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The significance of financial literacy for family wealth management: a critical study from Maqasid perspective

Diniyya, Aulia Arifatu and Fatah Yasin, Raudlotul Firdaus and Mahmud, Mek Wok (2020) The significance of financial literacy for family wealth management: a critical study from Maqasid perspective. In: 2nd National Seminar on Contemporary Fiqh (NSCF 2020), 9th December 2020, Kuala Lumpur. (Unpublished)

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Abstract

Financial literacy has a tremendous impact on sustaining family financial management. Lack of financial knowledge may lead to arising financial problems within the family which also may affect the personal relationship and working performance of its members. Managing wealth realizes the Maqasid Shariah, Hifz al-mal (preservation of wealth) to ensure the sustainable life of every individual and Hifz al-nafs (preservation of life). This study addresses the importance of financial literacy in the dynamic environment of household financial management to avoid family problems such as divorce, financial arguments and broken family which would be contradictory to the intent of the Shariah. The literature on financial literacy and family financial management were critically reviewed and used in an attempt to highlight the financial issues within the family. This paper explores financial literacy in family financial management as well as the conflicts that arise from financial problems. Considering the urgency of financial literacy in the dynamic environment of household financial management, it aims to create awareness and propose recommendation on promoting the financial literacy in managing household’s finance as part of the preservation of Maqasid in Malaysia context.

Item Type: Conference or Workshop Item (Plenary Papers)
Uncontrolled Keywords: Financial Literacy, Family Wealth Management, Maqasid Shariah
Subjects: H Social Sciences > HG Finance > HG4001 Financial management. Business finance. Corporation finance.
K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Islamic Revealed Knowledge and Human Sciences
Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Qur’an and Sunnah
Depositing User: Dr Raudlotul Firdaus Fatah Yasin
Date Deposited: 31 Dec 2020 11:18
Last Modified: 31 Dec 2020 11:18
URI: http://irep.iium.edu.my/id/eprint/86771

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