Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers

The statistics and survey of literature outline existence of a massive problem in financial prudence of Malaysians, and in some cases Muslims. One aspect is glaringly imminent that a lack of spiritual/religious interventionist approach exists in exploring the lack of awareness among consumers that l...

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Main Authors: Ramlee, Roslily, Syed Mohd. Zain, Sharifah Raihan, Wan Hussain, Wan Rohaida
Format: Monograph
Language:English
Published: 2019
Subjects:
Online Access:http://irep.iium.edu.my/73422/1/RIGS15-059-0059%20END%20OF%20PROJECT%20REPORT%20FORM%20-%20RIF%2006.pdf
http://irep.iium.edu.my/73422/
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spelling my.iium.irep.734222019-07-18T04:28:45Z http://irep.iium.edu.my/73422/ Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers Ramlee, Roslily Syed Mohd. Zain, Sharifah Raihan Wan Hussain, Wan Rohaida BP173.75 Islam and economics BP188 Islamic religious life HG179 Personal finance HG201 Money The statistics and survey of literature outline existence of a massive problem in financial prudence of Malaysians, and in some cases Muslims. One aspect is glaringly imminent that a lack of spiritual/religious interventionist approach exists in exploring the lack of awareness among consumers that led to the present situation. Instead of attempting to solve the ordeal described above through brute economic policies, a wasatiyyah oriented approach is warranted in informing the consumers of their religious obligation to avoid profligate spending and adopting moderation in financial matters. Besides wasatiyyah is a present national agenda of the Malaysian government. Hence, the objective of this study is to examine the adoption of wasatiyyah concept among Muslims consumers with different level of financial literacy and personal characteristics. Primary data was collected through a self-administrated survey on selected group of Muslim consumers. Relevant statistical software was employed to perform exploratory factor analysis through Principal Component Analysis (PCA), Confirmatory Factor Analysis (CFA), and second-order invariance analysis on the data collected. From 299 respondents, generally the finding shows that consumers who adopted wasatiyyah concept will be more conscious in their financial decision and more caution in their credit management and consequently spend according to their means. Implicitly, by adopting the wasatiyah concept it will alleviate the excessive exposure to debt which may lead to bankruptcy and causing problem to the financial system and the Malaysian economy in general. 2019-07-18 Monograph NonPeerReviewed application/pdf en http://irep.iium.edu.my/73422/1/RIGS15-059-0059%20END%20OF%20PROJECT%20REPORT%20FORM%20-%20RIF%2006.pdf Ramlee, Roslily and Syed Mohd. Zain, Sharifah Raihan and Wan Hussain, Wan Rohaida (2019) Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers. Project Report. UNSPECIFIED. (Unpublished)
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic BP173.75 Islam and economics
BP188 Islamic religious life
HG179 Personal finance
HG201 Money
spellingShingle BP173.75 Islam and economics
BP188 Islamic religious life
HG179 Personal finance
HG201 Money
Ramlee, Roslily
Syed Mohd. Zain, Sharifah Raihan
Wan Hussain, Wan Rohaida
Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers
description The statistics and survey of literature outline existence of a massive problem in financial prudence of Malaysians, and in some cases Muslims. One aspect is glaringly imminent that a lack of spiritual/religious interventionist approach exists in exploring the lack of awareness among consumers that led to the present situation. Instead of attempting to solve the ordeal described above through brute economic policies, a wasatiyyah oriented approach is warranted in informing the consumers of their religious obligation to avoid profligate spending and adopting moderation in financial matters. Besides wasatiyyah is a present national agenda of the Malaysian government. Hence, the objective of this study is to examine the adoption of wasatiyyah concept among Muslims consumers with different level of financial literacy and personal characteristics. Primary data was collected through a self-administrated survey on selected group of Muslim consumers. Relevant statistical software was employed to perform exploratory factor analysis through Principal Component Analysis (PCA), Confirmatory Factor Analysis (CFA), and second-order invariance analysis on the data collected. From 299 respondents, generally the finding shows that consumers who adopted wasatiyyah concept will be more conscious in their financial decision and more caution in their credit management and consequently spend according to their means. Implicitly, by adopting the wasatiyah concept it will alleviate the excessive exposure to debt which may lead to bankruptcy and causing problem to the financial system and the Malaysian economy in general.
format Monograph
author Ramlee, Roslily
Syed Mohd. Zain, Sharifah Raihan
Wan Hussain, Wan Rohaida
author_facet Ramlee, Roslily
Syed Mohd. Zain, Sharifah Raihan
Wan Hussain, Wan Rohaida
author_sort Ramlee, Roslily
title Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers
title_short Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers
title_full Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers
title_fullStr Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers
title_full_unstemmed Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers
title_sort incorporating the wasatiyyah concept to improve financial decision of muslim consumers
publishDate 2019
url http://irep.iium.edu.my/73422/1/RIGS15-059-0059%20END%20OF%20PROJECT%20REPORT%20FORM%20-%20RIF%2006.pdf
http://irep.iium.edu.my/73422/
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score 13.211869