National and Global Islamic Financial Architecture:
Prolems and Possible Solutions for the OIC Member Countries
207
6.3.6. Consumer Protection & Financial Literacy
While the IFSB has published principles on Conduct of Business Islamic financial institutions
(IFSB-9) and a working paper on consumer protection 66, there are no standards published on
consumer protection yet. IFSB has also published a working paper that outlines different
models of Shariah compliant deposit insurance scheme..67 However, no guidelines or standards
have been issued on either of these institutional elements. Similarly, there is a need to develop
a framework for financial literacy programs for the Islamic financial sector.
Table ‎6.17: Consumer Protection & Financial Literacy
No. Institutional
Elements
Existing
Institutions
Role and Responsibilities
4.1 Consumer protection
framework for Islamic
finance
4.2 Deposit Insurance
4.3 Financial literacy
programs
6.3.7. Human Capital and Knowledge Development
Islamic Research and Training Institute (IRTI) undertakes basic and applied research and
training to promote the Islamic financial sector. Global Islamic Finance Development
Center (GIFDC) of the World Bank also conducts research and training and provides technical
assistance and advisory services to different countries to develop Islamic financial institutions
and markets. While the IFSB provides some training on its published standards, other areas of
Islamic financial infrastructure are not covered.
Table ‎6.18: Human Capital and Knowledge Development
No. Institutional
Elements
Existing
Institutions
Role and Responsibilities
4.1 Research and
Development
 IRTI
 GIFDC
 Promote research & training in Islamic
economics & finance
 Conduct training, advisory services for
development of Islamic finance
 Organize conferences/ forums on Islamic
economics and finance
4.2 Knowledge/skills on
infrastructure
institutions
 IFSB  Research and training on Islamic
infrastructure institutions
66 Neinhaus (2015)
67 Najeeb and Mustafa (2016)