Islamic Financial Literacy and its Determinants among University Students: An Exploratory Factor Analysis

Volume: 6 Number: 7 October 1, 2016
  • Siti Hafizah Abdul Rahim
  • Rosemaliza Abdul Rashid
  • Abu Bakar Hamed
EN

Islamic Financial Literacy and its Determinants among University Students: An Exploratory Factor Analysis

Abstract

This study aims todevelop the constructs in order to test the validity and reliablity of Islamic financial literacy and its determinants such as hopelessness, religiosity and financial satisfaction. The development of validated constructs for Islamic financial literacy is crucial since most contemporary research focus on conventional financial literacy which contains some elements that are not compatible with the principles of Islamic finance. The data for the study was collected via structured questionnaires distributed to 200 students of Universiti Utara Malaysia. An exploratory factor analysis using SPSS programme were used to analyze the data. The results show that only 7 items load reliably in Islamic financial literacy construct. Specifically, religiosity was found to exhibit the highest variance followed by hopelessness and financial satisfaction. This paper enables future researchers to expand the knowledge in the area of Islamic financial literacy by providing validated constructs to assess Islamic financial literacy among university students.

Keywords

Details

Primary Language

English

Subjects

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Journal Section

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Authors

Siti Hafizah Abdul Rahim This is me

Rosemaliza Abdul Rashid This is me

Abu Bakar Hamed This is me

Publication Date

October 1, 2016

Submission Date

October 1, 2016

Acceptance Date

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Published in Issue

Year 2016 Volume: 6 Number: 7

APA
Rahim, S. H. A., Rashid, R. A., & Hamed, A. B. (2016). Islamic Financial Literacy and its Determinants among University Students: An Exploratory Factor Analysis. International Journal of Economics and Financial Issues, 6(7), 32-35. https://izlik.org/JA68UF63MF
AMA
1.Rahim SHA, Rashid RA, Hamed AB. Islamic Financial Literacy and its Determinants among University Students: An Exploratory Factor Analysis. IJEFI. 2016;6(7):32-35. https://izlik.org/JA68UF63MF
Chicago
Rahim, Siti Hafizah Abdul, Rosemaliza Abdul Rashid, and Abu Bakar Hamed. 2016. “Islamic Financial Literacy and Its Determinants Among University Students: An Exploratory Factor Analysis”. International Journal of Economics and Financial Issues 6 (7): 32-35. https://izlik.org/JA68UF63MF.
EndNote
Rahim SHA, Rashid RA, Hamed AB (October 1, 2016) Islamic Financial Literacy and its Determinants among University Students: An Exploratory Factor Analysis. International Journal of Economics and Financial Issues 6 7 32–35.
IEEE
[1]S. H. A. Rahim, R. A. Rashid, and A. B. Hamed, “Islamic Financial Literacy and its Determinants among University Students: An Exploratory Factor Analysis”, IJEFI, vol. 6, no. 7, pp. 32–35, Oct. 2016, [Online]. Available: https://izlik.org/JA68UF63MF
ISNAD
Rahim, Siti Hafizah Abdul - Rashid, Rosemaliza Abdul - Hamed, Abu Bakar. “Islamic Financial Literacy and Its Determinants Among University Students: An Exploratory Factor Analysis”. International Journal of Economics and Financial Issues 6/7 (October 1, 2016): 32-35. https://izlik.org/JA68UF63MF.
JAMA
1.Rahim SHA, Rashid RA, Hamed AB. Islamic Financial Literacy and its Determinants among University Students: An Exploratory Factor Analysis. IJEFI. 2016;6:32–35.
MLA
Rahim, Siti Hafizah Abdul, et al. “Islamic Financial Literacy and Its Determinants Among University Students: An Exploratory Factor Analysis”. International Journal of Economics and Financial Issues, vol. 6, no. 7, Oct. 2016, pp. 32-35, https://izlik.org/JA68UF63MF.
Vancouver
1.Siti Hafizah Abdul Rahim, Rosemaliza Abdul Rashid, Abu Bakar Hamed. Islamic Financial Literacy and its Determinants among University Students: An Exploratory Factor Analysis. IJEFI [Internet]. 2016 Oct. 1;6(7):32-5. Available from: https://izlik.org/JA68UF63MF