| Azlan Othman |
AN UNDERSTANDING of aspects of financial education such as consumer protection, rights and responsibilities should be promoted to the public by all relevant stakeholders.
This was highlighted by Dean of the Faculty of Business and Management Sciences at Universiti Islam Sultan Sharif Ali (UNISSA), Dr Fadzilawati binti Mohiddin, during a press conference ahead of an upcoming Thematic Workshop on Islamic Financial Literacy, which is scheduled to be held at the university’s auditorium on February 25-26.
The dean added that appropriate mechanisms should be developed to help existing and future consumers develop the knowledge, skills and confidence, to appropriately understand financial risks and opportunities. This will allow people to be in a better position to make informed choices such as knowing exactly where to go to seek assistance, so that they can take effective action to improve their own financial standing.
It is important that accurate information is disseminated clearly and widely to the public to help build up trust in Islamic financial institutions. The workshop aims to provide participants with a thorough overview of Islamic financial literacy and its future prospects.
Elaborating on some of the topics that will be covered, Dr Fadzilawati noted how a person can ensure that his income, savings and consumption are halal in nature as well as how to avoid a culture of debt.
Senior Lecturer at the Faculty of Business and Management Sciences, Dr Hajah Rose binti Abdullah, will facilitate the topic ‘Exploratory Research into Islamic Financial Literacy in Brunei Darussalam’, “Awareness on zakat (tithe), sedekah (alms) and managing the wealth of orphans,” would be touched on.
“If one is not financially literate, one could easily be duped by financial scams and be victims of fraud. For Islamic financial literacy, one could distinguish whether the profit is halal or otherwise.”
The workshop is jointly organised by the Faculty of Business and Management Sciences, the Islamic Research and Training Institute (IRTI), Group of Islamic Development Bank, Jeddah, in collaboration with the Centre for Islamic Banking, Finance and Management of Autoriti Monetari Brunei Darussalam.
During the workshop, 19 papers will be presented by speakers from 11 countries covering conceptual and empirical studies such as financial education, planning, consumption and savings, protection, management, inclusion, roles of banking and non-banking institutions and investments.
Among the speakers are a senior economist at IRTI, Dr Khalifa Mohammad Ali Hassanain, who will discuss ‘Islamic Finance and E-Learning Challenges and Opportunities’ and Head of IRTI’s Islamic Economic and Finance Research Division, Professor Dr Abdul Ghafar Ismail, who will present his working paper on ‘Building the Case for Financial Education’.
The registration fee is $100 for members of the public and $20 for students. For further information, interested parties can visit www.isfin-literacy.com and www.irti.org.