Islamic Wealth Management Towards Retirement Planning Among Private Sector Workforce in Malaysia
Mohd Sadad Mahmud1, Hazimi Foziah2, Puspa Liza Ghazali3, Nik Mohd Nurfadzilah Nik Mohd Rashid4, Ahmad Shukri Yazid5
1Mohd Sadad Mahmud, Faculty of Business and Management, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
2Nik Hazimi Mohammed Foziah, Faculty of Business and Management, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
3Puspa Liza Ghazali, Faculty of Business and Management, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
4Nik Mohd Norfadzilah Rashid, Faculty of Business and Management, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
5Ahmad Shukri Yazid, Faculty of Business and Management, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
Manuscript received on 09 August 2019. | Revised Manuscript received on 17 August 2019. | Manuscript published on 30 September 2019. | PP: 7100-7103 | Volume-8 Issue-3 September 2019 | Retrieval Number: C5841098319/2019©BEIESP | DOI: 10.35940/ijrte.C5841.098319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Rapid ageing population around the world makes people to live longer, but necessarily not guarantee people with happier or healthier. As developing country, Malaysia has no exception to experience the phenomena of ageing population. Malaysian people still lack of awareness towards retirement savings preparedness. As the mainstream retirement scheme in Malaysia, Employees Provident Fund (EPF) in Malaysia has reported that most of the retirees in Malaysia have inadequate retirement savings to sustain their life when retire. In this regards, Islamic wealth management would have a great role in ensuring the sustainability and well-being of financial planning among the Muslims, especially for retirement savings purposes. Therefore, the study aims to investigate and explore the concept of Islamic annuity to be executed by the authorities such as EPF institution and other financial institutions.
Index Terms: Islamic Wealth Management, Retirement Planning, Personal Finance, Pension Schemes, Annuity
Scope of the Article: Runtime Service Management