دانلود رایگان مقاله انگلیسی خرید Fatwā و اعتماد: به سوی مقررات محافظ موثر برای حقوق مصرف کننده در دارایی اسلامی - امرالد 2017

Abstract

Purpose: This study examines the phenomenon of fatwā shopping, its effect on consumer trust in Islamic finance products and the need for effective consumer protection regulations in the Islamic finance industry. Design/methodology/approach: The methodology used in this study is qualitative research which draws significantly from relevant regulations on financial consumer protection through analytical method to identify common themes on fatwā shopping and consumer trust in the relevant literature. Findings: This study finds that the increasing practice of fatwā shopping through clandestine searches by some Islamic banks to get their new products endorsed by leading Sharī‘ah scholars requires proper legal regulation to avoid a total erosion of trust in the entire Islamic finance industry. Research limitations: Though fatwā shopping is practiced in the Islamic finance industry, it is always difficult to get some desperate Islamic bankers to agree to this; hence, this study does not portend to examine the evidence on fatwā shopping, but it seeks to bring to the fore the effect of fatwā shopping on consumer trust in Islamic financial services, and the need for effective consumer protection regulations. Practical implications: This study is expected to provide an invaluable guide and policy framework for emerging and promising jurisdictions on the need to regulate fatwā shopping through effective legal framework based on some best practices identified in the study. Originality/value: Though there have been a number of studies relating to fatwā shopping, focusing on the need for effective consumer protection regulations in the Islamic finance industry will enrich the existing literature and have significant implications for the future of the industry.

CONCLUSION AND RECOMMENDATIONS

From the foregoing analysis, one may conclude that the significance of consumer protection is more pronounced in a financial industry which is faith-based and value-oriented, and positively claims to be Sharī‘ah-complaint. Therefore, financial consumers’ trust in the products and services offered in this uniquely important industry is paramount considering the faith premium leveraged on in marketing the products (Amin et al., 2013, p. 92). It is therefore easy to prey on the sentiments of unsuspecting Muslim investors if a proper regulatory framework is not introduced to protect such class of investors. This does not underrate the overarching importance of fatwā in repositioning the industry, as it remains the driving force that propels and enhances the competitiveness of the industry in an increasingly globalised financial system.

Nevertheless, this study finds that the increasing practice of fatwā shopping and the clandestine searches by some Islamic bank executives to get their new products endorsed by leading Sharī‘ah scholars require proper regulation to avoid a total erosion of trust in the entire industry. Islamic bankers are not necessarily Sharī‘ah scholars. So rather than putting the blame of fatwā shopping on the Sharī‘ah scholars, the bankers and product development executives may be held responsible for the continuous phenomenon (Khan, 2010, p. 818). Notwithstanding, the Sharī‘ah scholars should be wittingly cautious and meticulously conscious of the provisions of any Islamic finance products and services brought to them for endorsement.