Empowerment 21st Century Learning Experience Using Islamic Finance Mastermind Game

Abstract

The International Survey of Adult Financial Literacy conducted on Financial Education in 2023 found that 70% of adults take full consideration on affordability to but in purchase decision. However, on financial product comparison, only 26% of adults compare financial products across providers and only 24% of adults seek financial advice from independent sources when purchasing financial products and services. This study examines the application of Game-Based Learning (GBL) approach in teaching and learning of Islamic banking and finance . The Islamic Finance Mastermind Game (IFMG) is designed based on the three (3) key thrusts outlined in the Financial Sector Blueprint 2022–2026, namely: (1) financial literacy, focusing on the understanding and application of Islamic banking and finance principles; (2) Early Islamic financial planning, emphasising financial management for both worldly needs and the hereafter; and (3) Islamic social finance, encompassing Takaful, zakat, and sadaqah. The main objectives of IFMG are to transform Islamic Finance Education through strategic GBL, to strengthen Shariah-Compliant Financial Decision-Making and critical thinking through this GBL experience, to bridge academia, industry, and society through scalable Islamic Finance innovation and to empirically measure and validate learning impact in Islamic Finance Education. The interactive scenario gives opportunity to all players to decide on Shariah compliance financial products. Students have to engage in simulated financial decision-making processes involving Islamic deposit, Islamic financing and Islamic investment. The teaching of financial literacy in Islamic banking and finance through GBL by using IFMG is able to stimulate financial decision that are Shariah-compliant among students and young people that are dependent on their parent and have yet to experience the actual money management in their life.