| Description |
1 online resource (39 pages) : illustrations (chiefly color), color map |
| Series |
IMF working paper, 1018-5941 ; WP/15/107 |
|
IMF working paper ; WP/15/107.
|
| Contents |
Cover -- Contents -- Abstract -- I. Introduction -- II. Consumer Protection and Financial Stability -- A. The Financial Stability Nexus -- B. Elements of Consumer Protection -- III. The Case for Consumer Protection in Islamic Finance -- A. Industry Growth But Limited Consumer Choice -- B. Product Characteristics -- C. Conventional Deposit Insurance Schemes -- IV. Current Practices in Consumer Protection -- V. Conclusions and Options for Strengthening Consumer Protection -- Tables -- 1. Status of Legal Frameworks for Consumer Protection -- Figures -- 1. A Framework for Consumer Protection in Islamic Finance -- 2. Growth of Islamic Finance Assets -- 3. Sukuk Market Size, Growth, and Structure -- 4. Concentration in the Islamic Banking Sector -- 5. Strength of Legal Rights -- Boxes -- 1: Sukuk Defaults and Legal Risks -- Appendixes -- 1. Sukuk Structures -- References -- Annexes -- 1. Characteristics of Selected Islamic Financial Products |
| 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.--Abstract |
| Notes |
"May 2015." |
|
"Middle East and Central Asia." |
| Bibliography |
Includes bibliographical references (pages 30-32) |
| Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed May 19, 2015) |
| Subject |
Banks and banking -- Religious aspects -- Islam.
|
|
Consumer protection (Islamic law)
|
|
Financial literacy -- Islamic countries
|
|
Financial risk management -- Islamic countries
|
|
BUSINESS & ECONOMICS -- Finance.
|
|
Banks and banking -- Religious aspects -- Islam
|
|
Consumer protection (Islamic law)
|
|
Financial literacy
|
|
Financial risk management
|
|
Islamic countries
|
| Form |
Electronic book
|
| Author |
International Monetary Fund. Middle East and Central Asia Department.
|
| ISBN |
9781513553412 |
|
1513553410 |
|
1513515101 |
|
9781513515106 |
|
