Financial literacy among Malaysian Muslim undergraduates

International Journal of Managerial Studies and Research (IJMSR), 2018

Islamic financial literacy specifically refers to financial literacy of Islamic financial products and Islamic finance concepts. Currently, even the increased awareness in Islamic finance around the world especially from the Muslim countries, the Islamic financial products are still unclear to some people not only youngsters but also among adults. This paper highlights the significant role of Islamic financial literacy especially among young people. It should be noted that the importance of Islamic financial literacy is difficult to be ignored especially for Muslims. Much of the current works have been on the literacy on conventional financial knowledge. Since there is a renewed interest in Islamic finance, more studies should be undertaken in order to determine the level of literacy of people on Islamic financial concepts and products. This paper represents an initial attempt to explore the concept of Islamic financial literacy among college students. It is hoped that this paper could help other researchers to further expand the knowledge in the area of Islamic financial literacy particularly among college students in Malaysia. The future research should intents to fill in the gap in the study of individual or personal financial literacy in the Islamic context by focusing on younger generation such as college students in Malaysia.

Journal of Emerging Economies and Islamic Research

This article is written to provide a deliberation reviews on the current context of Islamic financial literacy among students. A research was conducted through case studies carried out among the students of University Malaysia Sabah Campus W.P. Labuan and Institut Pendidikan Guru (IPG), Kampus Batu Lintang, Sarawak, a teacher training institute. The respondents are candidates to become teachers upon completing their studies. Being knowledgeable and having skill in financial literacy, especially with respect to Islamic financial products, would be a great asset to them. Based on current scenario, financial literacy in Islamic financial products should be enhanced, especially to the academicians. The findings from this research is expected to be able to determine the factors influencing Islamic financial literacy among the students. This study employs a quantitative method using questionnaires distribution for analysis puposes. Data are collected through a survey using a closed ended ...

2017

This article is written to provide a deliberation reviews on the current context of Islamic financial literacy among students. A research was conducted through case studies carried out among the students of University Malaysia Sabah Campus W.P. Labuan and Institut Pendidikan Guru (IPG), Kampus Batu Lintang, Sarawak, a teacher training institute. The respondents are candidates to become teachers upon completing their studies. Being knowledgeable and having skill in financial literacy, especially with respect to Islamic financial products, would be a great asset to them. Based on current scenario, financial literacy in Islamic financial products should be enhanced, especially to the academicians. The findings from this research is expected to be able to determine the factors influencing Islamic financial literacy among the students. This study employs a quantitative method using questionnaires distribution for analysis puposes. Data are collected through a survey using a closed ended ...

The 2008 Great Recession aftermath, numerous studies were undertaken by academic researchers in analyzing the factors affecting the financial literacy of individuals. The 2008 Great Recession aftermath, numerous studies were undertaken by academic researchers in analyzing the factors affecting the financial literacy of individuals. Previous studies revealed that financial literacy among the young was low and research on the Islamic financial literacy relatively scarce. In view of these concerns, this concept paper focused on suggesting the determinant factors of Islamic financial literacy. Thus, this paper aims to suggest the constructs for Islamic financial literacy and its determinants, namely financial knowledge, financial behavior, financial attitude, demographic factors and personality traits.

American Journal of Humanities and Social Sciences Research (AJHSSR), 2018

The 2008 Great Recession aftermath, numerous studies were undertaken by academic researchers in analyzing the factors affecting the financial literacy of individuals. Previous studies revealed that financial literacy among the young was low and research on the Islamic financial literacy relatively scarce. In view of these concerns, this concept paper focused on suggesting the determinant factors of Islamic financial literacy. Thus, this paper aims to suggest the constructs for Islamic financial literacy and its determinants, namely financial knowledge, financial behavior, financial attitude, demographic factors and personality traits.

International Journal of Business and Management Invention (IJBMI), 2018

The need to increase financial literacy is important as the economy continues to change. The importance of financial literacy not only among adults but also youth in order for them to make significant financial decision as they transition into adulthood. Previous studies report that financial literacy levels among respondents of surveys were alarmingly low in many countries. The 2008 Great Recession aftermath, numerous studies were undertaken by academic researchers in analyzing the factors affecting the financial literacy of individuals. Previous studies revealed that financial literacy among the young was low and research on the Islamic financial literacy relatively scarce. In view of these concerns, this paper aims to suggest filling this gap by studying the extent of the relationship between financial literacy and its influence towards young adult in Malaysia. Additional research involving financial literacy is necessary. Thus, this paper suggests that future reseach should focus primarily on students’ financial literacy within Islamic context and may provide further insights into the effects of Islamic financial literacy intervention on students at college level.

Islamic financial literacy has been recognised as an important tool to increase inclusiveness. To date however, the constructs for Islamic financial literacy has not been adequately examined even though they have been calls for such attempt in the literature. Thus, this paper aims to develop the constructs for Islamic financial literacy and its determinants. Structured questionnaires were distributed to 200 students of Universiti Utara Malaysia to determine the level of Islamic financial literacy. The data are quantitatively analyzed through an exploratory factor analysis using SPSS programme. The results show that 4 out of 11 measures failed to load reliably in Islamic financial literacy construct. Specifically, religiosity was found to exhibit the highest variance followed by hopelessness and financial satisfaction. This paper enables the community and researchers to expand the knowledge in the area of Islamic financial literacy by providing a validated constructs to assess the level of Islamic financial literacy.

The 3rd International Conference on Sustainability and Innovation, 2020

The present study seeks to investigate the impact of Islamic economics courses on Islamic financial literacy of university students. Additionally, it intends to compare Islamic financial literacy of those who have taken Islamic economics and finance courses and those who have not. With respect to the approach, the current study employed a quantitative approach to explain the linkage between the two variables. The population of the present study was all currently enrolled students of public universities in Padang particularly those from the faculty of economics and business. A self-administered questionnaire had been used to collect primary data. From the total distributed questionnaire, 300 of them were completed and included in the sample. As a result the respond rate is 71.3%. The results show 145 respondents are in the category of having poor Islamic financial knowledge, while 155 respondents are in the category of moderate From 145 respondents with poor Islamic financial knowledge 79 respondents (66%) have (not) taken (any) Islamic economics and finance courses. From 155 respondents with moderate financial knowledge 114 respondents (41%) have not taken any Islamic economics and finance courses. The findings of the present study suggest that most respondents can be categorized as having moderate knowledge and attending formal Islamic economics and finance courses can positively contribute to have a greater level of Islamic financial literacy.

International Journal of Managerial Studies and Research

1. INTRODUCTION OF ISLAMIC FINANCIAL LITERACY Mohomed (2015) explained that since literature on Islamic financial literacy are scarce, no definition was found except for Abdullah & Anderson (2015) which built on Houston"s (2010) definition of financial knowledge stating that Islamic financial knowledge means "the stock of knowledge that one acquires through education and/or experience specifically related to essential Islamic finance concepts and products". Hence, it can be simplified that the definition of Islamic financial literacy specifically refers to financial literacy of Islamic financial products and Islamic finance concepts. The most important differences between Islamic finance and conventional finance is the prohibition of forbidden elements in the transactions such as Riba (interest), Gharar (uncertainty) and Maysir (gambling). Numerous Islamic instruments are used by Islamic finance categorized as saving (wadiah), sale contracts (Murabahah, Salam, Istisnah), partnership modes (Mudarabah, Musharakah), or hybrid modes (Diminishing Musharakah), amongst others. Currently, even the increased awareness in Islamic finance such as Islamic Social Finance and Islamic Financial Technology around the world especially from the Muslim countries, the Islamic financial products are still unclear to some people not only youngsters but also among adults. The root for the unclear knowledge among consumers regarding Islamic financial products is normally because of the unclear Islamic concepts in the product"s information from one to another. Not to mention that many Muslim consumers themselves are not aware and ignore the importance of Shariah compliant products. Thus, low Islamic financial literacy levels may signify a serious threat to the survival of current and future Islamic products specifically and to the Islamic finance sector in general. As suggested by Mohomed (2015), the need of the consumer protection and financial literacy are vital

AL-MUZARA'AH, 2022

Although Indonesia is the largest Muslim country in the world, the level of Islamic financial literacy in Indonesia is still very low. The Islamic financial literacy index in Indonesia is at 8.93%, much lower than the conventional financial literacy index which reached 37.72% in 2019. Therefore, this study aims to analyze the determinants of Islamic financial literacy in Indonesia amongst university students which is a group prioritized by government policies in improving Islamic financial literacy. To achieve this goal, this study develops a multidimensional Islamic financial literacy instrument that includes aspects of knowledge, attitudes and behavior and measures the multidimensional Islamic financial literacy amongst university students. The study collected primary data from 439 students from University of Indonesia and analyzed them using logistic regression method with Islamic financial literacy scores as the dependent variable and socio-demographic factors as the independent...