And for now, we won't even think of the political complications that could arise when it is time for India and Pakistan to play each other. The fair way to go would have been to weight each individual Test result by a strength of schedule system. The tables below show each team's home and away record since the last Pakistan tour of England in 1996. Percentages were calculated by awarding 3 points for a win, and 1 for a draw, for each individual Test. The same yardstick was applied to all countries.
Lets take the upcoming England-Pakistan series as an example.
A side winning a series would get 2 bonus points. Similarly, a side would get one bonus point for drawing an away series, and none for drawing a home series. For countries with no Test records like Bangladesh, or Kenya if it were to get Test status, the weightings assigned would be those of the weakest home and away teams respectively. This system would eliminate the inequality of giving points only for a series win, it also incorporates the value of winning test in difficult conditions. The weightings mentioned above would change before each series started, and would then stay constant for that entire series.