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4.11.4. Liquidity Infrastructure.................................................................................................................. 150 4.11.5. Information Infrastructure and Transparency..................................................................... 151 4.11.6. Consumer Protection Architecture............................................................................................ 153 4.11.7. Human Capital and Knowledge Development Framework............................................. 154 4.11.8. Summary and Conclusions............................................................................................................ 155 4.12. United Arab Emirates (UAE) ................................................................................................................. 157 4.12.1. Legal Infrastructure ......................................................................................................................... 157 4.12.2 Financial System Regulation and Supervision Framework ............................................. 160 4.12.3 Shariah Governance Framework................................................................................................. 161 4.12.4. Liquidity Infrastructure.................................................................................................................. 161 4.12.5. Information Infrastructure and Transparency..................................................................... 162 4.12.6. Consumer Protection Architecture............................................................................................ 163 4.12.7. Human Capital & Knowledge Development Framework ................................................. 163 4.12.8 Summary and Conclusions............................................................................................................. 164 5. Global Financial Centres and Islamic Finance......................................................................................... 165 5.1. Basic Data and Status of Financial Services................................................................................ 165 5.2. Approaches to Islamic Finance ........................................................................................................ 170 5.2.1. Strategic Approach and Achievements: UK...................................................................... 171 5.2.2. Strategic Approach and Achievements: Germany ......................................................... 174 5.2.3. Strategic Approach and Achievements: Luxembourg.................................................. 177 5.2.4. Strategic Approach and Achievements: Singapore ....................................................... 179 5.2.5. Strategic Approach and Achievements: Hong Kong ..................................................... 181 5.3. Comparison and Analysis................................................................................................................... 183 5.4. Lessons for Islamic Finance .............................................................................................................. 187 5.5. Summary and Conclusions................................................................................................................. 188 6. Overview of the Islamic Financial Architectural Institutions: Weaknesses and Prospects for Further Development............................................................................................................................................... 191 6.1. Infrastructural Institutions: Statuses at the National Levels .............................................. 191 6.1.1. Legal Infrastructure.................................................................................................................... 191 6.1.2. Regulation and Supervision .................................................................................................... 193 6.1.3. Shariah Governance.................................................................................................................... 194 6.1.4. Liquidity Infrastructure ............................................................................................................ 195 6.1.5. Information Infrastructure...................................................................................................... 196 6.1.6. Consumer Protection & Financial Literacy....................................................................... 197 6.1.7. Human Capital and Knowledge Development................................................................. 197