National and Global Islamic Financial Architecture:
Problems and Possible Solutions for the OIC Member Countries
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accounting standards (either AAOIFI or domestic), only 41.7% have ratings agencies that cater
to the needs of the Islamic financial sector. Thus, while the status of accounting reporting and
disclosure is ‘developing’, the ranking of rating agencies for Islamic finance is
‘underdeveloped’.
Chart ‎6.9: Information Infrastructure
6.2.6. Consumer Protection & Financial Literacy
Chart 6.10 shows that only 33.3% of the countries have the consumer protection framework
for the Islamic financial sector and have Shariah compliant deposit insurance programs for
Islamic banks. In 58.3% of the case-study countries, there are financial literacy programs on
Islamic finance. While most of the financial literacy programs come from the regulatory bodies,
in a couple of cases the trade associations of Islamic banks promote them. The results indicate
that while aspects of consumer protection and deposit insurance are ranked ‘underdeveloped’,
the status of financial literacy is ‘developing’.
Chart ‎6.10: Consumer Protection & Financial Literacy
6.2.7. Human Capital and Knowledge Development
Chart 6.11 shows the initiatives taken in countries by different institutions. Though in 66.7% of
the countries the public bodies have institutions providing education and training in Islamic
banking and finance, in 58.3% of the countries there are private sector initiatives to do the
58,3
41,7
0
10
20
30
40
50
60
70
Accounting Reporting &
Disclosure
Rating Agency Percentage of total
33,3 33,3
58,3
0
10
20
30
40
50
60
70
Consumer Protection Deposit Insurance Financial literacy
Percentage of total