Islamic Finance, Consumer Protection, and Financial Stability / Inutu Lukonga.

Format:

Book

Government document

Author/Creator:

Lukonga, Inutu.

Series:

IMF Working Papers; Working Paper ; No. 2015/107

IMF Working Papers

Language:

English

Subjects (All):

Banks and banking--Religious aspects--Islam.

Consumer protection (Islamic law).

Financial literacy--Islamic countries.

Financial risk management--Islamic countries.

Local Subjects:

Banks and banking--Religious aspects--Islam.

Consumer protection (Islamic law).

Financial literacy--Islamic countries.

Financial risk management--Islamic countries.

Physical Description:

1 online resource (69 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2015.

Language Note:

English

Summary:

Consumer protection and financial literacy are essential pillars of a well functioning and stable financial system. As the global financial crisis demonstrated, inadequate attention to consumer protection and financial literacy can lead to financial instability. Though Shari’ah principles provide a strong foundation for consumer protection, the principles alone cannot provide adequate protection because not all providers are guided by ethical precepts and the practices have deviated from the principles. To safeguard the stability of the Islamic finance industry, consumer protection frameworks that cater to the specifics of Islamic financial products should be an integral part of regulatory frameworks.

Contents:

Cover Page; Title Page; Copyright Page; Contents; Tables; Figures; Boxes; Appendixes; Annexes; II. Consumer Protection and Financial Stability; A. The Financial Stability Nexus; B. Elements of Consumer Protection; 1. A Framework for Consumer Protection in Islamic Finance; III. The Case for Consumer Protection in Islamic Finance; A. Industry Growth But Limited Consumer Choice; 2. Growth of Islamic Finance Assets; 3. Sukuk Market Size, Growth, and Structure; 4. Concentration in the Islamic Banking Sector; B. Product Characteristics; 1: Sukuk Defaults and Legal Risks

C. Conventional Deposit Insurance SchemesIV. Current Practices in Consumer Protection; 1. Status of Legal Frameworks for Consumer Protection; 5. Strength of Legal Rights; V. Conclusions and Options for Strengthening Consumer Protection; 1. Sukuk Structures; 1. Characteristics of Selected Islamic Financial Products; References; I. Introduction; Footnotes

Notes:

Description based upon print version of record.

Description based on print version record.

ISBN:

9781513538372

1513538373

9781513577975

1513577972