UNDERSTANDING SHARIA FINANCE CONCEPTS FOR EFFECTIVE OF SIMPLE FINANCIAL MANAGEMENT

Pipit Putri Hariani MD, Indah Purnama Sari

Abstract


Islamic finance, as a financial system grounded in Islamic legal principles, is characterized by its distinct features that differentiate it from conventional financial systems, including prohibitions on riba (usury), gharar (uncertainty), and maysir (gambling). This study employs a descriptive qualitative approach, focusing on analyzing how an understanding of the basic principles of Islamic finance can enhance an individual's ability to manage simple finances effectively and efficiently. The research findings suggest that a sound understanding of Islamic finance contributes to more prudent financial decision-making, better budget management, and long-term financial stability. Regardless of the sophistication of financial tools or the amount of money possessed, a lack of resolve to control spending leads to persistent consumerism, preventing the effective implementation of Islamic financial management principles.

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DOI: https://doi.org/10.3059/insis.v0i0.23593

DOI (PDF): https://doi.org/10.3059/insis.v0i0.23593.g12940

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