The study aims to develop an Islamic debt and wealth management framework based on Shariah to improve Malaysians' financial behaviour. This is a qualitative study where semi-structured interviews were conducted to collect the primary data. The target respondents were local Shariah scholars and the Credit Counselling and Debt Management Agency (AKPK). A purposive sampling technique was used to select the samples from the population, including six Shariah scholars and six AKPK officers. The collected data were analysed thematically to come up with the main findings of the study. The study reveals several Islamic guidelines to manage personal debt and wealth. The findings outline that Islam discourages debt in personal life. Moreover, it allows debt restructuring to reduce the default rate in order to prevent insolvency. Besides, Islam encourages the practice of wealth accumulation through saving and investment, wealth protection through Takaful, balanced spending of wealth to form capital, earning a decent income, avoiding debt, securing wealth and ultimately overcoming financial difficulties. This study contributes to guiding Malaysians and other individuals to improve their financial behaviours by following Islamic guidelines of debt and wealth management so that they can avoid personal financial difficulties resulting from inefficient management of debt and wealth.
In Islam, consumption is not just the act of fulfilling human wants, but also an action that contributes to the well-being of ourselves and others. The goal of consumption in an Islamic framework is to satisfy personal needs that bring the pleasure of Allah and contribute to social development. Therefore, this study has been designed to discuss the concept of consumption in Islam by reviewing several journal articles in the field of Islamic jurisprudence. The study explores the act of consumption based on the moral and religious principles of Islamic shariah. In Islam, Muslims are guided to consume based on permissibility, wholesomeness, cleanliness, priority, and maqasid al-shari’ah (higher objectives of Islamic law). Most significantly, the study focuses on the principle of moderation (wasatiyyah) as it relates to consumption, as wastefulness and miserliness have an impact not only on individuals but also society and the economy. The study expects to improve Muslim consumer behaviour by acting as a reminder of the moral principles underlying consumption.
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