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Modeling psychology in Islamic wealth management

Al-Abbadi, Ahmed Hamed and Abdullah, Adam (2017) Modeling psychology in Islamic wealth management. International Journal of Economics and Finance, 9 (10). pp. 64-85. ISSN 1916-971X E-ISSN 1916-9728

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This paper proposes a conceptual framework for modeling psychology in Islamic wealth management. Incorporating psychology into finance would significantly contribute to our understanding of the behavior of individual investors as well as market behavior. Utilizing the findings of behavioral finance and financial therapy, along with industry mega-trends, Islamic wealth management could step further in fulfilling its ultimate objective of promoting social welfare. This is can be achieved by exploring and identifying the psychological factors that affect the clients' decision-making and then behaviorally and cognitively helping them to engage in socially-responsible investments, projects and initiatives. In operationalizing this model, financial advisors/wealth managers should adopt a comprehensive client discovery and profiling method and apply Fintech innovations in producing complex analytics and thereby enriching the client experience.

Item Type: Article (Journal)
Additional Information: 7452/58249
Uncontrolled Keywords: : Islamic finance, wealth management, psychology, behavioral finance, financial therapy
Subjects: B Philosophy. Psychology. Religion > BF Psychology
H Social Sciences > HG Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: Dr Adam Abdullah
Date Deposited: 06 Sep 2017 12:21
Last Modified: 01 Feb 2018 01:28
URI: http://irep.iium.edu.my/id/eprint/58249

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