Islamic Financial Wealth Management: Empowering Women in Islamic Societies

Mahadi, Nurul Arifah; Mazli, Siti Aishah; Muneeza, Aishath

doi:10.18646/2056.63.19-008

Cited by 10 publications

(16 citation statements)

References 19 publications

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“…Financial planning helps Muslims manage their wealth to obtain returns and protection on the wealth acquired, according to Sharia principles. Therefore, any wealth management process must comply with Sharia rules and not harm individuals or society overall (Mahadi et al, 2019). Thus, the following research hypothesis is proposed: H6.…”

Section: Financial Planning and Islamic Welfarementioning

confidence: 99%

Antecedents of Islamic welfare: productivity, education, and the financial aspect

Hapsari,

Mahmud,

Herianingrum

et al. 2023

IMEFM

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Purpose The purpose of this study is to analyse, firstly, whether education, financial inclusion, financial literacy and financial planning can be antecedents that affect Islamic welfare and, secondly, whether productivity can be a mediator to improve Islamic welfare. Design/methodology/approach This study involved quantitative research using data obtained from a survey. The respondents were 538 Muslim families in East Java, Indonesia. Structural equation modelling was used for the analysis. Findings This study tested 13 hypotheses, of which 10 were accepted. The accepted hypotheses refer to the effects of financial literacy on productivity, financial inclusion on productivity, financial planning on productivity, financial planning on Islamic welfare, education on Islamic welfare, productivity on Islamic welfare, financial literacy and productivity on Islamic welfare, financial inclusion and productivity on Islamic welfare and financial planning and productivity on Islamic welfare, as well as the effects of financial inclusion on Islamic welfare. Meanwhile, three hypotheses were not accepted; they refer to the effects of financial literacy on Islamic welfare, the effect of education on productivity, as well as the impact of education and productivity on Islamic welfare. Research limitations/implications The study was conducted only with respondents living in East Java, so the results depict the condition of Muslim families’ welfare in East Java. Originality/value Research into the antecedents of Islamic welfare has received little academic attention, so this study explores how education, financial inclusion, financial literacy, financial planning and productivity could affect Islamic welfare among Muslim families.

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Section: Financial Planning and Islamic Welfarementioning

confidence: 99%

Antecedents of Islamic welfare: productivity, education, and the financial aspect

Hapsari,

Mahmud,

Herianingrum

et al. 2023

IMEFM

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“…According to Amanda et al (2018), IWM consists of Islamic financial planning and investment portfolio management. IWM is different from conventional wealth management, especially in terms of prohibiting usury, gharar (uncertainty), maysir (gambling) and the use of prohibited goods (Mahadi et al , 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Furthermore, according to the Malaysian Securities Commission in Mahadi et al (2019), the uniqueness of IWM lies in sharia compliance and also in the use of waqf assets (Islamic endowment) to mobilize funds. This is done to redistribute the wealth of the community, which can ultimately realize social development and community welfare.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Several previous studies have shown that the application of comprehensive and holistic IWM will lead a structured way to provide advice to individuals and households, from a material, family, community and sustainability perspective. Studies, such as Abd Wahab et al (2019), Amanda et al (2018), Basah and Tahir (2019), Imani (2019), Mahadi et al (2019), Sumarni (2020) and Swadjaja et al (2019), prove the ability of IWM to help a Muslim in managing property and achieving prosperity, both in this world and the hereafter. However, no research has been conducted on the implementation of Islamic Asset Management by MSME actors during the Covid-19 pandemic to assure the welfare of the MSME actors' households.…”

Section: Introductionmentioning

confidence: 99%

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Islamic wealth management: ensuring the prosperity of Muslim households of MSMEs during Covid-19

Nurasyiah

Syamputri²,

Adawiyah³

et al. 2022

IJOES

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Purpose This paper aims to get an overview and determine the effect of the level of application of Islamic wealth management (IWM) and the level of business continuity of Muslim owners in influencing the level of household prosperity of Muslim micro, small and medium enterprise (MSME) owners during the Covid-19 pandemic. Design/methodology/approach The method of hypothesis testing is carried out through a quantitative approach. The type of analysis tool used is partial least square-structural equation modeling. The sample used is 212 Muslim MSME owners in Indonesia. Findings The results showed that the level of application of IWM, the level of business sustainability and the level of household prosperity of Muslim MSME owners were in the high category. All variables in this study showed positive and significant results. Research limitations/implications The research conducted is still limited to households that act as MSME actors, so the respondents who are in it are still not diverse. Also, limited research tools and pandemic conditions led to filling out questionnaires based on respondents’ subjective views and difficulty asking questions when questions were not understood. Originality/value This research provides new insights focusing on the relationship between the variable level of application of IWM in influencing the welfare level of Muslim households who have MSMEs, where there is a role for the level of business sustainability as a mediator variable.

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“…In addition, there is no evidence from the available literature on a framework that will guide potential women social entrepreneurs in Muslim countries. Indeed, there is a gap in Islamic wealth management and the financial inclusion of women in Muslim societies (Mahadi et al, 2019).…”

Section: Introductionmentioning

confidence: 99%

The Role of Waqf in Enhancing the Financial Inclusion of Women Entrepreneurs in Developing Countries

Bello¹

2022

J. Islam. bus. manag.

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Purpose: To accelerate modern micro-enterprises especially for women in developing countries, waqf can bridge the gap in the financial exclusion of women in entrepreneurship activities. The goal of this research is to identify the extent to which financial inclusion can enhance women’s economic empowerment in developing countries through waqf. Methodology: This study used a desk-based review of the literature to gain insight into the concept of the research variables. Findings: The paper revealed that property waqf, cash waqf, and corporate waqf can influence women’s economic empowerment through the development of physical capital, financial capital, and human capital. Significance: This paper reviewed the extant literature to provide a research framework that will accelerate women entrepreneurship, enhance Islamic wealth management and financial inclusion of women in Muslim societies. Theoretically, this study has contributed to the body of knowledge in Islamic finance, women empowerment and entrepreneurship development. Limitations: This study only focused to the body of knowledge in women empowerment and entrepreneurship development in developing countries. Practical Implications: Practically, access to the financial system will be improved by increasing the access of small businesswomen entrepreneurs, resulting in an increase in asset ownership, wealth creation, and serving as a catalyst for larger economic empowerment. Women’s entrepreneurship in can be improved with adequate knowledge of waqf instruments, conscious planning, and implementation by relevant stakeholders.

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Islamic Financial Wealth Management: Empowering Women in Islamic Societies

Cited by 10 publications

References 19 publications

Antecedents of Islamic welfare: productivity, education, and the financial aspect

Antecedents of Islamic welfare: productivity, education, and the financial aspect

Islamic wealth management: ensuring the prosperity of Muslim households of MSMEs during Covid-19

The Role of Waqf in Enhancing the Financial Inclusion of Women Entrepreneurs in Developing Countries

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