Role of Islamic values and financial attitudes on setting financial goals: an exploratory study of Bruneian Muslims

Purpose This study aims to ascertain how Muslims in Brunei perceive the role of Islam in creating financial goals. More specifically, it explores the role of Islamic values and financial attitudes in financial goal-setting. Design/methodology/approach Given the exploratory nature, a qualitative methodology was used. Semi-structured, face-to-face interviews were conducted with 31 Bruneian Muslims and the data was analyzed using Initial Cording and Focused Coding. Findings The study offers two levels of insights when creating financial goals within an Islamic context. First, the macro-level findings links to Islamic values that include the rights (haqq) to one’s wealth and the role of seeking barakah (blessings), among others deemed important by interviewees. Second, the micro-level findings are financial attitudes that are grouped according to financial categories such as earning, savings and borrowing. Practical implications In the field of Islamic financial literacy, the findings highlight the need to incorporate Islamic values and financial attitudes in financial education contributing to an Islamic financial worldview. There are also implications to the practice of Islamic financial planning, with the potential for planners to facilitate their client’s financial worldview to be in line with Shariah. Originality/value Despite the interest in incorporating financial attitudes in Islamic finance, research on financial attitudes and financial goals are limited. It is contended that research on Islamic-centric financial goals notably those pertaining to one’s values are important as the strength of one’s intentions can be a driving force in achieving the desired outcome.