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While Islamic finance has developed impressively across the globe, efforts have been initiated to measure the growth, its socio-economic impact and realizing the objectives for which the new system has been introduced. Some spade work has been done by experts from the platform of Islamic Research and Training Institute (IRTI), Islamic Devloping Banks (IDB), while Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and some individual researchers have made efforts at preparing rating scales/indices for measuring overall performance, Shar¯ý‘ah Compliance (SC) and governance. IRTI is considering about the comprehensive Socio-Economic Development that is multidimensional in nature and may involve other institutions like the State institutions and the Non-Governmental Organisations (NGOs) working for poverty alleviation or socio-economic development. This paper, however, focuses on developing the scales for measurement of the objective achievement by Islamic banks and financial institutions. Indices and rating scales are necessary to enable the stakeholders to make an opinion about any Islamic Banking and Financial Institutions (IBFIs’) adherence to Shar¯ý‘ah principles and its performance in fiduciary capacity. As SC is the raison d’etre of Islamic finance, the paper suggests two separate streams for the rating, one for measuring the SC level and the other for governance and fiduciary responsibilities. The both have been given weightage of 100 separately. Ultimate rating could be calculated by adding the score of the both streams. It has been suggested that in case any IBFI fails to get a certain minimum benchmark for SC, say 51 per cent, the rating assigned could be ‘non-satisfactory’, although it might get relatively good rating for the Governance stream. For the purpose of rating scale, the paper suggests weightages for various modes/instruments/products keeping in view their level of SC as also their role in realizing maq¯as.id al-Shar¯ý‘ah. Practically, however, it has been suggested that AAOIFI may like to constitute a Panel of Shar¯ý‘ah Scholars and Finance Professionals to decide the weightages to be given to various products for deciding Shar¯ý‘ah and governance based rating of the IBFIs. The paper concludes that introduction of suitable rating scales would be helpful in disciplining the IBFIs in terms of SC, governance and performance.

Maqas¯ . id Realisation in Islamic Finance: Components of Framework for Measurement Index