Financial Exclusion and Saving Motives in Brunei: A Need to Re-Define Zakat & Awqaf Institutions. Ak Md Hasnol Alwee Pg Md Salleh Universiti Brunei Darussalam. 9th International Conference on Islamic Economics and Finance 9-10 September 2013.
AkMd Hasnol Alwee Pg Md Salleh
Universiti Brunei Darussalam
9th International Conference on Islamic Economics and Finance
9-10 September 2013
< Highlights importance of saving for saving?’ emergencies and children’s/grandchildren’s education for both groups of respondents, though the emphasis on saving for children/grandchildren’s education is distinctly higher for net deficit respondents.Pre-Coding: Weighted Scores of Ranked Saving Motives
< Net surplus households are more likely to save for retirement, emergencies and purchase of assets…
< …while net deficit households are more likely to report saving for purchase of goods/services, saving for their children/grandchildren’s education and daily expenses.Saving Motives (SM): Percent of Households with Ranked SM, vis-à-vis Net Surplus/Deficit Categorisation
Implications of Findings: retirement, emergencies and purchase of assets…Role of zakat & awqaf institutions on financial inclusion and savingsNote: Only 2 main implications are presented (See paper for full discussion)
From the two analyses, there are two saving motives that appear in both analysis: Saving for children or grandchildren’s education, and Saving for daily/living expenses.
These latter two types should be included, as the earlier pre-coded showed that saving for emergencies is ranked as the second most important reason for saving, by net deficit respondents.