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International Journal of Academic Research in Accounting, Finance and Management Sciences

Open Access Journal

ISSN: 2225-8329

A Preliminary Study of Islamic Financial Well-Being Index

Nurul Nadia Abd Aziz, Mohd Samsuri Ghazali, Siti Fahazarina Hazudin, Sharifah Faigah Syed Alwi

http://dx.doi.org/10.6007/IJARAFMS/v10-i3/7633

Open access

This study aimed to explore the criteria of the financial well-being of the Malaysian workforce to develop a conceptual understanding of the impaired financial well-being of young adults. Concurrently, this study aimed to develop an Islamic Financial Well-Being Index (i-FWB Index) for sustainable financial well-being among Malaysian workers in consideration of recent transformative innovation in Islamic financial services. The orientation of qualitative research fitted the objective of this study, which was to conceptualise on the limited literature on Islamic economic well-being. The utilisation of individual and focus group interviews in gathering expert opinions provided valuable data based on grounded theory to develop a substantive and conceptual analysis. Atlas.ti was used as the software for qualitative analysis to achieve the research objective. Since none has touched on the area of developing financial well-being with the inclusion of religious beliefs, the findings of this study are expected to bridge the gap by providing specific scale in measuring Islamic financial well-being index, specifically for Malaysian workers. The originality of this study may contribute to the formation of a new body of knowledge, and enrich the literature sources in the field of scale development that will benefit the academicians.

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In-Text Citation: (Abd Aziz, Ghazali, Hazudin, & Alwi, 2020)
To Cite this Article: Abd Aziz, N. N., Ghazali, M. S., Hazudin, S. F., & Alwi, S. F. S. (2020). A Preliminary Study of Islamic Financial Well-Being Index. International Journal of Academic Research in Accounting, Finance and Management Sciences. 10(3), 176-192.