National and Global Islamic Financial Architecture:
Problems and Possible Solutions for the OIC Member Countries
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Table ‎7.6: Consumer Protection & Financial Literacy
No. Recommendations Specific Steps Implemented by
6.1 Consumer protection
framework for
Islamic finance
 Develop specific legal consumer
protection framework for Islamic
finance
 Develop specific regulatory consumer
protection framework for Islamic
finance
 Government
 Regulators
6.2 Financial literacy
programs
 Develop financial literary literature
 Disseminate knowledge at different
levels
 Use social media to educate people on
Islamic finance
 Government (Ministry
of education)
 Regulators
 Financial institutions
 Islamic finance trade
associations
6.3 Deposit Insurance  Develop framework for Islamic deposit
insurance
 Establish Islamic deposit insurance
company
 Government
 Regulators
7.1.7. Human Capital and Knowledge Development
A key factor that will determine the future expansion of the Islamic financial sector is to have
adequate human capital with the right knowledge and skills to drive the industry forward. At
the public level, governments and regulators can take initiatives to establish educational,
training and research institutions. One area of that needs focus is policy related research and
training including topics on the development of Islamic architectural institutions. At the
private level, different actors such as research and training institutions, advisory firms and
trade associations can do the same. Universities and academic institutions will play an
important role not only in providing education in Islamic finance but also to conduct research
that can support the industry.
Table ‎7.7: Human Capital and Knowledge Development
No. Recommendations Specific Steps Implemented by
7.1 Public level
initiatives
 Establish institutions that provide
education and training in Islamic
banking and finance
 Sponsor policy related research and
training on Islamic finance including
Islamic infrastructure institutions
 Governments
 Regulators/central banks
7.2 Private sector
initiatives
 Provide education and training in
Islamic banking and finance
 Initiatives for developing professional
certificates for Islamic financial
industry
 Private sector institutes and
centers for education and
research
 Private sector advisory firms
 Islamic finance trade
associations
7.3 Academic
institutions
 Provide education in Islamic banking
and finance
 Conduct research in Islamic banking
and finance
 Organize conferences and forums to
enhance awareness and exchange of
ideas
 Colleges and universities
 Research institutions
 Islamic finance trade
associations