Managing financial stress through Islamic wealth management: an appreciation of Hifz al-Mal

Mohd. Zain, Nor Razinah and Saleh, Abdulmajid Obaid Hasan and Mohd Noor, Azman (2020) Managing financial stress through Islamic wealth management: an appreciation of Hifz al-Mal. In: 2020 World Congress of The Integration and Islamicisation: Integration of Spirituality & Mental Health, 27th to 29th March 2020, Kuantan, Pahang. (In Press)

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Abstract

Introduction: Malaysia is one of the most successful countries in the world in relation to banking and finance sector. With a comprehensive legal framework that appreciates both of conventional (CBF) and Islamic banking and finance (IBF), Malaysia manages to allow both sectors to grow as industries of their own. Nevertheless, financial stress among citizens especially millennials remains high with increasing of household debts. While looking closely to the practice of Islamic wealth management in Malaysia, this research paper evaluates the existence of financial stress among Malaysians. This paper also appreciates the concept of Hifz al-Mal in practising the Islamic wealth management. It is found that financial stress is real among Malaysians. Materials and method: The main research methodology for this research is the qualitative investigation approach with an analysis of news reporting, an observation from the work field, and naturalistic interpretation. Results: The uncontrolled dependency on debts in having luxurious life style can be attributed to the existence of financial stress. An early exposure to Islamic wealth management among Malaysians may lead to a better life style and debt management. By doing so, not only Hifz al-Mal can be achieved but also a better life style can be reached. Moreover, it can reduce the dependency on debts and decrease the financial stress. Conclusion: Thus, an appreciation of Hifz al-Mal should be applied in managing financial stress through Islamic wealth management. This is believed that it will be able to eliminate financial stress and freedom of debts.

Item Type:	Conference or Workshop Item (Plenary Papers)
Additional Information:	8634/80839
Uncontrolled Keywords:	Islamic wealth management, Hifz al-Mal, financial stress, debts.
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4001 Financial management. Business finance. Corporation finance. K Law > K85 Legal research K Law > KBP Islamic Law
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Asst. Prof Nor Razinah Mohd. Zain
Date Deposited:	22 Jun 2020 09:59
Last Modified:	22 Jun 2020 09:59
URI:	http://irep.iium.edu.my/id/eprint/80839

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