The need of Islamic finance literacy is at an all-time high with regards to relevance and importance as the Maldives is trekking towards modernization of the economic sector with the establishment of new institutions, products and services.
Due to the ever-changing nature of the socioeconomic environment coupled with unprecedented sophistication in the financial landscape are among the reasons why it has become imperative for all to equip themselves and their families with personal financial management knowledge and skills.
Financial literacy challenges confront the Maldives much like the developed and underdeveloped economies. Raising financial literacy becomes important as it empowers individuals with the knowledge and relevant skills necessary to improve their financial well-being. There is no doubt that the ability to make sound financial decisions, is vital to our everyday lives. It enables us to provide for current and future financial needs. People from all walks of life should be equipped to manage their own personal savings and expenses. They should also be able to invest wisely, and borrow responsibly in line with their financial goals in light of their circumstances.
In light of new challenges and financial crises, there has been a renewed focus in the world towards Islamic finance. The Islamic financial industry has since been flooded with different financial instruments and assets, and they are not only for Muslim investors but also for non-Muslim investors to choose from. It becomes crucial from this point onward, that the potential investors should understand the features and differences between these Islamic-compliance instruments and assets, regardless of whether it is being catered to Muslim or non-Muslim investors.
Improvement of financial literacy across all segments of society requires a systematic, sustained and coordinated approach. An approach that focuses on engendering long-term behavioral change. Being a Muslim with a high level of Islamic financial literacy means having the ability to understand Islamic finance concepts, and inculcate good financial behavior as guided by the Shariah; which would result in prudent and wise financial.
Amid growing cases of bankruptcy, bad records of personal financial reports, it becomes a touting question as to whether Muslims understand and apply the Islamic finance principles. In a bid to understand the concept through, MCDGI has conducted a national study to highlight the importance of Islamic financial planning, products and other issues related to Islamic financial literacy and inclusion.
MCDGI also confirms that interested parties may request for a copy of the said survey report by mailing at [email protected].
 
Disclaimer Note: This is an exclusive feature posted with the permission of MCDGI.