Financial Literacy Education Module for the Muslim Ummah: A Preliminary Study

The economic and financial environment of today and the future requires a high level of financial literacy to make good financial decisions in daily life. Making bad financial decisions may land one into financial distress, in particular a heavy debt burden, which may lead to other adverse social implications. Thus, Financial Literacy Education (FLE) has been introduced as an effort to inculcate good financial behaviour in the recent decade. This paper is a preliminary effort in developing FLE for the Muslim ummah. It aims at finding Islamic teachings of good financial behaviour by highlighting selected Qurʾānic verses on Islamic values in promoting good financial behaviour which can be incorporated into the contemporary FLE modules. Various literatures on financial literacy and good financial behaviour as understood today are analysed to find out if such aspects are cited in the Qurān. The analyses show that several Qurānic verses are relevant and applicable to the contemporary context of good financial behaviour and financial literacy. With this, the paper recommends that good financial behaviour be incorporated in the curriculum of Islamic Religious Education.