The influence of financial knowledge, financial socialization, financial behaviour and financial strain on young adults' financial well-being

Financial well-being refers to one’s overall satisfaction with their current financial condition, and it plays a significant part in young adults’ overall success as well as their ability to overcome psychological health concerns. It has become a crucial concern for individuals, households, societies, and countries in recent years, yet research on the subject is sparse and dispersed among fields. As a result, the current research assessed an empirical financial wellbeing model based on Malaysian young adults’ financial knowledge, financial socialization, financial behavior and financial strain. A multi stage random sampling method was performed to draw a representative sample of Malaysian young adults, and 651 duly filled responses were received through the self-administered questionnaire. As stated by the multiple regression results, 16.1% of the total variance of financial well-being was clarified by the model. All four financial well-being determinants examined (financial knowledge, financial socialization, financial behavior, financial strain) were revealed significant, and only financial strain had a negative relationship with financial well-being. Therefore, current study has both the theoretical and practical contributions, and offers experts with actionable insights regarding the determinants of young adults’ financial well-being when designing policies to uplift their financial well-being over time

The Distribution of Zakat: A Comparison between the Rate of Niṣāb and the Rate of Poverty Line Income in Malaysia

Zakat plays a significant role in Muslim community as an agent in alleviating the poverty. The calculation of zakat payment depends of the calculation of nisab, which is the least amount of zakatable items of a Muslim wealth in one circle year. The zakat is an obligatory duty to a Muslim once the amount of wealth reaches the least level of nisab. This study aims to analyze the relationship between the niṣāb amount changes and the poor indication in Malaysia. This is based on the discussion of the contemporary scholars, who claimed that the price fluctuation in the world market impacts the amount of niṣāb of zakāt. Relatively, it could affect the poor once the price dropped. Therefore, the comparative analyses of the annually niṣāb and poverty line income data from 1993 to 2015 identifies that there is a significant correlation between the facts. Accordingly, it is an alert to the zakāt institution to take a precautionary step in preventing this situation

The Distribution of Zakat: A Comparison between the Rate of Niṣāb and the Rate of Poverty Line Income in Malaysia

Zakat plays a significant role in Muslim community as an agent in alleviating the poverty. The calculation of zakat payment depends of the calculation of nisab, which is the least amount of zakatable items of a Muslim wealth in one circle year. The zakat is an obligatory duty to a Muslim once the amount of wealth reaches the least level of nisab. This study aims to analyze the relationship between the niṣāb amount changes and the poor indication in Malaysia. This is based on the discussion of the contemporary scholars, who claimed that the price fluctuation in the world market impacts the amount of niṣāb of zakāt. Relatively, it could affect the poor once the price dropped. Therefore, the comparative analyses of the annually niṣāb and poverty line income data from 1993 to 2015 identifies that there is a significant correlation between the facts. Accordingly, it is an alert to the zakāt institution to take a precautionary step in preventing this situation

Peace education curriculum objectives for Malaysian higher tertiary education: A fuzzy delphi approach

This paper was to analyse the voice of stakeholders on key elements for peace education curriculum objectives for Malaysian higher education system as a contribution to the progressive effort on fostering interactions among multiracial community. The larger focus of the study is to develop a peace education curriculum model based on an intercultural context that can be applied at the tertiary level. The model was developed based on Tyler’s Model (Tyler, 1949). The model proposed four domains which were the objectives of the curriculum, curriculum content, and implementation and evaluation. However, this paper only focuses on elements of the curriculum objectives which is also the instrumental domain for curriculum development. Fuzzy Delphi technique and Interpretive structural modelling (ISM) were employed. The findings of model consisted of 19 Objective curriculum elements. All proposed objective elements generated through literature review were accepted by the stakeholders and the four highest agreeable elements were “To create in the learner the knowledge of the concept of peace and conflict”, “To nurture respect for and appreciation of differences”, “To enable students to acquire a sense of belonging towards a larger society, and to empathize and relate with individuals from other groups within that society”, and “To create in the learner, the knowledge of national identity”. The outcome has reflected on the three important dimensions of knowledge and value. The skill dimension was ranked lower, as response to stakeholder views that the importance of knowledge and value (concept of peace, respect, sense of belonging and national identity) should be first inculcated and followed with other skills. The outcome of the study would implicate in the systematic structuring of peace building among the multi-cultural society through peace education

Innovation of Risk Mitigation Model for Islamic Equaty-Based Financing in Islamic Microfinance Institutions in Indonesia

Islamic Microfinance institution (MFI) funded either by government or private financial institutions are playing an instrumental role in discharging business fund to the eligible micro entrepreneurs (ME). The potential of micro entrepreneurs to succeed in their business is always becoming a central issue, this is due to the ability to manage the business strategy in a sustainable manner. The fund transacted in micro financing industry is small in term of quantity, therefore it also generates small profit to both parties MFI and ME, it may not be profitable in the eye of financial institution such as bank or Microfinance institution such as Baitul Mal wa Tamwil, moreover the financing risk is always high because some of the financing given without proper risk mitigation could lead into financial failure. The above reasons have influenced most of the MFIs’s decision to abstain from providing equity-based financing, where the concept very much suitable and workable to bring out the groups of MEs from poverty list in comparison to debt-based financing. Equity-based financing require bigger commitment and intervention from MFI in business in term of coaching, training and managing cash flow of the business. Islamic equity-based financing is about profit and loss sharing (PLS) financing. Where both parties have to bear financial consequences in the event of business failure. The failure in business would cause non-performing financing (NPF) to the financial institution and could effect the financial position for that particular year of report. The continuous NPF to the MFI can risk the company future plan. Thus, this study aimed to explore the mechanism of risk mitigation for equity-based financing which can be adopted by Islamic microfinance institutions around the would. The mechanism used to suggest in area of governance, selection of entreprenuer, financing arrangement, payment system and business business sectors. The study applied content analysis to collect the history data of equity-based financing as offered by BMT and MFIs in Indonesia, the data informed researcher on the success and failure story, the study also applied structured interview with managers who are responsible on risk mitigation. The study found that BMT and MFIs in Indonesia are well-organized, the governance and selection of entreprenuer are palying significant role while the payment system which includes the collatoral against any negligence posits an effective way in mircofinance mitigation model