Rejuvenating the practice of Mahr for Muslim women's financial empowerment through an interest-free savings-based finance model

Abstract

PurposeThis study aims to propose a model to elevate the financial empowerment of Muslim women by rejuvenating the practice of Mahr in society and facilitating the affordability of men to pay that Mahr amount.Design/methodology/approachThe approach of this study is to offer a model through the interest-free savings-based finance concept. The model comprises four stages; each stage of the model is mathematically formulated and graphically explained to ensure clarity and coherence. To further investigate the issue, the authors use a convenient sampling method to ask a small sample size of respondents (women) from different countries about their financial contribution and empowerment in the family.FindingsThis model enables women to turn their exclusive financial right into a source of earning without borrowing from any source or paying interest on the principal amount. Besides, it encourages accelerating men's obligation to pay the Mahr to the women immediately during the marriage ceremony by facilitating men's affordability. Almost 45% of respondents state that a woman's financial contribution exalts her decision-making power and strengthens her financial position in the family.Social implicationsThe authors attempt to revitalize Mahr practice in Muslim society to accelerate the process of receiving a woman's exclusive financial right and empower a family as a whole through the Mahr model.Originality/valueConsidering the model's uniqueness, the developed and proposed Mahr model in this research is novel; to the best of the authors' knowledge, no other study has been conducted and developed such a model using the Mahr concept.