Islamic Financial Literacy in Mathematics Education: Proposed Design for Instruction

Abstract

This study aims to develop a social arithmetic learning design by integrating Islamic economic principles. Using various Islamic financial products as a context in mathematical tasks, we propose a hypothetical learning trajectory (HLT) to support the students' Islamic financial literacy (IFL) skills. We chose design research as the method to achieve the goal. However, we limit the discussion to a part of one phase, namely pilot experiments, of the three main phases of design research. This study involves six students at Islamic junior high school. The design consists of several activities that require students to solve mathematics-based Islamic financial literacy tasks. These tasks contain IFL knowledge, including money and shariah transaction, planning and managing finance using shariah product, risk, and reward of shariah finance product, and a landscape of shariah finance. We develop an instructional design by adapting the process domain of the OECD financial literacy by adjusting based on the principles of Islamic economics. In general, the stages of learning activities are identifying Islamic financial information, analyzing information in an Islamic financial context, and applying Islamic financial knowledge and understanding. At each of these stages, students are faced with problems that focus on each process domain. The results show that this design can bring out some fundamental mathematical capabilities and support the students' IFL. Furthermore, by infusing Islamic financial literacy in mathematics education, we get an opportunity to create a caring young generation on the development of Indonesian Islamic economics.

Infusing Islamic financial literacy in mathematics education for Islamic school

“…This section will describe how mathematical tasks integrated with IFL were developed using the MIFL framework. See Kusumawati et al (2021) from the study on the development of the MIFL (content domain) framework for further information on our research into the framework's development. Following that, we will describe the initial tasks and HLT that was compiled based on the results of the literature review.…”

“…The use of contextual problems helps students improve their mathematical abilities (Doorman & Gravemeijer, 1999). Additionally, the learning design with contextual problem integrated has the potential to enhance students' fundamental mathematical capabilities, such as reasoning, argumentation, and mathematizing (Kusumawati et al, 2022). Numerous studies have demonstrated that contexts can improve students' mathematical comprehension, including historical ones, (Fachrudin et al, 2019;2020a;2020b), culture-based context (Samo, Darhim, & Kartasasmita, 2018), Indonesian traditional game (Jaelani et al, 2013) and even in a financial context (Sawatzki, 2017).…”

“…By investigating the compatibility of mathematical ideas, content of financial literacy, and concept of Islamic economics, we identify the intersection of the IFL domain and mathematics education. We developed the Mathematics-based Islamic Financial Literacy (MIFL) framework to facilitate compliance across financial literacy, mathematics education, and Islamic economic which we have developed in previous studies (see Kusumawati et al, 2021). We built the framework using the topic domain of the (OECD, 2020b) PISA financial literacy framework as a guidance.…”

Developing Financial Intelligence With Financial Mathematics

“…According to Darmawan (2021), financial mathematics involves the use of mathematical concepts to analyze, understand, and make decisions related to financial aspects such as investments, loans, risks, and long-term financial planning. Understanding financial mathematics provides a strong foundation for managing personal finances wisely (Kusumawati, 2021). Through an understanding of concepts such as interest, discount, and time value of money, individuals can make smarter decisions regarding savings, investments, and debt (Hamidah, 2020).…”