ISLAMIC FINANCIAL PLANNING: TOWARDS ACHIEVING AL-FALAH
DOI:
https://doi.org/10.24191/JIPSF/v6n22024_17-24Keywords:
Al-Falah, Islamic Financial Planning, Financial Goals, Wealth ManagementAbstract
Islam encourages humans to acquire, manage and spend wealth in a good manner. Wealth is an essential part in human life to satisfy human needs. A Muslim should be concerned on how his wealth is being utilized and how the wealth is distributed upon death. Islamic financial planning is a step-by-step process of managing the wealth of Muslims. Islamic financial planning can help individuals to make informed financial decisions. Personal financial planning should align with Islamic principles for individuals to achieve success in the world and hereafter (al-falah). The objective of this paper is to provide a comprehensive overview of Islamic financial planning, including the key components and its importance. This paper employs a qualitative methodology with a content analysis approach to review and analyze existing literature. A critical analysis on the guide to Islamic financial planning is provided through this research. The findings highlight proper financial planning will enhance money management, optimize resources and secure long-term financial goals. Integration of Islamic principles in financial planning can preserve and grow wealth while adhering to Shariah laws. Muslims should regard Islamic financial planning as a valuable financial activity to achieve al-falah.
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