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:	BP173.75 Islam and economics BP188 Islamic religious life HG179 Personal finance HG201 Money
Online Access:	http://irep.iium.edu.my/73422/ http://irep.iium.edu.my/73422/1/RIGS15-059-0059%20END%20OF%20PROJECT%20REPORT%20FORM%20-%20RIF%2006.pdf

id	iium-73422
recordtype	eprints
spelling	iium-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)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
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/ http://irep.iium.edu.my/73422/1/RIGS15-059-0059%20END%20OF%20PROJECT%20REPORT%20FORM%20-%20RIF%2006.pdf
first_indexed	2023-09-18T21:44:05Z
last_indexed	2023-09-18T21:44:05Z
_version_	1777413333677244416

Incorporating the Wasatiyyah concept to improve financial decision of Muslim consumers

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