Determinants of Islamic Financial Literacy in OIC Countries: A Comprehensive Systematic Review and Analysis

Abstract

The entire Islamic financial literacy (IFL) context was challenging to comprehend. This article reviews the existing studies to understand the determinants of Islamic financial literacy and their connections in OIC countries. The investigation's focus was on the selection and review procedures. By adhering to the PRISMA Protocol process, the database was methodically examined and chosen. All existing literature related to the keywords, which comprised 132 articles up to the year 2022 were considered in this review. This study examined various factors that influence students' knowledge and understanding of Islamic finance in 45 quantitative related studies out of 132, that are categorised into 1) socio-demographic background, 2) educational level, 3) religious beliefs, and 4) economic support. The results indicated that knowledge, attitudes, and education were the most important determinants of IFL, while the role of religion was the least studied. This analysis makes it very evident that more work must be done to guarantee a sufficient degree of Islamic financial education, attitudes, and knowledge. The review provides valuable insights into how to improve the current state of Islamic financial literacy in OIC countries by targeting specific groups or areas for intervention.

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