Islamic financial literacy will protect public from scams

Islamic-Finance

Izzan Kassim
BANDAR SERI BEGAWAN

ISLAMIC financial literacy should be made accessible to everyone to protect members of the public from financial scams and fraud.

In a speech delivered at yesterday’s opening of the Thematic Workshop on Islamic Financial Literacy, Deputy Minister of Education Dato Seri Setia Hj Yusoff Hj Ismail said a lot of people lost their income owing to various financial and investment scams. He said financial education can help in solving this problem.

Dato Seri Setia Hj Yusoff Hj Ismail

Dato Seri Setia Hj Yusoff Hj Ismail

Dato Hj Yusoff said that the change in the socio-economic landscape as well as advances in technology is part of the reason why individuals need to equip themselves and their families with the knowledge and skills to manage their personal finance.

“As Muslims, we should be literate regarding Islamic finance,” he said.

The deputy minister added that several commitments carried out by Muslims such as almsgiving (Zakat), commerce and Syariah-compliant investment and the handling of orphans’ assets should follow the exact guidelines set by the religion.

But he said members of the public should be also be made aware and taught the concepts of Islamic finance.

“Detailed and accurate information on (Islamic finance) should be shared,” he said.

It is vital to provide a guideline for the public, said the deputy minister, adding that this will allow them to make correct decisions and choices on financial matters.

He stressed that savings, financial planning and investments should all comply with Syariah.

As a result, the public’s belief and trust on how Syariah-compliant financial institutions are should be strengthened, with more efforts put in to improve the quality and sharing of information. He added that education on Islamic financial literacy should be expanded at the school level.

“Syllabuses that are related to Islamic financial literacy should be merged more aggressively into the curriculum,” he said.

Dato Hj Yusoff said that this would require teachers to be well-versed on the subject. He suggested that it could also be implemented through a fitting co-curriculum activity.

The Brunei Times
Thursday, February 26, 2015

http://www.bt.com.bn/business-national/2015/02/26/islamic-financial-literacy-will-protect-public-scams

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