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Author/Editor:
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Inutu Lukonga
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Publication Date:
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May 18, 2015
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Electronic Access:
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Free Full text
(PDF file size is 1,697KB).
Use the free
Adobe Acrobat Reader
to view this PDF file
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Consumer protection and financial literacy are essential pillars of a well functioning and stable financial system. As the global financial crisis demonstrated, inadequate attention to consumer protection and financial literacy can lead to financial instability. Though Shari’ah principles provide a strong foundation for consumer protection, the principles alone cannot provide adequate protection because not all providers are guided by ethical precepts and the practices have deviated from the principles. To safeguard the stability of the Islamic finance industry, consumer protection frameworks that cater to the specifics of Islamic financial products should be an integral part of regulatory frameworks.
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Order a print copy
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Series:
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Working Paper No. 15/107
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Subject(s):
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Islamic finance | Islamic banking | Banks | Financial services industry | Financial regulation and supervision | Financial stability
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English
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Publication Date:
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May 18, 2015
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ISBN/ISSN:
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9781513515106/1018-5941
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Format:
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Paper
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Stock No:
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WPIEA2015107
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Pages:
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39
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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