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SYARIAH FINANCIAL LITERACY AMONG SME OWNER IN PADANG
PANJANG CITY
Silvy Astari
1
, Howardi Vizha Adha
2
, Engla Sulistia
3
Universitas Baiturrahmah, Padang, Indonesia
1,2
, STIKES Syedza Saentika, Padang, Indonesia
3
E-mail: [email protected]
1
, [email protected]
2
, [email protected]
3
ABSTRACT
Financial literacy is basic skill that should be have by human being. Syariah Financial literacy is based
on Islamic perspective different with conventional financial literacy. Padang Panjang city is known as
Serambi Makah, most of the population in the city have Islam as their religion. This paper distinguish
the understanding of SME owner regarding syariah financial literacy. We found that the small medium
enterprise owner in Padang Panjang City high financial behaviour and financial attitude but low syariah
financial knowledge.
Keywords: Syariah Financial Literacy; Small Medium Enterprise Owner; Financial Behaviour
This work is licensed under a Creative Commons Attribution-ShareAlike
4.0 International
INTRODUCTION
Financial literacy is important for everyone regardless their background, disciplines, and
professions as financial literacy influences financial wellbeing (Atkinson and Messy, 2012). This
argument is supported by (Letkiewicz & Fox, 2014). Other author has connected financial literacy
to the issue of sustainability - sustainable development of individuals and society see (Swiecka et
al., 2020). They argue that “the higher the level of financial literacy, especially of young people,
the more favourable the level of economic indicators, which translates into the economy and
sustainable development” (p. 1). This argument is consistent with the finding of Thomas and
Subhashree’s (Thomas & Subhashree, 2020) study that suggests that engineering graduates with
high financial literacy are likely to become entrepreneurs. As understood, entrepreneurship has a
connection to economic development of a nation (Carree & Thurik, 2010).
For Muslims, financial literacy in the context of sharia is even more important as it relates
to what are allowed and are not allowed in Islam. There are three basic principles of Islamic
finance that every Muslims should be aware of: (i) the prohibition of riba, (ii) the avoidance of
transactions containing uncertainty or gharar and (iii) the avoidance any form of gambling or
maisir. Without sufficient Islamic Financial Literacy, ones can engage in financial transactions
that are not halal. It is essential for Muslims to highlighted the nature of financial transactions
they involve in because it influences the barakah of one’s live. Many modern financial
transactions fall in the grey area. The way how a Muslim looks at the money spent is also different.
For example, giving away the money as charity or shadaqah is not considered as spending money
for others but it is the real money kept for us (i.e. the true savings).
This research aims to measure Islamic Financial Literacy of SME owner in Padang Panjang
City, we investigate factors influencing the syariah financial literacy index. There are two reasons
for choosing SME owner as research target. The first, SME owner have important position in the
society in the sense that they soon will have a business that will lead employee and influence the
society. By having a good financial literacy, entrepreneurs knows how to get capital in oreder
building the business and managing the capital for gain profit. With a good financial literacy, they
can lead and influence their employee to work based on islamic finance. Second, society is the
main target of Indonesian OJK strategy in 2017 optimize the achievement of financial literacy
and inclusion index targets (OJK, 2017). The current study focuses on Islamic Financial Literacy
Lentera: Multidisciplinary Studies
Volume 1 Number 2, February, 2023
p- ISSN: 2987-2472 | e-ISSN: xxxx-xxxx
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Silvy Astari, Howardi Vizha Adha, Engla Sulistia
because the existing research on financial literacy has been dominated by research driven by
Western perspective. Research on Islamic Financial Literacy indeed is tend to be limited (Firdausi
& Kasri, 2022). This kind of research is particularly important for the country like Indonesia,
given the situation that Indonesia are the largest-majority Muslim country in the world. The data
shows that the increase in Islamic Financial Literacy in Indonesia is only (0.83%) compared to
the conventional one that achieved 8.22% in three years (OJK, 2021).
It is important to investigate what factors influence Islamic Financial Literacy. The
previous study shows that demographic factors such as age, gender, parents’ educations, field of
studies, monthly income and exposure to Islamic financial institutions and products, have
influence on the level of Islamic financial literacy. There are other factors that need to identified
and investigated. The current study is therefore still very relevant to conduct. In this paper we
distinguish the financial literacy into three aspects there are knowledge, attitude and behaviour.
The existing studies on financial literacy are dominated by the studies driven by the
conventional perspective. On the other hand, research on Islamic Financial Literacy is still very
under-developed. The syariah financial literacy has effect in SME at Lamongan, East Java.
Kistyanto (2020) found that self-efficacy has significant effect on SME performance, however
islamic human capital and financial literacy did not have impact on SME performance. Azmi
(2015) have proven there are relationship between islmic human capital and organizational
performance. However, this research is not lead to the financial literacy in detail.
Firdausi and Kasri (2022) is the first study on Islamic Financial Literacy that uses a
multidimensional approach and can be considered as the closest to the Islamic finance concept.
Indeed, the basic of the study is still Messy and Atkinson (2012) that defines financial literacy
into three dimensions, there are financial knowledge, financial behavior and financial attitude. As
understood, Messy and Atkinson (2012) was a study driven by a conventional perspective.
Firdausi and Kasri (2022) however removed all question items inconsistent with Islamic finance
principle and replace them with Islamic concept. They breakdown the financial literacy into three
dimensions: financial knowledge, financial behavior and financial attitudes is derived from the
objective of education.
In this paper we distinguish the understanding of small medium enterprise owner in syariah
financial literacy. Coad et al (2012) indicated that when the owner of SME have lack of
knowledge and access to financial resources can deter the ability of company to achieve the goals
and ipgrade their corporate value. The previous paper confirm that the financial literacy is
sufficient in Small Medium Enterprise (SME) owner ability. We delivered quesionaire to owner
SME consist of 20 questions and divided into three categorize there are financial knowledge,
financial literacy, financial attitude, financial behaviour. Every dimension cover 3 to 5 questions.
From the answer of quitionaire we beliave that the respondent have understanding the syariah
financial literacy do the the islamic education that have been studied since beginning.
Literatur Review
Conceptualization of Financial Literacy: Conventional Perspective
There is no consensus in the Western literature regarding the conceptualization of financial
literacy as also acknowledged by other authors (see (Swiecka et al., 2020); (M. A. Abdullah &
Anderson, 2015). Atkinson and Messy (2012), one of most cited paper on the financial literacy
conceptualized financial literacy into three dimensions: financial knowledge, financial behavior
and financial attitude (see Figure 1).
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Figure 1 Concept of Financial Literacy Atkinson and Messy (2012)
Financial Knowledge
Atkitson and Messy (2012) financial knowledge as ‘basic knowledge of key financial
concepts and ability to apply numeracy skills in financial situations’ (p. 16). What constitute as
‘knowledge’ on finance have included simple and compound interest, risk and return and
inflation. Atkitson and Messy ‘s (2012) then transform these into 8 questions on their
questionnaire:
Table 1
Questions Items of Financial Knowledge
No.
Classification of
Question
Wording of Questions
1.
Division
Imagine that 3 sisters are given a gift of $100. If they
share the money equally how much does each sister
have the money?
2.
Time-value of money
Imagine that the brothers have to wait for one year to
get their share of the X. In one year’s time will they be
able to buy: Multiple choice
3.
Interest paid on a loan
You lend money to a friend today and he gives you the
same amount of money on the next day. How much
interest has he paid on this loan?
4.
Calculation of interest
plus principle
Suppose you save $100 into a savings account with a
guaranteed interest rate of 2% per year. You did not do
any further payments and withdraw any money into this
account. How much money would be in your account at
the end of the first year, once the interest payment is
made?
5.
Compound interest
Related to question 4, how much money would be in the
account at the end of five years?
6.
Risk and return
High return inverstment is likely to have high risk
7.
Definition of inflation
The cost of living is increasing rapidly is the meaning
of inflation
8.
Diversification
It is possible to reduce the risk of investing in the stock
market by buying a wide range of stocks and shares
Source: Atkinson and Messy (2012, p. 17)
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In this paper we use knowledge using syariah perspective, by adopting quisionaire from
Atkinson and Messy (2012). The question as below:
Table 2 Question Adopting Quisionaire From Atkinson And Messy (2012)
No.
Classification of
Question
Wording of Questions
1.
Zakat maal
Zakat Maal is zakat that is imposed on assets whose
acquisition does not violate religious shari'a. Every
Muslim is obliged to pay Zakat Maal according to the
determined Nisab and Haul. What is the nisab for gold
zakat?
2.
Calculation in zakat
Every muslim who lives during the month of Ramadan,
and has excess sustenance/basic needs at night and Eid
al-Fitr is required to pay Zakat Fitrah. Based on the
calculation of rice or other staple foods, the amount
ranges from ... kg or ... liter / person
3.
Sukuk knowledge
Invest in stock have risk ar return …..compare to invest
in sukuk
4.
Gharar knowledge
A situation that creates consequences and has an impact
on the future outcome of a transaction is unknown or
uncertain (fraud), and is prohibited in the Islamic
financial system is called?
5.
Qard Knowledge
Islamic financial institutions can provide good loans
and the borrower is only required to repay the original
loan amount without any additions is the definition?
Financial Behaviour
Financial behavior in Atkinson and Messy (2012) focus on “a wide range of behaviours,
with an emphasis on those that can enhance or reduce financial wellbeing” (p. 23). The questions
designed therefore were aimed at finding information regarding of how people manage their
money and set their long term goals. What included into managing money among others are (i)
whether they consider carefully whether they can afford something, (ii) whether they typically
pay bills on time, (iii) if they report that they keep a close watch over their finances. The attempt
to save and set long term goals will be reflected from (i) whether they are personally (or jointly)
responsible for a household budget, (ii) how they choose financial products and (iii) if they have
recently borrowed to make ends meet” (p. 23). The questions for financial behavior therefore can
be seen from Table 3 below.
Table 3 Question Items of Financial Behaviour
No.
Behaviour
Wording of Questions
1.
Considered Purchased
Before I buy something I carefully consider
whether I can afford it
2.
Timely bill payment
I pay my bills on time
3.
Responsible and has a
household budget
I use my money based on my need
4.
Active saving
I actively save my money for the last 2 years
Source: Atkinson and Messy (2012, p. 29)
Financial Attitudes
Atkinson and Messy (2012) argues that attitudes and preferences are important element of
financial literacy. By having a negative attitude towards saving for the future, for instance, it can
be sure that he or she also will be inclined to save. When someone prioritize short term interest
over the longer term security, it is unlikely they will have emergency savings. Atkinson and Messy
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(2012) then formulate three “attitudinal statements focusing on attitudes towards money, and
particularly towards planning for the future” (p. 33):
1. I find it more satisfying to spend money than to save it for long term
2. I tend to live for today and let tomorrow take care of itself
3. Money is needed to be spent
Atkinson and Messy’s (2012) definition of financial literacy has been adopted by other
researchers (see for examples Aydin and Selcuk (Aydin & Akben Selcuk, 2019); Douissa
(Douissa, 2020); and Swiecka, et.al, (2020)). Aydin and Selcuk (2019) investigates the connection
between financial literacy, money ethics and time preferences among college students in 12
countries and Swiecka, et.al, (2020) studies financial literacy in Poland. Douissa (Douissa, 2020)
looks at factors affecting college students’ multidimensional financial literacy in the Middle East.
Some new questions were added in Douissa (Douissa, 2020) such as question related to sukuk.
Other studies follows Chen and Volpe’s, (1998) definition of financial literacy (Komara &
Widyastuti, 2019). Chen and Volpe (1998) definition of financial literacy comprises of four major
elements: general knowledge, savings and borrowing, insurance and investments.
Conceptualization of Financial Literacy: Islamic Perspective
As mentioned in the introduction, Islamic finance differs from concept of finance derived
from the Western perspective. Therefore, it is logic to measure financial literacy of Muslims in
the context of Islamic finance. It is not only logic, it is also very important to measure this because
finance aspect must be a concern of every Muslim in the sense that every Muslim should know
the nature of financial transactions they involve in. Under Islamic perspective, quality (i.e.
barakah) is much more important than the quantity (i.e. how much money one has). Finance in
Islam is not a value-free. There are certain basic principles that every Muslim should be aware of.
The problem is that for so long, Muslims have used to life under secular financial system coming
from the West. Many of us maybe more familiar with conventional financial concepts and
instruments instead of financial concept and system derived from Islamic values. The existing
research on this is still very limited.
The literatures on Islamic financial literacy are far less developed compared to the
conventional one (Nawi et al., 2018). The first definition of Islamic financial literacy was given
Abdullah and Anderson (2015). They define Islamic financial literacy as “the stock of knowledge
that one acquire specifically related to Islamic finance concepts and products” (p. 4). Financial
literacy in this sense is equal to financial knowledge. Their definition was adapted from Huston’s
(Huston, 2009) definition of financial knowledge. Derived from this narrow definition, Abdullah
and Anderson (2015) measure Islamic Financial Literacy using nine dimensions and each of them
are then translated into two or more indicators. There are views on banking product, views on
islamic banking product, parents influence on islamic financial product and service, factors
determining investment in securities, views on conventional banking product, attitude on personal
financial management, influence of personal financial management, knowledge on wealth
planning and management, attittude on islamic financial product and service.
With the growing of Islamic finance industry, the narrow definition of Islamic Financial
Literacy given by Abdullah and Anderson (2015) was no longer sufficient. Nawi et al., (2018),
therefore, proposed a conceptual framework to measure Islamic financial literacy which was also
derived from Huston’s (2009) concept of financial literacy.
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Figure 1. Concept of Financial Literacy by Huston (Huston, 2009)
Figure 2 Proposed Measurement of Financial Literacy by Nawi et al. (2018)
The proposed measurement of Islamic financial literacy by Nawi et.al, (Nawi et al., 2018)
seems to be similar with four major elements of financial literacy developed by Chen and Volpe
(1998).
A recent publication on sharia financial literacy see Firdaus and Kasri (Firdausi & Kasri,
2022) integrates studies derived from the conventional and Islamic perspectives to come up with
a multidimensional measure of Sharia Financial Literacy. They said that the development of the
multidimensional measures aims to accommodate the revision of definition of Islamic Finance
Literacy by the Indonesian Financial Services Authority (i.e. OJK).
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Source: Firdausi and Kasri (Firdausi & Kasri, 2022, p. 91)
Figure 3 Islamic Literacy Dimensions of Firdausi and Kasri (2022)
As can be seen from Figure 3, Firdausi and Kasri (2022) defines Islamic Financial Literacy
into three dimensions: Sharia Financial Knowledge, Sharia Financial Attitude and Sharia
Financial Behaviour. Their study can be said a significant progress in terms of conceptualization
of what do we mean by Islamic Financial Literacy. The development was achieved mainly
through the integration of Laldin and Furqani (Laldin & Furqani, 2013) study and Antara et al.
(Antara et al., 2016) study. Basically, the conceptualization of Islamic Financial Literacy in this
study was adapted from Messy and Atkinson (2012) whereby financial literacy was defined into
three dimensions: Financial knowledge, financial behavior and financial attitudes. What Firdausi
and Kasri (2022) did was to insert the sharia elements into element of knowledge, behavior and
attitude and to remove any item that is inconsistent with sharia.
The paper however shows a little inconsistency in the use of terminology. In the title, the
paper uses the terms ‘Islamic Financial Literacy’. In the dimensions of the Islamic Financial
Literacy however, the paper uses the terms ‘Sharia Financial Knowledge’, ‘Sharia Financial
Behaviour’, ‘Sharia Financial Attitudes’. The paper also did not provide sufficient discussion
about the integration of different studies to build the new multidimensional measure of Islamic
Financial Literacy. In total, the study has 25 questions items. Similar to many other studies,
Firdausi and Kasri (2022) treats Islamic Financial Literacy as dependent variable and
demographic factors as independent variables. The demographic factors included in their study
are age, gender, marital status, mother’s educational level, father’s educational level, level of
education, faculty, major, monthly income, and savings ownership.
It is interesting to conduct similar study with respondents from undergratudate students
studying Islamic study and non-Islamic study. The dimensions and the breakdown of dimensions
would follow maqasid shariah’s approach. Both shariah and maqasid shariah are imbued with
spirit of belief and ethics that will be able to measure how effectively the three financial reporting
standards have achieved the objectives of shariah which are principally known as maqasid shariah
as firstly coined concept by Al-Ghazali (1058-1111). The primary needs (dharuriyyah) approach
suggests the preservation and safeguarding of five principles: protection of religion (diin),
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protection of life (nafs), protection of intellect (‘aql), protection of wealth (maal) and protection
of lineage (ansab) ((Chapra et al., 2008); (S. Abdullah & Furqani, 2012); (Mukhlisin, 2021).
RESEARCH METHOD
This study will use primary data obtained from direct survey questionnaires. The
questionnaires distributed to small medium enterprise owner at Padang Panjang city. Most of the
respondent is woman and have business especially culinary area. The range of their profit is
different. However, all the business have several employee and established more than 1 years.
Padang Panjang have known as City with famous traditional culinary and tourist destination.
Therefore many of business established in this city. This situation is suitable for doing research
regarding the understanding of small medium enterprise understanding about syariah financial
literacy.
Tabel 4 Demographic Factors - Independent Variables
No.
Factors
Option
Type of data
1.
Age
Numeric
2.
Gender
Male
Female
Dichotomy
3.
Type of business
Fill the blank
4.
Level of Education
Elementary school
Junior high school
Senior high school
Diploma/ bachelor degree
Master degree
Doctoral degree
Ordinal
5.
Monthly Income
0- 5 millions
5 – 10 millions
10- 15 millions
15- 20 millions
Ø 20 millions
Numeric
6.
Saving Ownership
Conventional banks and Islamic banks
Conventional banks only
Islamic banks only
Nominal
7.
Study economy,
accounting, syariah
accounting
Yes no questions
Dichotomy
8.
Study islam regularly
Yes no questions
Dichotomy
Data analysis
The data will be analyzed by using qualitative method to see the socio demographic factors
on multidimensional Islamic Financial Literacy. This study will classify dependent variables for
ordinal analysis into three categories as formulated by OJK (2013):
Table 5 Categories as Formulated
No.
Range
Category
1.
0-25%
Very low
2.
25-50%
Low
3.
50-75%
Moderate
4.
>75%
High
Source: OJK (2013)
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RESULT AND DISCUSSION
There are 32 respondents fill the quessionaire and all the respndent are small medium
enterprise owner domisili in Padang Panjang city. We share 18 questions related to syariah
financial literacy.
Figure 4 Financial Knowledge
The Figure above showed the respondents answer related to financial knowledge, such as
in calculating time value of money, interest paid on loan, Calculation of interest plus principle,
Compound interest, Risk and return, Definition of inflation and Diversification. There are 67.75%
of the respondent did not answer the multiplechoice answer, only 32.25% answer question number
1 to 10 that have summarise in the table above. The question related to financial kniowledge. In
more detail question number 1 is calculating devision, 58% respondent give a correct answer.
Question number 2 is calculated the time value of money 13%. Question number 3 is knowledge
of zakat maal 67% are correct answer, question number 4 about zakat fitrah 44% are right answer.
Atoher answer still related to syariah financial knowledge question 5 about risk and return 50%,
question 6 investment 67%, question 7 inflation 44%, question 8 , 9, 10 are related diversification
of syariah financial product 44%, 44% and 33%. Based on the standard of OJK it show that only
46,9% of small medium enterprise in Padang Panjang city have syariah financial knowledge and
it categorize as low.
We argue that because the respondent might not fully understand the question and seeing
10 questions with detailed questions might make the respondent cannot full concentrate. The
quessionaire is given when there a meeting with the local government and do to this reason, it
might disturb the respondent answer,
From question 11 to 18 all of the questions based on skala liqert. 100% respondent answer
all the questions. The summary on financial behaviour as on table 2 below
Figure 5 Financial Behaviour
From 32 respondenst the respondenst asnwer is arround 78%- 97% in 4 question all of
question is about financial behaviour such as long timerm financial goal setting, considered
0
5
10
15
1 2 3 4 5 6 7 8 9 10
financial knowledge
0%
20%
40%
60%
80%
100%
120%
1 2 3 4
financial behaviour
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Silvy Astari, Howardi Vizha Adha, Engla Sulistia
purchase, time bill payment and active saving. With the result it can be conclude that small
medium enterprise have high financial literacy index related to financial behaviour.
More over the same result in financial attitude, the answer is separate in 91% until 97%
which mean is more higher that financial behaviour. The question is about planning of the
respondent is for long term orientation or short term orientation. The result show that the small
medium enterprise owner is having long term orientation which mean high financial attitude.
Most of the respondent have positive answer or we call it possitive attitudes.
Figure 6 Financial Attitude
CONCLUSION
Syariah financial literacy can be separate in to 3 devision, financial knowledge, financial
behaviour and financial attitude. The quessionaire have been distributed to small medium
enterprise owner in Padang Panjang city. The result show that the small medium enterprise owner
have low syariah financial knowledge. The partisipation of respondent in this area is very low,
however for financial behaviour and financial attitude the result show that the small medium
enterprise owner have hight index.
This result need to be develop by sending more quessionaire do the result can be more
significant, future reseach also can use OLS to run the data. It can be beneficial if the future
research compare the syariah financial literacy with conventional financial literay and sent it to
other type of job, such as students and organizational employee.
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