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Governance

معهد تكوين رأس المالفي
الأسواق الإسلامية

CFIIM holds itself to the same standards it researches. The governance principles that underpin our work on Islamic capital markets are the same principles that govern how we operate, publish, and engage.

01 · Independence Structure

The editorial firewall.
Structurally enforced.

Operational Anchor

Baraka Prosperity Partners

Funds operational costs — staff, platform, convening, publishing infrastructure

Provides founding institutional anchor — credibility of a committed operational sponsor

Discloses the relationship — full transparency about the anchor structure on every output

Does not commission research — no direction of topics, methods, or conclusions

Does not control editorial decisions — publications, positions, and recommendations are solely CFIIM's

Does not receive preferential research outputs — all findings are published openly before any internal briefing

Independent Research Programme

Capital Formation Institute in Islamic Markets

Sets its own research agenda — priorities determined by research leadership and advisory council

Controls all publication decisions — what is published, when, and in what form

Publishes all outputs openly — no embargoes, no private briefings before public release

Maintains its own institutional identity — named institute, distinct voice, independent advisory council

Publishes conflict-of-interest disclosures — for all contributors, including research leadership

Takes institutional positions based solely on research findings — not sponsor preferences

Institutional Independence

Research outputs, publications, and institutional positions are determined solely by CFIIM research leadership and advisory council. Sponsorship does not confer editorial influence under any circumstance. This commitment is structural — not contingent on goodwill.

Open Publication

All CFIIM research outputs are published openly and without delay. No findings are shared with the operational anchor, commercial partners, or any third party before public release. There are no embargoed versions, private briefings, or preferential early access arrangements.

Disclosed Relationships

The relationship with Baraka Prosperity Partners is disclosed on every CFIIM publication, event, and communication. CFIIM does not obscure its anchor structure — it demonstrates that the structure is compatible with rigorous independence.

02 · Conflict of Interest

Disclosed.
Documented.
Enforced.

CFIIM's conflict-of-interest policy applies to all contributors without exception. Disclosures are published. Relationships are documented. Where conflicts arise, recusal is enforced.

Who Must Disclose

Scope of disclosure obligation

The disclosure obligation applies to all individuals associated with CFIIM in any capacity that could influence research outputs or institutional positions.

Research leadership and principal investigators on all active projects

Advisory council members in their capacity as CFIIM advisors

External contributors, co-authors, and named collaborators on publications

Peer reviewers for CFIIM working papers and practitioner publications

Convening participants in any CFIIM-hosted forum where research findings are presented or discussed

The operational anchor (Baraka Prosperity Partners) — disclosed structurally on every publication

What Must Be Disclosed

Material interests and relationships

Disclosures must cover all material financial interests, commercial relationships, and institutional affiliations that could be perceived to influence research outputs — whether or not actual influence has occurred.

Commercial relationships with entities whose activities are discussed, evaluated, or referenced in CFIIM research

Financial interests — equity, debt, fee arrangements — in organisations operating in Islamic private markets

Advisory, board, or employment relationships with funds, managers, or allocators in the research domain

Prior or ongoing consulting arrangements where CFIIM research could be perceived to benefit the client

Family or personal relationships with principals of entities operating in sectors CFIIM researches

III

Where Disclosures Are Published

Transparency mechanism

All disclosures are published — not filed internally. Transparency requires that disclosures are accessible to readers, not merely known to the institution.

On the relevant publication — all journal articles, working papers, and playbooks carry contributor disclosures in the standard academic format

On this governance page — institutional-level disclosures, including the anchor relationship, are maintained and updated here

On advisory council member profiles — individual declarations of interest published alongside council biographies

At CFIIM-hosted convenings — disclosed at the opening of any event where research is presented

Enforcement and Recusal

When interests conflict with research

Disclosure is necessary but not sufficient. Where a disclosed interest creates a material conflict with a specific research output, the affected individual is recused from that output.

Research leadership with a material interest in a sector or entity under study must recuse from conclusions relating to that sector or entity

Advisory council members with commercial interests in research subject matter are recused from council guidance on that subject matter

Recusal is documented and noted in the relevant publication where material

Peer reviewers for CFIIM working papers and practitioner publications

The advisory council has authority to require recusal in any case where independence is in question — regardless of the individual's seniority

03 · Advisory Council Model

Individual capacity. Collective authority.

The advisory council operates in an individual capacity. Members contribute expertise to research direction and methodological rigour. They do not represent institutional or commercial interests.

Research Priority Guidance

Council reviews and advises on the overall research agenda — identifying gaps, methodological concerns, and opportunities to strengthen the programme's intellectual contribution. Research leadership retains final editorial authority.

Methodological Rigour

Council members with relevant expertise review methodological approaches before publication — ensuring survey design, analytical frameworks, and conclusions meet the standards of the target journals and audiences.

Institutional Partnerships

Council advises on academic partnerships, convening formats, and institutional relationships — drawing on individual networks and judgment without committing the institutions they are affiliated with.

Conflict of Interest Oversight

Council has independent authority to require disclosure and recusal — including from research leadership. This oversight function operates independently of the anchor relationship and cannot be overridden by operational considerations.

04 · Staged Authority Model

Credibility before authority.

CFIIM does not claim institutional authority from inception. Credibility is built through research, publication, and practitioner adoption. Influence precedes authority.

Phase 1 · Current

Pilot

Year 1 · 2026

CFIIM Claims

An active research programme with three manuscripts submitted to leading indexed journals

A published practitioner tool grounded in empirical data

A founding governance framework applied to healthcare private markets

A disclosed, structured independence model following established precedents

Does Not Yet Claim

Field-level authority or norm-setting influence

Regulatory or standards-body standing

A fully constituted advisory council

Indexed publication track record

Phase 2

Platform

Years 2–3 · 2027–28

Will Claim

Indexed peer-reviewed publications in SSCI and CFA-affiliated journals

A constituted advisory council with GCC and global representation

A Practitioner Playbook series with documented uptake

An annual convening with public communiqué

Will Not Yet Claim

Field-defining status without demonstrated impact

Regulatory engagement authority

Diversified institutional revenue base

Phase 3

Institute

Year 4+ · 2029 onward

Will Claim

Full 15-article research programme with indexed publications

Established field-level influence on governance norms

Diversified revenue: grants, events, licensing, partnerships

Capital Formation Institute in Islamic Markets — full institutional standing

Proof Required

Demonstrated practitioner demand — not assumed

Documented institutional impact on capital formation

Independently verified research quality

05 · Research Integrity Standards

The methodological commitments.

CFIIM's research programme follows the standards of the journals it targets — Financial Analysts Journal, IMEFM, and JAPA Academy Journal. Methodology, data sources, and analytical frameworks are documented and disclosed. Findings are qualified where evidence is exploratory. Limitations are stated, not buried.

Survey and Data Standards

Founding survey data (n=50, January 2026) is described as exploratory in design and scope. Frameworks grounded in this data are interpretive rather than definitively proven. Sample limitations are documented in every publication that relies on these data.

Sample size and composition disclosed on every use

Exploratory vs. confirmatory findings clearly distinguished

Population limitations noted — healthcare sector, physician investors

Expansion of evidence base is explicit Branch II programme objective

Analytical Framework Standards

Concepts introduced by CFIIM — commitment latency, the GETA sequence, the Six Frictions Framework — are clearly identified as constructs derived from data synthesis, not established empirical laws. Each is offered for testing, not asserted as proven.

New constructs clearly labelled as proposed frameworks

Theoretical grounding in cited literature documented

Alternative explanations acknowledged in analysis

Validation pathway identified for each framework

Publication and Review Standards

All peer-reviewed articles follow the submission requirements of the target journal, including blind review. Practitioner Playbooks are reviewed by advisory council members before publication. Working papers are identified as pre-review and not cited as peer-reviewed.

Peer-reviewed articles subject to external blind review

Playbooks reviewed by advisory council before release

Working papers clearly flagged as pre-review outputs

Corrections and updates published with full disclosure

Questions about how we operate.

CFIIM maintains a specific channel for governance enquiries — separate from general research and practitioner contact. Questions about the independence structure, conflict-of-interest policy, advisory council composition, or research integrity standards should be directed here.

EXPLORE THE RESEARCH AGENDA DOWNLOAD PLAYBOOK NO. 1

The editorial firewall.Structurally enforced.