Islamic Research and Training Institute
Role of The Islamic Research and Training Institute
The Islamic Research and Training
Institute (IRTI) is an entity within the Islamic Development Bank Group and
serves as the IDB Group’s primary organizational unit for the delivery of
Islamic Finance research, training, information, advisory, technical assistance
and Islamic Financial Products development services within the Group and to its
IRTI is responsible for basic and
applied research in Islamic finance with the mission to facilitate its
practical application in collaboration with other IDB Group members and partner
organizations. IRTI is also responsible for enabling the development and
sustenance of a dynamic and comprehensive Islamic Financial Services Industry
(IFSI), which supports the socio-economic development in member countries. It
is also mandated to develop capacity of the personnel engaged in Islamic
finance development activities in the IDB Group’s Member Countries.
IRTI’s lead role as the focal
point in the IDB Group for all matters related to Islamic Economics and Finance
will entail research, policy dialogue, training, advisory, technical assistance
and Islamic Financial Products development, in addition to working closely with
internal and external stakeholders (such as Islamic Finance Infrastructure
Institutions) to support and promote the development of the Islamic Finance
IRTI’s Principal Functions
underpins the IDB Group’s leadership role in the development and expansion of
Islamic Economics research and the Islamic Financial Services Industry in line
with the IDB Group 1440H Vision and the IDB Group strategic framework.
principal functions are to:
- Enable the development of a dynamic, innovative and
sustainable Islamic Financial Services Industry, including assisting Member
Countries and Non-Member Countries to create and foster an enabling environment
for Islamic Finance sector development.
- Conduct applied research on how the principles and
best practices of Islamic Economics and Finance can be harnessed for the
socio-economic development of Member Countries and Muslim Communities worldwide.
- Promote the development of Islamic Economics and the
Islamic Financial Sector and related institutions in Member Countries, in
collaboration with relevant other business units in the IDB Group and external
Islamic Finance research institutions.
- Conduct policy dialogue and collect, synthesize and
disseminate the results of Islamic Economics and 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.
- Provide training in Islamic Economics and Finance
sector and project financing modalities to IDB Group staff and Member Country
- Provide advisory services and technical assistance
related to Islamic economics, banking and finance.
- Be the focal point, collaborate and coordinate with
Islamic Infrastructure institutions, multilateral bodies and other public and
private sector organizations to promote Islamic economics, banking and finance.
- Collect, systematize and disseminate data and
knowledge in Islamic economics, banking and finance in Member and Non-Member
- Assess existing Islamic Finance products and
instruments used by IDB Group members and identify areas of further
- Develop innovative Islamic Finance products and
instruments and promote their use by the IDB Group and Member Countries.