Islamic Banking Services and Consumer Protection in Contractual Relationships: A Legal and Comparative Study

Abstract

This study explores the intersection of Islamic banking services and consumer protection mechanisms in contractual relationships. It assesses the legal frameworks, regulatory mechanisms, and Sharia compliance in various jurisdictions—ranging from the UK and EU countries to Islamic finance hubs like Malaysia, Saudi Arabia, and Pakistan. Drawing on the works of prominent Islamic scholars such as Shaykh Ali Muhiuddin Qaradaghi, Mufti Taqi Usmani, Dr. Abd al-Sattar Abu Ghuddah, and Wahba al-Zuhayli, the paper evaluates how Islamic jurisprudence safeguards consumers from injustice, exploitation, and ambiguity in financial contracts. A particular focus is given to the emerging legal infrastructure in Uzbekistan and proposed reforms to harmonize domestic law with international Islamic finance standards. Comparative legal analysis and doctrinal interpretation form the backbone of the methodology.