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Inclusive Islamic Financial Planning: A Conceptual Framework

Ahmed, H.; Salleh, H.

Inclusive Islamic Financial Planning: A Conceptual Framework Thumbnail


H. Salleh


Purpose To develop a conceptual framework of inclusive Islamic Financial Planning (IFP) by combining the traditional Islamic institutions of zakat and awqaf with contemporary notions of financial planning, financial inclusion and financial literacy that caters to the short-term and long-term financial goals of the poor. Design/methodology/approach Being a conceptual article, an inclusive Islamic Financial Planning framework is described, analyzed and developed by integrating modern notions of financial inclusion, financial planning and financial literacy with the concepts of zakat and awqaf. Findings Using the notion of a hierarchy of needs and a financial planning model, an inclusive IFP framework that can be used by the poor is outlined. The complementary role of the non-poor households who provide funds for zakat and awqaf is also identified. Research limitations/implications The applicability of an inclusive IFP would require Islamic financial instruments and products, institutional development and existence of a social planner who can integrate zakat, awqaf and financial planning to serve the financial needs of the poor. Originality/value Discussion of financial planning in financial inclusion literature is scant. The paper explores and offers a novel approach of poverty mitigation by utilizing the full spectrum of Islamic financial planning that considers the financial needs and allows for the creation of a personalized financial plan for low-income households.


Ahmed, H., & Salleh, H. (2016). Inclusive Islamic Financial Planning: A Conceptual Framework. International Journal of Islamic and Middle Eastern Finance and Management, 9(2), 170-189.

Journal Article Type Article
Acceptance Date Nov 22, 2015
Online Publication Date Jun 20, 2016
Publication Date Jun 20, 2016
Deposit Date Nov 23, 2015
Publicly Available Date Nov 23, 2015
Journal International Journal of Islamic and Middle Eastern Finance and Management
Print ISSN 1753-8394
Publisher Emerald
Peer Reviewed Peer Reviewed
Volume 9
Issue 2
Pages 170-189
Public URL


Accepted Journal Article (708 Kb)

Copyright Statement
This article is © Emerald Group Publishing and permission has been granted for this version to appear here Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.

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