Continuation
That potential loss may be incurred by an IIFS (Institutions
Offering Islamic Financial Services) as a result of:
-
insufficient
-
improperly applied
-
or simply unfavourable
legal proceedings in the country in which it operates.
The lack of a legal framework to
support the:
-
products
-
and services
that IIFSs offer may:
-
stunt the growth of the Islamic finance industry
-
and reduce stakeholders’ confidence in the viability of
Islamic financial solutions.
From the research paper of
European Central Bank
(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho,
B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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