The Inherence of Ethics in Personal Finance of Muslim Filipinos

Abstract

The purpose of this study is to determine the extent of inherence of ethics in personal finance of Muslim Filipinos in Barangay San Jose, Island Garden City of Samal by describing their shared experiences as they engage with a capitalist financial system while upholding Islamic ethical values. This study employed qualitative research design. Specifically, Husserlian phenomenological thematic strategy was used. The population of this research consisted of 550 Muslim Filipinos of Tausug descent. Six people were purposively chosen to be participants for the individual in-depth interview. Another six individuals were tapped for the focus group discussion. Triangulation of data sources for reliability was completed by interviewing the chieftain and the imam who served as key informants. Data were analyzed with the aid of Hermeneutics analysis. The study findings indicated that the participants did have a fundamental knowledge of Islamic ethics. Moreover, the participants were found to have basic understanding of riba- considered central in Islamic finance. The study also indicated that some participants, being situated in a non-Islamic country, were able to uphold ethical values in their personal finance while others failed to do so at least in the area of microfinance. The study recommends that Al-Amanah Islamic bank conduct financial literacy seminar among the participants and in the participants’ community. It is also recommended that program heads include Islamic finance subject in the curriculum so as to close knowledge gaps regarding Islamic finance.