ISLAMIC FINANCIAL PLANNING AS A TVET COMPETENCY: A NARRATIVE REVIEW ON CURRICULUM, SKILLS AND SOCIOECONOMIC IMPACT

Zul Aizat Hamdan; Fuadah Johari; Mohd Khairil Zainal Bahrin

doi:10.33102/cke4a819

Authors

Zul Aizat Hamdan Universiti Sains Islam Malaysia (USIM), Nilai, Negeri Sembilan, Malaysia Author
Fuadah Johari Islamic Finance & Wealth Management Institute (IFWMI), Universiti Sains Islam Malaysia (USIM), Nilai, Negeri Sembilan, Malaysia Author
Mohd Khairil Zainal Bahrin Commerce Department, Politeknik Nilai, Nilai, Negeri Sembilan, Malaysia Author

DOI:

https://doi.org/10.33102/cke4a819

Keywords:

Islamic financial planning, TVET, Maqasid, Shariah governance, Islamic FinTech, work-based learning

Abstract

This narrative review describes Islamic financial planning as a Technical and Vocational Education and Training (TVET) skill that integrates Shariah knowledge related to Maqasid, applied financial literacy and accounting, product level knowledge (qard, waqf, sukuk, takaful), digital FinTech fluency, as well as client-facing advisory practice. It combines disparate literatures on Shariah governance, the Maqasid models of performance, Islamic microfinance and FinTech adoption, and TVET pedagogy to chart the content of the curriculum, modes of delivery, evaluation methods and governance facilitators. The most significant results are that the work-based learning, apprenticeship, and blended delivery are more likely to generate employability signals in comparison with classroom-based education training; credible Shariah governance, internal audit and external accreditation are the moderators of credential legitimacy; and FinTech modules enhance inclusion potential and present digital and Shariah-specific risks which need mitigation skills. The body of evidence is skewed, with strong institutional structures at the bank level and little evidence-based TVET rubrics and limited longitudinal tracer studies of training and labour outcomes. The review suggests an Inputs, Processes and Outputs framework to relate the curriculum, teacher training, governance and digital infrastructure to the practice-based pedagogy and competency outputs measurable in an explicit manner, and it suggests modular competency rubrics, targeted teacher training, industry partnership and strictly evaluated pilots to reconcile TVET credentials with market- and Maqasid-oriented goals.

Downloads

Download data is not yet available.

References

Aderemi, A. M. R., & Ishak, M. S. I. (2022). Qard Hasan as a feasible Islamic financial instrument for crowdfunding: Its potential and possible application for financing micro‑enterprises in Malaysia. Qualitative Research in Financial Markets, 15(1), 58– 76. https://doi.org/10.1108/QRFM-08-2021-0145

Alkhan, A. M., & Hassan, M. K. (2021). Does Islamic microfinance serve maqāsid al‑shari'a? Borsa Istanbul Review, 21(1), 57–68. https://doi.org/10.1016/j.bir.2020.07.002

Allais, S. (2023). Why skills anticipation in African VET systems needs to be decolonized: The wide‑spread use and limited value of occupational standards and competency‑based qualifications. International Journal of Educational Development, 102, 102873. https://doi.org/10.1016/j.ijedudev.2023.102873

Alsaghir, M. (2023). Digital risks and Islamic FinTech: A road map to social justice and financial inclusion. Journal of Islamic Accounting and Business Research, 16(7), 1265– 1282. https://doi.org/10.1108/JIABR-10-2022-0262

Amin, H. (2024). Homeownership through asnaf home financing in Malaysia: An empirical investigation. International Journal of Housing Markets and Analysis, 18(6), 1475– 1498. https://doi.org/10.1108/IJHMA-05-2024-0066

Amin, H., Panggi, F., Shaikh, I. M., & Abduh, M. (2024). Waqif preference of waqf-based qardhul hassan financing in Malaysia using a maqāṣid approach. Journal of Islamic Accounting and Business Research, 17(1), 26–58. https://doi.org/10.1108/JIABR-02-2023-0054

Ascarya, A., & Sakti, A. (2021). Designing micro-fintech models for Islamic micro financial institutions in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 236-254. https://doi.org/10.1108/IMEFM-05-2020-0233

Bolli, T., Kemper, J., Parajuli, M. N., Renold, U., & Thapa, B. K. (2023). Drivers and barriers of implementing a dual VET programme in Nepal. (As reported in the literature matrix.) Halim, M. A. (2024). Does crowdfunding contribute to digital financial inclusion? Research in Globalization, 9, Article 100238. https://doi.org/10.1016/j.resglo.2024.100238

Bolli, T., Kemper, J., Parajuli, M. N., Renold, U., & Thapa, B. K. (2023). Drivers and barriers of implementing a dual VET programme in Nepal. Asian Education and Development Studies, 12(23), 195–207. https://doi.org/10.1108/AEDS-08-2022-0111

Bolli, T., McDonald, P., & Renold, U. (2025). Labor market effects of a dual‑VET apprenticeship: Evidence from Nepal. International Journal of Educational Development, 117, 103359. https://doi.org/10.1016/j.ijedudev.2025.103359

Boudawara, Y., Toumi, K., Wannes, A., & Hussainey, K. (2023). Shari'ah governance quality and environmental, social and governance performance in Islamic banks: A cross‑country evidence. Journal of Applied Accounting Research, 24(5), 1004–1026. https://doi.org/10.1108/JAAR-08-2022-0208

Delle Foglie, A., & Keshminder, J. S. (2022). Challenges and opportunities of SRI sukuk toward financial system sustainability: A bibliometric and systematic literature review. International Journal of Emerging Markets, 19(10), 3202–3225. https://doi.org/10.1108/IJOEM-04-2022-0601

Diao, J., & Qu, Y. (2024). Teaching competence of TVET teachers in the digital age: Implementation and evaluation of a training program in China. Evaluation and Program Planning, 103, 102402. https://doi.org/10.1016/j.evalprogplan.2024.102402

Dinesh Kumar Reddy, Y., Roy, D., Nakkeeran, G., & Gangadhara Reddy, N. (2026). Machine learning for land use and land cover mapping in Google earth engine: A review of methods, applications, and challenges. Ecological Frontiers, 46(3), 1105–1118. https://doi.org/10.1016/j.ecofro.2025.12.015

du Plooy, E., Casteleijn, D., & Franzsen, D. (2024). Personalized adaptive learning in higher education: A scoping review of key characteristics and impact on academic performance and engagement. Heliyon, 10(21), e39630. https://doi.org/10.1016/j.heliyon.2024.e39630

Faza', M., Badwan, N., & Hamdan, M. (2024). Determinants of effective Shariah compliance auditing in Palestine: A theoretical and conceptual analysis. Journal of Money Laundering Control, 27(5), 845–857. https://doi.org/10.1108/JMLC-08-2023-0132

Ghlamallah, E., Alexakis, C., Dowling, M., & Piepenbrink, A. (2021). The topics of Islamic economics and finance research. International Review of Economics & Finance, 75, 145–160. https://doi.org/10.1016/j.iref.2021.04.006

Grassa, R., El‑Halaby, S., & Khlif, H. (2025). The economic consequences of Shariah governance: A systematic literature review and research agenda. Journal of Islamic Marketing, 16(12), 3457–3484. https://doi.org/10.1108/JIMA-06-2024-0231

Haddou, S., & Boughrara, A. (2025). How diversification shapes full‑fledged Islamic bank stability? A causal inference approach. International Review of Economics & Finance, 102, 104367. https://doi.org/10.1016/j.iref.2025.104367

Hasan, R. (2022). Shari'ah compliance and environmental performance: Evidence from the U.S. Borsa Istanbul Review, 22, S1–S9. https://doi.org/10.1016/j.bir.2022.11.009

Hassan, M. K., Aliyu, S., Saiti, B., & Abdul Halim, Z. (2020). A review of Islamic stock market, growth and real‑estate finance literature. International Journal of Emerging Markets, 16(7), 1259–1290. https://doi.org/10.1108/IJOEM-11-2019-1001

Hassan, M. K., Alshater, M. M., Hasan, R., & Bhuiyan, A. B. (2021). Islamic microfinance: A bibliometric review. Global Finance Journal, 49, 100651. https://doi.org/10.1016/j.gfj.2021.100651

Ishak, M. S. I., & Asni, F. (2020). The role of maqasid al‑Shariʿah in applying fiqh muamalat into modern Islamic banking in Malaysia. Journal of Islamic Accounting and Business Research, 11(10), 2137–2154. https://doi.org/10.1108/JIABR-12-2019-0224

Ishak, M. S. I., & Mohammad Nasir, N. S. (2023). The applicability of Islamic crowdfunding as an alternative funding for micro‑entrepreneurs in Malaysia. Qualitative Research in Financial Markets, 16(3), 548–564. https://doi.org/10.1108/QRFM-12-2022-0202

Kasula, P., Dedekorkut-Howes, A., Shearer, H., & Baum, S. (2026). Social inclusion of urban villages: A systematic review of global urban planning practices. Cities, 169, 106509. https://doi.org/10.1016/j.cities.2025.106509

Kazi Md Tarique, Rafikul Islam, & Mustafa Omar Mohammed. (2021). Developing and validating the components of Maqasid al‑Shari’ah‑based performance measurement model for Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 14(2), 366–390. https://doi.org/10.1108/IMEFM-12-2018-0432

Khalid, A. A., & Sarea, A. M. (2021). Independence and effectiveness in internal Shariah audit with insights drawn from Islamic agency theory. International Journal of Law and Management, 63(3), 332-346. https://doi.org/10.1108/IJLMA-02-2020-0056

Llamosas García, G., & Mazas Pérez‑Oleaga, C. (2025). What works in financial education? Experimental evidence on program impact. Journal of Behavioral and Experimental Economics, 119, 102401. https://doi.org/10.1016/j.socec.2025.102401

Mahomed, Z., & Mahbot, A. (2024). Sustainable and responsible investment (SRI) Sukuk: lessons from Khazanah’s Sukuk Ihsan. International Journal of Islamic and Middle Eastern Finance and Management, 17(6), 1065-1081. https://doi.org/10.1108/IMEFM-05-2024-0219

Mashar, H.S., Hasan, A., Huda, M., & Muhammad, R.I. (2025). Islamic finance industry: market growth and financial innovation. Humanities and Social Sciences Communications, 12(1).

Menne, F., La Ode Hasiara, L., Setiawan, A., Palipada Palisuri, P., Andi Mattingaragau Tenrigau, A., Waspada, W., Juliana, J., & Nurhilalia, N. (2024). Sharia accounting model in the perspective of financial innovation. Journal of Open Innovation: Technology, Market, and Complexity, 10(1), 100176. https://doi.org/10.1016/j.joitmc.2023.100176

Meskovic, A., Kozarevic, E., & Avdukic, A. (2023). The influence of national and individual Islamic governance on Islamic banks’ social performance. Journal of Islamic Accounting and Business Research, 15(6), 911–941. https://doi.org/10.1108/JIABR-03-2022-0077

Mohd Yusoff, N. Z., Puteh, S., Mazlan, M. H., Mohamad, Z., Ngah, A. H., Khairudin, M., & Buhari, R. (2025). Exploring self-efficacy in WBL programmes: A case study from Universiti Tun Hussein Onn Malaysia and its global implications for TVET. Higher Education, Skills and Work-based Learning, 15(6), 1323–1338. https://doi.org/10.1108/HESWBL-01-2025-0013

Mohd Zain, F. A., Wan Abdullah, W. A., Muhamad Nasir, M. N., & Hassan, M. F. (2025). Development of a comprehensive sustainability performance index for takaful operators: Integrating Maqasid al‑Shariah and stakeholder perspectives. International Journal of Islamic and Middle Eastern Finance and Management, 18(3), 628–648. https://doi.org/10.1108/IMEFM-07-2024-0343

Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & The PRISMA Group. (2009). Preferred reporting items for systematic reviews and meta‑analyses: The PRISMA statement. PLoS Medicine, 6(7), e1000097. https://doi.org/10.1371/journal.pmed.1000097

Mukhlisin, M., & Fadzly, M. (2020). Multiple logics within the international Islamic financial architecture: Implications for Islamic financial reporting standards. Accounting Research Journal, 33(6), 709–727. https://doi.org/10.1108/ARJ-03-2020-0059

Njenga, M. (2023). Continuing professional development of vocational teachers in Kenya: Motivations, practices and teacher profiles. International Journal of Educational Research Open, 5, 100282. https://doi.org/10.1016/j.ijedro.2023.100282

Njenga, M. (2023). Continuing professional development of vocational teachers in Kenya: Motivations, practices and teacher profiles. Heliyon, 9(1), e12766. https://doi.org/10.1016/j.heliyon.2023.e12766

Njenga, M. (2023). Policy for promoting teacher educators’ research engagement in Myanmar. Teaching and Teacher Education, 113, 103680. https://doi.org/10.1016/j.tate.2022.103680

Noor, L. H., Mohammed, S. S., & Ahmed, P. (2023). Development and validation of a performance measurement system based on Islamic principles. Heliyon, 9(5), e16095. https://doi.org/10.1016/j.heliyon.2023.e16095

Oroni, C. Z., & Fu, X. (2025). Enhancing cyber safety in e-learning environment through cybersecurity awareness and information security compliance: PLS-SEM and FsQCA analysis. Computers & Security, 150, Article 104276. https://doi.org/10.1016/j.cose.2024.104276

Pandey, D. K. (2025). FinTech literature reviews: A hybrid approach. Finance Research Letters, 79, 107249. https://doi.org/10.1016/j.frl.2025.107249

Prasojo, P., Yadiati, W., Fitrijanti, T., & Sueb, M. (2022). Exploring the relationship between intellectual capital and maqasid sharia‑based performance: The moderating role of sharia governance. Journal of Islamic Marketing, 14(8), 2130–2146. https://doi.org/10.1108/JIMA-07-2021-0226

Rahim, N., Bakri, M. H., Fianto, B. A., Zainal, N., & Al Shami, S. A. (2022). Measurement and structural modelling on factors of Islamic Fintech adoption among millennials in Malaysia. Journal of Islamic Marketing, 14(6), 1463–1487. https://doi.org/10.1108/JIMA-09-2020-0279

Raimi, L., & Bamiro, N. B. (2025). Role of Islamic sustainable finance in promoting green entrepreneurship and sustainable development goals in emerging Muslim economies. International Journal of Social Economics, 53(2), 181–196. https://doi.org/10.1108/IJSE-05-2024-0408

Sencal, H., & Asutay, M. (2020). Ethical disclosure in the Shari’ah annual reports of Islamic banks: Discourse on Shari’ah governance, quantitative empirics and qualitative analysis. Corporate Governance, 21(1), 175–211. https://doi.org/10.1108/CG-01-2020-

Shahimi, S., & Zahari, S. A. (2025). Principles of Sustainability in Islamic Finance. Islamic Finance and Sustainability: A Research Companion, 75–105.

Shi, Y., Charles, V., & Zhu, J. (2025). Bank financial sustainability evaluation: Data envelopment analysis with random forest and Shapley additive explanations. European Journal of Operational Research, 321(2), 614–630.

Siti Nur Azhana @ Bazilah {Hj Mohamad}, Syahnur Farhana {Binti Haji Shahlehi}, Hajah Siti Nor Suriana {Binti Haji Abd Talip}, & Syahraudhah {Haji Shahlehi}. (2025). The positive impacts of Sadaqah (Sedekah) toward business sustainability: A systematic literature review. International Journal of Sociology and Social Policy, 46(1), 143–166. https://doi.org/10.1108/IJSSP-12-2024-0639

Sivanandan, P., & Ahmad, R. (2025). Ethical Investment in Islamic Finance: The Role of ESG Toward Sustainable Growth. Islamic Finance and Corporate Governance: Synergies for Sustainable Growth, 43–56.

Sulemana, I., Gbeti, C., Dalaba, M., Yidana, A., & Aninanya, G. A. (2025). Determinants of family planning services uptake among women within the reproductive age in the Yendi municipality in Northern Ghana. BMC Public Health, 25(1), 0-0.

Tahir, M. S., & Richards, D. W. (2025). A systematic literature review of financial resilience: Antecedents, consequences and future research agenda. Journal of Financial Regulation and Compliance, 33(4), 592–615. https://doi.org/10.1108/JFRC-10-2024-

Uddin, M. A., & Ahmad, A. U. F. (2020). Conventional futures: Derivatives in Islamic law of contract. International Journal of Law and Management, 62(4), 315–337. https://doi.org/10.1108/IJLMA-10-2017-0242