Islamic Capital Market - Blueprint Key stakeholders & their impact. Four broad categories will drive incentives to long-term financing instruments. Islamic Financial Instruments: Range of instruments available? State of their development? How well are they regulated? E.g. listed equities, debt instruments, OTC and interbank markets, Islamic funds & collective investment schemes...etc. Infrastructure: How developed and sophisticated are the exchanges? How well is technology employed (e.g. e-trading platforms)? How efficient are regulatory reporting and oversight systems? Policy Frameworks: What are the stated policy goals and objectives of the regulator? How does the policy allocate decision rights and accountability across different players (e.g. oversight, checks and balances...etc)? Institutions and Systems: What are the bodies/boards/committees, both permanent and ad hoc, that regulate and manage the capital market? How well do they work with each other? What is the level of support they provide to the Islamic finance industry?