Studies on financial education highlight the need for having children to be exposed on financial management to inculcate sense of responsibility on financial management. The challenge, however is to engage them with the concepts and the same time to deliver the content is engaging and fun manners. The purpose of this study is to highlight key activities involved in the product development of an interactive learning tool, Muamalat Interactive Game. Muamalat Interactive Game (MIG) is a game-based educational tool that i) exposes the players to Islamic banking, investment and social finance instruments ii) promotes inclusive economic development by inculcating the spirit of gift economy. Single case study analysis is adopted in this study on the processes involved for product development of a financial education board game; product conceptualisation, validation and pilot testing to intended users. Descriptive reporting on product conceptualisation and content as well as content and pedagogical validation are provided in the paper. For the pilot testing stage, the learning behaviours of learners are examined from the aspects of Cognitive Knowledge, Affective Behaviors and Technical Skills gained from the pilot testing conducted to the group of 70 secondary children. Learning behaviors of the learners relates to the cognitive ability to identify wealth management vehicles such as real property, share investment and Islamic insurance products as the players are to accumulate wealth using Shariah-compliant and ethical-based investment vehicles. The affective aspect of the learning is tackled from the engagement on charity-giving as the game instills the willingness to share personal wealth built-up over the rounds of game-playing to the Sadaqah house via donation (sadaqah) and endowment (waqf). Sadaqah house serves as the communal fund that restores widened economic gap. The players too, gain technical skills of managing personal finance such as planning and recording cash inflows and outflows, budgeting personal expenses, managing debts, calculate tithe (zakat) due, and finally ascertain net wealth. The findings of this case study could be benefit future innovators wanting to learn product development of serious games.

Studies on financial education highlight the need for having children to be exposed on financial management to inculcate sense of responsibility on financial management. The challenge, however is to engage them with the concepts and the same time to deliver the content is engaging and fun manners. The purpose of this study is to highlight key activities involved in the product development of an interactive learning tool, Muamalat Interactive Game. Muamalat Interactive Game (MIG) is a game-based educational tool that i) exposes the players to Islamic banking, investment and social finance instruments ii) promotes inclusive economic development by inculcating the spirit of gift economy. Single case study analysis is adopted in this study on the processes involved for product development of a financial education board game; product conceptualisation, validation and pilot testing to intended users. Descriptive reporting on product conceptualisation and content as well as content and pedagogical validation are provided in the paper. For the pilot testing stage, the learning behaviours of learners are examined from the aspects of Cognitive Knowledge, Affective Behaviors and Technical Skills gained from the pilot testing conducted to the group of 70 secondary children. Learning behaviors of the learners relates to the cognitive ability to identify wealth management vehicles such as real property, share investment and Islamic insurance products as the players are to accumulate wealth using Shariah-compliant and ethical-based investment vehicles. The affective aspect of the learning is tackled from the engagement on charity-giving as the game instills the willingness to share personal wealth built-up over the rounds of game-playing to the Sadaqah house via donation (sadaqah) and endowment (waqf). Sadaqah house serves as the communal fund that restores widened economic gap. The players too, gain technical skills of managing personal finance such as planning and recording cash inflows and outflows, budgeting personal expenses, managing debts, calculate tithe (zakat) due, and finally ascertain net wealth. The findings of this case study could be benefit future innovators wanting to learn product development of serious games.

The integration of Environmental, Social, and Governance (ESG) factors has emerged as a critical aspect of the Takaful industry, driven by growing social and environmental consciousness among customers. This study investigates the effectiveness of a financial literacy program implemented by a takaful operator in Malaysia, aiming to enhance customers' financial literacy and raise their awareness of ESG considerations. The program provided guidance on individuals’ financial cycles, starting from earning money, cash flow management and budgeting, protection via Takaful products, savings, investment, wealth purification, and estate planning. This research evaluates the programme's impact through surveys and interviews conducted with traineesand assesses its efficacy in improving financial literacy and promoting ESG awareness. The findings demonstrate that the financial education program successfully enhanced financial literacy levels and raised ESG awareness among the target group and the public. The study concludes by highlighting the significance of financial education programs as valuable tools for fostering ESG integration in the Takaful industryand suggests effective techniques for developing such initiatives.

The purpose of this study is to conduct an experiment on undergraduate students (the Generation Y) with the fundamental knowledge on fiqh muamalat (Islamic legal study on business transactions). The research examines the impact of experiential learning to the level of knowledge on Shariah contracts embedded in the game by measuring the pre and post score of the students on the features of the contracts. 114 students from business-related programme took part in the study. They answered pre-experiment questionnaire, played the game and eventually answered post-experiment questionnaire. The game referred to as Muamalat Interactive Game (MIG), an innovation that incorporates the concepts and operations for retail products offered by Islamic banks adopted for personal financial management. This game involves the participants (contracting parties) in several muamalat contracts commonly practiced in Islamic banks, such as as ijarah, tawarruq, rahnu, musharakah mutanaqisah, murabahah and other supporting contracts. The players of the game interactively transact among them to acquire assets, manages cash flow, pay tithe on income and wealth and contribute to charity, applying the muamalat contracts mentioned. The study found that the knowledge of the students significantly enhanced, after the experience of playing the game. They are doing better after the game when identifying the main features of the muamalat contracts, the sequence of transactions forming the contracts and the distinguishing the differences among the contracts. The results also revealed that the game experience made it easy for the students to visual the personal financial management. The results of the experiment revealed the usefulness of using experiential learning for teaching and learning.

State Islamic Religious Council (SIRCs) in Malaysia were established for the social welfare under the purview of state enactments in an Islamic setting. Despite the absence of a profit motive, accountability must be upheld as it is set up to be the guardian of resources so that the trust of stakeholders could be obtained. SIRCs are expected to uphold their ethics and values in their overall operations. However, a number of negative cases of SIRCs were reported in the local media which has tarnished the image of SIRCs. Thus governors of SIRCs should managed their human assets well. Human governance is the governors’ commitment to improve employees’ values and ethical behavior in the organization through their leadership, integrity fostered in the organization, training that the governors’ attended and internal control that has been put in place. The objective of the study is to examine whether Human Governance Index (HG INDEX) could be applied to SIRCs. HG INDEX comprise of 4 components which are (i) BOD Leadership, (ii) Level of Integrity Index, (iii) BOD Quantity of Training Index, and (iv) Quality of Internal Control System Index . Thirteen(13), 2019 annual reports of SIRCs were used as a basis for data collection. Based on the findings, Quality of Internal control and Level of Integrity were found to be the highest disclosed index. Overall, HG index was found to be low for SIRCs. Thus Governors of SIRCs can use the findings of the study to increase their transparency and accountability to stakeholders by focusing on HG in order to gain the public trust.