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    The Importance of Islamic Financial Literacy in Contemporary Society

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    syaifullah asyik
    This study examines the importance of Islamic financial literacy in contemporary society and its impact on personal financial management behaviors. Through interviews and literature review, the study finds that greater Islamic financial literacy leads to more awareness of halal finance options and careful selection of sharia-compliant investments. It also finds that literacy has a positive influence by reducing interest-bearing debt and encouraging sustainable and social investments. However, the study identifies challenges like a lack of accessible educational resources and Islamic financial products. It concludes that improving Islamic financial literacy through education and accessible products can help individuals make wiser financial decisions in line with their religious values.

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    The Importance of Islamic Financial Literacy in Contemporary Society

    Uploaded by

    syaifullah asyik
    14 views2 pages
    This study examines the importance of Islamic financial literacy in contemporary society and its impact on personal financial management behaviors. Through interviews and literature review, the study finds that greater Islamic financial literacy leads to more awareness of halal finance options and careful selection of sharia-compliant investments. It also finds that literacy has a positive influence by reducing interest-bearing debt and encouraging sustainable and social investments. However, the study identifies challenges like a lack of accessible educational resources and Islamic financial products. It concludes that improving Islamic financial literacy through education and accessible products can help individuals make wiser financial decisions in line with their religious values.

    Original Title

    THE IMPORTANCE OF ISLAMIC FINANCIAL LITERACY IN CONTEMPORARY SOCIETY

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    This study examines the importance of Islamic financial literacy in contemporary society and its impact on personal financial management behaviors. Through interviews and literature review, the study finds that greater Islamic financial literacy leads to more awareness of halal finance options and careful selection of sharia-compliant investments. It also finds that literacy has a positive influence by reducing interest-bearing debt and encouraging sustainable and social investments. However, the study identifies challenges like a lack of accessible educational resources and Islamic financial products. It concludes that improving Islamic financial literacy through education and accessible products can help individuals make wiser financial decisions in line with their religious values.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views2 pages

    The Importance of Islamic Financial Literacy in Contemporary Society

    Uploaded by

    syaifullah asyik
    This study examines the importance of Islamic financial literacy in contemporary society and its impact on personal financial management behaviors. Through interviews and literature review, the study finds that greater Islamic financial literacy leads to more awareness of halal finance options and careful selection of sharia-compliant investments. It also finds that literacy has a positive influence by reducing interest-bearing debt and encouraging sustainable and social investments. However, the study identifies challenges like a lack of accessible educational resources and Islamic financial products. It concludes that improving Islamic financial literacy through education and accessible products can help individuals make wiser financial decisions in line with their religious values.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    THE IMPORTANCE OF ISLAMIC FINANCIAL LITERACY IN CONTEMPORARY SOCIETY: A CASE STUDY OF

    PERSONAL FINANCIAL MANAGEMENT BEHAVIOR


    Iqbal Maulana EL
    Airlangga University
    Iqbal.maulana.el-202 [email protected]

    ABSTRACT

    Islamic finance is an important aspect of the lives of Muslim communities around the world.
    The basic concept of Islamic finance is to ensure that all financial transactions and investments
    conform to Islamic principles. Today, with the rapid growth of the Islamic finance industry,
    Islamic financial literacy has become an increasingly important subject. However, Islamic
    financial literacy in contemporary society is often still low. Therefore, this study aims to
    understand the importance of Islamic financial literacy in contemporary society and see its
    impact on personal financial management behavior.

    This research uses qualitative methods with case studies as the main approach. The data was
    collected through in-depth interviews with individuals who have a diverse understanding of
    Islamic finance. In addition, data are also obtained from related literature, surveys, and relevant
    statistical analyses.

    1. Islamic Financial Literacy is Key to Financial Awareness: This study shows that Islamic
    financial literacy is key to raising awareness about halal finance and investment in
    contemporary society. Respondents who have a better understanding of Islamic finance
    principles tend to be more careful in choosing financial products and investments that
    are in accordance with their beliefs.

    2. Positive Impact Awareness: The results of this study also show that Islamic financial
    literacy can influence personal financial management behavior in a positive way.
    Individuals who understand the concept of Islamic finance are more likely to avoid
    interest-bearing debt, make sustainable investments, and support social finance
    initiatives.

    3. Challenges and Barriers: The study also identifies challenges and barriers in improving
    Islamic financial literacy, including lack of easily accessible educational resources, lack of
    accessibility of Islamic financial products, and lack of correct understanding of Islamic
    finance concepts.

    This research has important implications in promoting Islamic financial literacy in contemporary
    society. By increasing people's understanding of Islamic finance principles, we can help
    individuals to make wiser financial decisions, in accordance with their religious values, and
    ultimately, create a more sustainable and financially ethical society.
    In an increasingly connected and complex contemporary society, Islamic financial literacy is
    becoming increasingly important. This case study highlights that a better understanding of
    Islamic finance can contribute to wiser and ethical personal financial management behaviors.
    Therefore, steps need to be taken to improve Islamic financial literacy through education and
    accessibility of financial products that are in accordance with Islamic principles. This will help
    contemporary society to achieve their financial goals in a way that is in line with their beliefs.

    Keywords: Islamic Financial Literacy, Personal Finance, Islamic Finance Principles

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