Financial Well-Being among Fisabilillah Zakat Recipients in Public Universities
An Analysis on Expenses Management
DOI:
https://doi.org/10.33102/jmifr.669Keywords:
Expenses management, financial well-being, zakat for education, fisabilillahAbstract
This paper’s purpose is to investigate the financial well-being among fisabilillah zakat recipients in public universities with a specific focus on expenses management. Financial well-being is the capacity of an individual to efficiently control his or her finances, financially cope with their stress and meet their basic needs while being able to have enough left over to enjoy life. Yet how financially self-reliant zakat individuals can be remains unknown. The study employed semi-structured interviews with 14 informants and identified several themes. The findings suggest that students have difficulty in differentiating between needs and wants and the significance of social support in financial management. Further, although most of respondents felt thankful for receiving zakat assistance, deficits on cost of living continued to be an issue that needed to be addressed timely. Survey data from informants and overall thematic analysis demonstrated that the present amount of zakat received was insufficient to meet students' needs, implying a requirement for recalculating and updating the assessment of zakat funds allocated for distribution on the basis of students’ estimated actual costs. In addition, the incorporation of Maqasid Shariah perspective in financial education appeared to be a major recommendation based on the findings for improving zakat recipient's financial well-being.
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