The Road to the SDGs

PURPOSE X IsDB has established a framework that allows for an assessment of MCs’ strengths and resilience and gaps in the Islamic finance ecosystem in these countries. X The Islamic Finance Country Assessment Framework (IF-CAF) is a key programme which aims to connect the IsDB Group core strategic pillar of Islamic finance development with various IsDBI- IsDB Group initiatives such as: – GVCs – MCPS – OED Key Recommendations. X In line with the P5P, the IF-CAF aims to: – Enhance responsiveness through faster identification of priorities in each MC – Improve efficiency and speed of project approvals, disbursements and deployment of funds – Create optimal transparency and accountability through oversight and measurement of effectiveness – Assess the current capabilities of the Islamic finance ecosystem, identifying the gaps in its ability to create an enabling environment. METHOD X The IF-CAF is a framework to assess the Islamic financial sector from a perspective of achieved as well as potential impacts on the economy and its contribution towards the well-being of society. X It recommends ways to develop this sector such as: – Strengthening the surrounding communities with economic empowerment and financial inclusion – Aligning with the United Nations 2030 Agenda for Sustainable Development and its SDGs. X The methodology adopted for this project comprises two key stages. X Stage 1 includes the development and approval of the Framework, including the guidelines, components, objectives, rules and methodology for conducting the country assessments in an objective and consistent manner. This stage has the following steps: – Desk research — Undertake a holistic study of all publicly available financial sector assessment frameworks by other MDBs and international agencies and review publicly available diagnostic T he IsDB Group has a specialist division tasked with providing advisory and technical assistance services to MCs for the development of the Islamic financial sector Islamic Finance Country Assessment Framework The Islamic Finance Country Assessment Framework aims to connect IsDB Group's core strategic pillar of Islamic finance development with various initiatives in MCs [ 70 ] SDGs