As the industry continues to develop and mature, there is a pressing need to develop a framework for Islamic financial literacy as part of the initiative to promote the stability and survival of the Islamic finance industry. Thus, there is a need to develop an Islamic financial literacy framework to cater the needs of an emerging segment of the Islamic financial services industry currently serving a rapidly growing Muslim population worldwide. This study examines the measurement of financial literacy based on the syariah point of views. In depth interviews with four informants were conducted to gain insight on the conceptual review of Islamic financial literacy. This study proposes that the measurement of Islamic financial literacy should include items on understanding the concept of moderation in spending, compulsory and voluntary spending, priority-based spending, need for saving and investment as well as prudent use of debt.