Are Muslims practising moderation in their financial decisions?

Statistics and a survey of the literature revealed the existence of a massive problem in the financial prudence of Malaysians, including Muslims. One glaringly prominent aspect is the absence of a spiritual/religious interventionist approach in exploring the lack of consumer awareness that led to th...

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Main Authors:	Ramlee, Roslily, Syed Mohd Zain, Sharifah Raihan, Wan Husain, Wan Rohaida
Format:	Article
Language:	English English
Published:	Penerbit Universiti Sains Malaysia 2019
Subjects:	BP188.16 Wasatiyyah. Moderation In Islam HG179 Personal finance HG201 Money
Online Access:	http://irep.iium.edu.my/73460/ http://irep.iium.edu.my/73460/ http://irep.iium.edu.my/73460/ http://irep.iium.edu.my/73460/7/73460%20Are%20Muslims%20practising%20moderation%20in%20their%20financial%20decisions.pdf http://irep.iium.edu.my/73460/13/73460_Are%20Muslims%20practising%20moderation_Scopus.pdf

id	iium-73460
recordtype	eprints
spelling	iium-734602019-11-24T14:44:13Z http://irep.iium.edu.my/73460/ Are Muslims practising moderation in their financial decisions? Ramlee, Roslily Syed Mohd Zain, Sharifah Raihan Wan Husain, Wan Rohaida BP188.16 Wasatiyyah. Moderation In Islam HG179 Personal finance HG201 Money Statistics and a survey of the literature revealed the existence of a massive problem in the financial prudence of Malaysians, including Muslims. One glaringly prominent aspect is the absence of a spiritual/religious interventionist approach in exploring the lack of consumer awareness that led to the present situation. Instead of attempting to solve the problem through brute economic policies, a wasatiyyah-oriented approach is warranted for informing consumers of their religious obligation to avoid profligate spending and adopt moderation in financial matters. Hence, the objective of this study is to examine the practice of moderation (the concept of wasatiyyah) among Muslims consumers in their financial decision-making. Primary data were collected through a self-administrated survey on a selected group of Muslim consumers. A relevant statistical software was employed to perform exploratory-factor analysis (EFA) through principal-component analysis (PCA), confirmatory factor analysis (CFA), and structural equation modelling (SEM) on the collected data. The findings demonstrated that moderation (wasatiyyah) partially mediates the relationship between materialism and financial decisions. Consequently, Muslim consumers who practice moderation while making their financial decisions are more conscious of their credit management and thus spend according to their means. Penerbit Universiti Sains Malaysia 2019 Article PeerReviewed application/pdf en http://irep.iium.edu.my/73460/7/73460%20Are%20Muslims%20practising%20moderation%20in%20their%20financial%20decisions.pdf application/pdf en http://irep.iium.edu.my/73460/13/73460_Are%20Muslims%20practising%20moderation_Scopus.pdf Ramlee, Roslily and Syed Mohd Zain, Sharifah Raihan and Wan Husain, Wan Rohaida (2019) Are Muslims practising moderation in their financial decisions? Asian Academy of Management Journal, 24 (Supplement 1). pp. 157-170. ISSN 1394-2603 E-ISSN 2180-4184 http://web.usm.my/aamj/24s12019/aamj24s12019_11.pdf 10.21315/aamj2019.24.s1.11
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	BP188.16 Wasatiyyah. Moderation In Islam HG179 Personal finance HG201 Money
spellingShingle	BP188.16 Wasatiyyah. Moderation In Islam HG179 Personal finance HG201 Money Ramlee, Roslily Syed Mohd Zain, Sharifah Raihan Wan Husain, Wan Rohaida Are Muslims practising moderation in their financial decisions?
description	Statistics and a survey of the literature revealed the existence of a massive problem in the financial prudence of Malaysians, including Muslims. One glaringly prominent aspect is the absence of a spiritual/religious interventionist approach in exploring the lack of consumer awareness that led to the present situation. Instead of attempting to solve the problem through brute economic policies, a wasatiyyah-oriented approach is warranted for informing consumers of their religious obligation to avoid profligate spending and adopt moderation in financial matters. Hence, the objective of this study is to examine the practice of moderation (the concept of wasatiyyah) among Muslims consumers in their financial decision-making. Primary data were collected through a self-administrated survey on a selected group of Muslim consumers. A relevant statistical software was employed to perform exploratory-factor analysis (EFA) through principal-component analysis (PCA), confirmatory factor analysis (CFA), and structural equation modelling (SEM) on the collected data. The findings demonstrated that moderation (wasatiyyah) partially mediates the relationship between materialism and financial decisions. Consequently, Muslim consumers who practice moderation while making their financial decisions are more conscious of their credit management and thus spend according to their means.
format	Article
author	Ramlee, Roslily Syed Mohd Zain, Sharifah Raihan Wan Husain, Wan Rohaida
author_facet	Ramlee, Roslily Syed Mohd Zain, Sharifah Raihan Wan Husain, Wan Rohaida
author_sort	Ramlee, Roslily
title	Are Muslims practising moderation in their financial decisions?
title_short	Are Muslims practising moderation in their financial decisions?
title_full	Are Muslims practising moderation in their financial decisions?
title_fullStr	Are Muslims practising moderation in their financial decisions?
title_full_unstemmed	Are Muslims practising moderation in their financial decisions?
title_sort	are muslims practising moderation in their financial decisions?
publisher	Penerbit Universiti Sains Malaysia
publishDate	2019
url	http://irep.iium.edu.my/73460/ http://irep.iium.edu.my/73460/ http://irep.iium.edu.my/73460/ http://irep.iium.edu.my/73460/7/73460%20Are%20Muslims%20practising%20moderation%20in%20their%20financial%20decisions.pdf http://irep.iium.edu.my/73460/13/73460_Are%20Muslims%20practising%20moderation_Scopus.pdf
first_indexed	2023-09-18T21:44:09Z
last_indexed	2023-09-18T21:44:09Z
_version_	1777413337455263744

Are Muslims practising moderation in their financial decisions?

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