Why should Muslim women prioritize their financial wellbeing 

During my research on the divorce experiences of Australian women, one participant shared her life story that stunned me.

At the end of her divorce proceedings, the Australian court instructed her to pay child support to her ex-husband. Why, you may ask? Because he was earning cash funnelled through discreet channels, so the wife appeared more stable financially than her spouse. 

Initially, I thought this was a one-off, albeit unfortunate, example of a Muslim husband ‘working the system’ to evade his financial obligations. Shortly after, another participant informed me that she had to give up her sizeable mahr when her husband walked out on her and their children because religious clerics, commonly referred to as imams, struggled to enforce him to pay her due. 

Although these cases do not represent all Muslim women and their consolidated divorce experiences, they do highlight the devastating financial impact on women who are often left in the lurch, grappling to figure out ways to support themselves and their children without the financial ‘safety net’ expected from their spouses.

Prioritising financial welfare 

In my work as a researcher and advocate for Muslim women, I have witnessed first-hand how life-changing events such as divorce, job loss or death of a loved one add stress to grief. Sorrow-stricken women not only contend with stress and anguish but also worry about their expenses and financial wellbeing. 

During my twelve years as a board member at the Australian Muslim Women’s Centre for Human Rights, financial insecurity emerged as a major threat facing many Muslim women, particularly newly arrived migrants and refugees, who were excessively reliant on their husband’s income and held low financial literacy levels. 

What came across as a startling revelation was that highly educated women often possessed low levels of financial literacy and engagement, too.

A study revealed Muslim women across Australia ranked lower in financial literacy competency than their Muslim male counterparts despite having higher average education levels. Moreso, women were almost twice as disinclined to seek financial advice than men, with 39.4% of them never having sought financial advice as opposed to 21.5% men. 

However, women in the study were more aware of the adverse effects of debt accumulation than men and more females reported their financial position as stable or under control than men. 

Key impediment
Many Muslim women do not consider financial wellbeing as a significant factor. They are often responsible for prosaic tasks such as managing utility bills or monthly groceries, but are often non-participating observers in more high-stakes, big-ticket decisions such as purchasing a house or making a sizable investment. This theme spills outside the Muslim demographic pool and is prevalent across general Australian families, too. 

The worrying factor, though, was that many felt such obligations fell outside their ambit of responsibility, dissuading them from lending such critical matters any thought. Many held the opinion that the responsibility to amplify wealth or support families wasn’t their burden to carry. 

For some Muslim women, money has often held a negative connotation based on past experiences where financial discussions may have spurred arguments or money was equated with capitalism and greed, thus accumulating it came with a shroud of guilt. 

For other Muslim women, money is also viewed as a means of benefiting families and communities as the endeavour of building personal wealth is encouraged in Islam.

Strong precedents 

Throughout Islamic history there are several examples of Muslim women who have recognised the importance of shoring up wealth to strengthen families and communities at large. These women, financially savvy and astute, went on to establish waqf ahli to provide an income for themselves and their children, particularly daughters, as well as waqf khayri for social benefit. 

Why do I mention these historical examples? It’s to remind the Muslim woman of today of the precedents available to guide and inspire them to help reshape their future. 

Islamic finance institutions across the Western world offering home and business finance, retirement and investment schemes have helped expand the financial horizons of Muslim women, offering a raft of opportunities to engage in financial activities and grow their wealth. 

There is no better time than now for women to take a leap of faith and partake in shaping a stable financial future. 

Dr Anisa Buckley is a credit representative mortgage broker with Amanah Islamic Finance, and an author and researcher in Muslim women and family law in Australia