An international Islamic financial regulator said it had approved a draft framework to develop the industry, already worth one trillion dollars, over the next 10 years.

The council of the Islamic Financial Services Board (IFSB) said in a statement it had adopted the 10-year plan to develop the Islamic financial services industry worldwide at its annual meeting on Monday in Kuala Lumpur.

The framework aims "to provide a general blueprint or guideline that may benefit national authorities in designing and developing their national plans and initiatives as part of their financial sector development policies," it said.

The framework contained 12 recommendations involving institutional and infrastructure development, it said.

IFSB secretary-general Rifaat Ahmed Abdel Karim said the framework would help develop the industry and integrate it into the international financial system.

The IFSB is an international standard-setting body that regulates the Islamic financial industry.

Some 15 central bank governors or their representatives and the president of the Islamic Development Bank, a Saudi Arabia-based institution set up to promote economic development in Muslim countries, attended the meeting.

Malaysia is the 2007 chair of the board's council, and has said total assets of the Islamic financial system are estimated to exceed one trillion dollars, with annual growth of 15 to 20 percent.

Islamic finance fuses principles of sharia or Islamic law and modern banking. Funds are banned from investing in companies associated with tobacco, alcohol or gambling - considered taboo by Muslims.

The system also bans the earning of interest.