Publication: An Experiment On Shariah-based Personal Financial Transactions Using A Business Game
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Date
2015
Journal Title
Journal ISSN
Volume Title
Publisher
Zes Rokman Resources
Abstract
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.
Description
Volume: 8 Issue : 1
Keywords
business game, muamalat, Islamic banking, Islamic finance, personal financial planning