Islamic Financial Literacy: A Conceptualization and Proposed Measurement
Journal Title: International Journal of Academic Research in Business and Social Sciences - Year 2018, Vol 8, Issue 12
Abstract
Purpose: This paper aims to scrutinize the concept of Islamic financial literacy and propose the suitable items for its measurement. Design/methodology/approach: An exploratory study is conducted due limited existing research works are available in the area of Islamic financial literacy. The items for measurement of Islamic financial literacy in this paper consider a number of significant features of Islamic finance. Findings: A proposed measurement items of Islamic financial literacy have been developed. Several questions are constructed and grouped namely the money basics, Islamic banking, Takaful and Shariah-compliant investments. Research implications: This study attempts to contribute towards acquiring new theoretical models, especially in suggesting items to measure the level of Islamic financial literacy and personal financial behavior. Practical implications: The expected outcomes from this research will highlight an idea to the Islamic financial literacy and also act as a tool in order to improve the financial behavior as guided by Shariah. Originality/value: This study is the first of this kind to advocate the items for measurement of Islamic financial literacy level by developing test questions consist of these four main aspects in Islamic finance and four elements to be measured in personal financial behavior.
Authors and Affiliations
Farah Amalina Md Nawi, Wan Mohd Nazri Wan Daud, Puspa Liza Ghazali, Ahmad Shukri Yazid, Zelhuda Shamsuddin
Keywords
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- EP ID EP580902
- DOI 10.6007/IJARBSS/v8-i12/5061
- Views 76
- Downloads 0
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