National and Global Islamic Financial Architecture:
Prolems and Possible Solutions for the OIC Member Countries
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specific material that can be used for educating the people on Islamic financial principles and
practices.
Table ‎7.13: Consumer Protection & Financial Literacy
No. Recommendations Existing
Institutions
Gaps Need to be filled Implemented
by
6.1 Consumer protection
framework for Islamic
finance
 IFSB  Guidelines and models of
consumer protection laws
 IFSB
6.2 Deposit Insurance  IFSB
 IADI
 Models of Islamic deposit
insurance structures
 IFSB
 IADI
6.3 Financial literacy programs  Samples of potential
material used for Islamic
money market structures
 CIBAFI
7.2.7. Human Capital and Knowledge Development
Although many universities are providing education and doing research on Islamic banking
and finance, some of the applied research and policy oriented papers needed for the
development of the industry can also be carried out by international multilateral organizations.
In this regards, IRTI, IDB and World Bank GIFDC can play an important role. Another key area
that needs attention is the production of relevant knowledge related to sound infrastructural
institutions. While IFSB provides some training on its published standards, there is a need to
conduct more research and provide training in other areas of Islamic financial infrastructure.
This can be done by IDB and WB through their technical assistance programs.
As the Islamic financial industry expands, there will also be a need to develop professional
development programs and certificates. Although there are different initiatives taken in the
private sector, there is a need to develop certification programs by international bodies to
enhance credibility and acceptance. For example, AAOIFI has professional certificates such as
the Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant
(CIPA). There is a need to come up with different sector specific Islamic financial certification
programs such as the Islamic banking professional certificate, takaful professional certificate
and Islamic capital markets professional certificates. Being a trade association of Islamic
financial institutions, CIBAFI can take the initiative to implement these.
Table ‎7.14: Human Capital and Knowledge Development
No. Recommendations Existing
Institutions
Gaps Need to be filled Implemented
by
7.1 Research and Development  IRTI
 GIFDC
 Enhance investment in
research and
development of key
strategic areas
 Research and training on
Islamic architectural
institutions
 IDB
 IFSB
 IRTI
 WB(GIFDC)
7.2 Professional development
programs and certificates
 AAOFI
 CIBAFI
 Professional development
programs
 Sector specific
professional certificates
 AAOIFI
 CIBAFI