1440H Vision and expanding the Islamic financial industry.​  

Principal Functions

The main functions of the Center are to:

  • Serve as a focal point and 'resource center' for all matters related to Islamic Financial Products Development.
  • Undertake surveys of the Islamic financial industry and conventional financing as part of the development process of new IFPs and instruments.
  • Leverage from all relevant studies and researches already conducted within the IDB Group and within the Islamic financial industry in order to support the mandate of the Center.
  • Consider the demand for new IFPs and instruments addressed to the Division as well as relevant strategies, policies and guidelines.
  • Assess the existing IFPs and instruments used at the level of IDB Group for their continuous performance monitoring and improvement.
  • Develop new and innovative IFPs in close collaboration with all IDB Group members, with the view of enabling the IDB Group to play a leading role in the development and promotion of innovative IFPs and instruments within the Maqasid al-Shari'ah framework.
  • Develop the strategy of the Center for the development and implementation of new IFPs and instruments, in line with the IDB Group Strategies and in close collaboration with all IDB Group Members and departments.
  • Lead and coordinate, within the IDB Group, the development of new IFPs such as new types of Sukuks, for Member Countries, Islamic financial institutions, and other private sector entities, structured finance, liquidity management, hedging, etc.
  • Find ways and means to mainstream the new IFPs and instruments into the operations of the IDB Group.
  • Develop, in close collaboration with all IDB Group Members and departments, sound policies, processes, procedures and standards that are required to facilitate the mandate of the Division.
  • Conduct post-implementation assessments of new IFPs introduced by the IDB Group.
  • Develop, in consultation with GSPD and BPMD key results targets and performance indicators (KPIs) related to strategy and operational plans of the Center. 


Center Organizational Interfaces & Boundaries​​

​The Islamic Financial Products Development Center interfaces with the other IRTI business units, Sector Operations Complex, Country & Country Programming Complex, IFSD of the Finance Complex, and other IDB Group entities and departments. All new IFPs are developed and revised under the authority of the Center.​

Research and Development Services Department

Role 

The Research and Development Services Department serves as the focal point for knowledge-based services in Islamic Economics and Finance within the IDB Group and for providing these services to Member and Non Member Countries. It will also collaborate with the IFSD of the Finance Complex, Sector Operations Complex and Cooperation, Country Programming Complex and the Group Chief Economist to ensure comprehensive coverage of Islamic Economics and Finance as well as other areas of IDB Group operations.  

Principal Functions

The principal functions of the Research and Development Services Department are to: 

  • Undertake basic and applied research in Islamic Economics and Finance
  • Leverage the research for policy dialogue to support relevant business units in the IDB Group and Member Countries, aimed at development of the Islamic financial services industry.
  • Provide advisory and technical assistance services for Islamic Economics, banking and finance.
  • Coordinate and collaborate with internal IDBG stakeholders, Islamic infrastructure institutions, multilateral development institutions and other partners to support and promote Islamic banking and finance.
  • Support the development of Islamic social finance (Zakat and Awqaf) and Islamic microfinance. 


Department Organizational Interfaces & Boundaries 

The Research and Development Services Department interacts with the other IRTI business units, Sector Operations Complex, Cooperation & Country Programming Complex, IFSD of the Finance Complex, the Group Chief Economist complex, other IDB Group entities and departments and with external research institutions and policy think tanks that are engaged in Islamic Finance research activities

Organizational Structure​ 

The Department has two Divisions:

Islamic Economics and Finance Research Division
Advisory and Technical Assistance Division

​Islamic Economics and Finance Research Division

The main functions of the Division are to: 
  • Serve as a focal point and 'resource center' for all matters related to Islamic Economics and Finance Research.
  • Take a leading role in the growth of Islamic Finance Industry by engaging research centers, universities and the economic and financial policymaking institutions.
  • Conduct, coordinate and produce basic, applied and policy-oriented research in Islamic economics, banking and finance, including social finance.
  • Collect, synthesize and disseminate the results of Islamic Finance research conducted by external entities, and the lessons of internal and external experience in Islamic Finance operations, to IDB Group members and Member Countries.
  • Collaborate with internal and external stakeholders to do joint research and exchange knowledge in the area of Islamic Finance.
  • Partner with key external stakeholders to undertake applied research and policy-oriented studies for the socio-economic development of Member Countries.
  • Undertake policy dialogue with Member Countries for development of Islamic Financial Services Industry, Maqasid al-Shari'ah based socio-economic development, promoting intra-regional Islamic financial integration in coordination with internal and external stakeholders.
  • Collaborate with Islamic infrastructure (enabling) institutions to promote their objectives as well as contribute to the development of Islamic financial architecture through them, such as the development of standards, guidance notes, frameworks, and best practices, and contributing to their events.
  • Disseminate IRTI's research output internally and externally.
  • Develop, in consultation with GSPD and BPMD key results targets and performance indicators (KPIs) related to strategy and operational plans of the Division.​

Advisory and Technical Assistance Division

​​​The main functions of the Division are to: 
  • Serve as a focal point for all matters related to Islamic Economics and Finance advisory and technical assistance to IDB Group members and Member and Non-Member Countries
  • Manage technical assistance grants.
  • Undertake activities to develop Islamic Financial Services Industry, through technical assistance.
  • Focus on building the enabling environment for Islamic Finance by assisting in developing the legal, regulatory and supervisory frameworks.
  • Advice interested governments, public and private sector institutions on application of Islamic economics, banking and finance to promote socio-economic development.
  • Contribute to the preparation of MCPSs and work with the Country Programs Departments in the development of lending and knowledge activities related to Islamic Economic and Finance advisory and technical assistance.
  • Act as the focal point between the IDB Group and Islamic infrastructure (enabling) institutions to strengthen them and contribute to their capacity building, support and promote their objectives, in coordination with relevant IDB Group members.
  • Act as the focal point between the IDB Group and other multilateral and supranational institutions and partners in their efforts towards promotion and development of Islamic Finance in coordination with IDB Group relevant Department and members.
  • Facilitate, through advisory and technical assistance services, access to Islamic finance for the poor, and promote financial inclusion by undertaking the development of Islamic micro-finance, Awqaf and Zakat sectors, in coordination with IDB Group relevant Departments and members.
  • Study ways of supporting the development of Islamic capital markets, and undertake, in coordination with other IDB Group members and other stakeholders, activities required to create an enabling environment for the development of Islamic capital markets.
  • Support the development of Takaful sector, and undertake activities required to create an enabling environment for the development of Takaful sector.
  • Explore Shari'ah sources, opinions and rules related to Islamic economics, banking and finance.
  • Undertake Shari'ah review and audit of Islamic financial institutions, at their request, and represent IRTI in all matters related Shari'ah at the IDB Shari'ah committee and other relevant fora.
  • Create awareness, disseminate knowledge and promote dialogue on Islamic economics, banking and finance through organizing country level, regional and international symposia, conferences and seminars.
  • Provide advisory services to the public and private sectors for adoption of best practices and standards and utilizing Islamic financial instruments.
  • Facilitate relevant stakeholders in the Islamic Financial Services Industry and IDB Group members in their efforts for creation of new Islamic financial institutions through appropriate support services.
  • Develop, in consultation with GSPD and BPMD key results targets and performance indicators (KPIs) related to strategy and operational plans of the Division. 

Islamic Finance Capacity Development Department

Role 

The Islamic Finance Capacity Development Department is responsible for strengthening the IDB Group’s capacity in provision of Islamic Finance services and assist Member Countries to create and foster an enabling environment for Islamic Finance sector development.  ​

Principal Functions

The principal functions of the Department are to:

  • Promote the development of the Islamic Financial Sector and related institutions in Member Countries through the provision of learning and development and information repositories, in collaboration with relevant other business units in the IDB Group and external Islamic Finance research institutions.
  • Provide learning and development in Islamic Finance sector and project financing modalities to IDB Group staff and Member Country officials.
  • Disseminate data and knowledge related to Islamic Economics, Banking and Finance.
  • Leverage modern technology to mainstream Islamic Economics and Finance knowledge.
  • Publish research and other knowledge outputs.


Department Organizational Interfaces & Boundaries 

The Islamic Finance Capacity Development Department interfaces with the other IRTI business units, Sector Operations Complex, Cooperation & Country Programming Complex, IFSD of the Finance Complex, other IDB Group entities and departments, and relevant external institutions that provide partnership opportunities in the development of the Islamic Financial Services Industry.   

Organizational Structure​ 

The Department has two Divisions:

  • Training Division
  • Information And E-Programs Division​


Training Division​

The main functions of the Division are to:   
  • Serve as a focal point for all matters related to Islamic Finance and Economics Learning and Development (L&D).
  • Establish and maintain agreement with reputable national, regional, international institutions and centers of excellence in the IDB Member Countries to identify and implement L&D activities based on training needs analyses.
  • Provide training in Islamic Finance & Economics for IDB Group staff in collaboration.
  • Constantly improve and upgrade the skills of trainers and practitioners in new and emerging Islamic Finance practices and methodologies.
  • Constantly review and modify curriculums, content and training methodologies based on training feedbacks, market trends and needs of IDB Member Countries.
  • Provide state-of-the art learning and development solutions in different forms of MCAT, certificates, and tailored customized commercial programs.
  • Provide IRTI's On Line Learning Programs (OLP) in Islamic Economics and Finance to enhance knowledge and skills of interested individuals, institutions and stakeholders in IDB Member and Non-member Countries.
  • Develop key results targets and performance indicators (KPIs) related to the strategy and operational plans of the Division.

Information and e-Programs Division​​

The main functions of the Division are to:  

  • Serve as a focal point for all matters related to Islamic Finance information and e-programs in the IDB Group.
  • Disseminate Islamic Economics, Banking and Finance knowledge through traditional and modern methods. 
  • Provide all in-house publication functions for IRTI publications.
  • Provide a global knowledge repository in IDB Group for Islamic Economics, Banking and Finance, including maintaining an online data and information repository for the Islamic Financial Services industry including banking, non-banking, Sharia and other publications.
  • Provide open learning services for Islamic Economics, Banking and Finance
  • Maintain all copyrights and intellectual properties of IRTI
  • Adopt e-programs to deliver training-on-demand using modern learning platforms.
  • Provide public communications services for IRTI including publicizing and promoting IRTI activities using all media platforms
  • Maintain IRTI website and other electronic platforms, as well as analyze information on the number of users and frequency of their use of these platforms to assess their relevance
  • Maintain all electronic and media equipment of IRTI including computers, printers and digital media equipment
  • Collaborate with local and international libraries including digital libraries
  • Provide and maintain a client relations management system for IRTI
  • Facilitate knowledge-sharing sessions in Islamic Economics, Banking and Finance and Sharia in the IDB Group and its Member Countries
  • Produce Islamic Finance reports using the IRTI Islamic Finance repository 
  • Collaborate with all stakeholders of Islamic Economics, Banking and Finance in publication and knowledge dissemination
  • Market all IRTI products and services externally and within the IDB Group
  • Develop and maintain, in collaboration with the Information Technology Department, the capacity of the IDB Group to provide Distance Learning services in Islamic Finance.
  • Maintain an online database on Islamic Finance expertise inside and outside the IDB Group, including external research institutions and policy think tanks.
  • Maintain an online database of information on Member Countries' experience in development of the Islamic Finance sector and use of Islamic Finance products and instruments.  
  • Develop, in consultation with GSPD and BPMD key results targets and performance indicators (KPIs) related to strategy and operational plans of the Division.
Functions of the Organizational Units of IRTI