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 (2021) Managing financial stress through Islamic wealth management: an appreciation of Hifz al-Mal. Malaysian Journal of Medicine and Health Sciences, 17 (Supplement 5). p. 79. ISSN 1675-8544 E-ISSN 2636-9346

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Abstract

Introduction: Malaysia is one of the most prosperous countries in the world in relation to the banking and finance sector. With a comprehensive legal framework that appreciates both 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 household debts. While looking closely at the practice of Islamic wealth management in Malaysia, This research paper evaluates financial stress among Malaysians. This paper also appreciates the concept of Hifz al-Mal in practising Islamic wealth management. It is found that financial stress is real among Malaysians. 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 a luxurious lifestyle can be attributed to financial stress. Early exposure to Islamic wealth management among Malaysians may lead to a better lifestyle and debt management. By doing so, Hifz al-Mal can be achieved, and a better lifestyle can be reached. Moreover, it can reduce the dependency on debts and decrease 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:	Article (other)
Uncontrolled Keywords:	Islamic Wealth Management, Hifz al-Mal, Financial Stress, Debts
Subjects:	BPL Islamic education H Social Sciences > H Social Sciences (General) K Law > K720 Property 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:	04 Jan 2022 11:14
Last Modified:	04 Jan 2022 11:14
URI:	http://irep.iium.edu.my/id/eprint/95856

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