What is the role of the World Bank in Islamic Finance?

The World Bank plays a vital role in supporting the development of Islamic finance. This involves promoting initiatives, research, and policy frameworks that enhance the growth and integration of Islamic finance within the global financial system. By working with various stakeholders, including governments, institutions, and private sector players, the World Bank aims to create a conducive environment for Islamic finance to thrive. This support includes providing technical assistance, funding, and advice on best practices integral to Islamic finance, helping to ensure that it contributes effectively to economic development.

The other options, while related to finance and development, do not accurately reflect the primary focus of the World Bank's engagement with Islamic finance. Promoting tourism associated with Islamic finance is not a core aim of the World Bank. Regulating non-Islamic finance sectors falls outside the World Bank's mandate, as its purpose is primarily developmental rather than regulatory. Establishing regional banks may align with broader financial initiatives, but it is not a specific function of the World Bank in the context of Islamic finance. Thus, the correct answer highlights the World Bank's foundational role in fostering the growth and effectiveness of Islamic finance systems around the world.