PARENTAL INFLUENCE ON MINORS' UNDERSTANDING OF ISLAMIC FINANCE IN NIGERIA: A SYSTEMATIC LITERATURE REVIEW

Abstract

In recent years, the growing prominence of Islamic finance has highlighted the need to nurture financial literacy rooted in Islamic principles, particularly among younger populations. While formal education systems in Nigeria are gradually integrating financial education, the informal role of parents, especially in transmitting religious and financial values, remains critical yet underexplored. This literature review investigates the influence of parental involvement on minors’ understanding of Islamic finance in Nigeria, aiming to bridge the knowledge gap at the intersection of financial socialization, religious upbringing, and youth education. Drawing upon established theories such as Social Learning Theory and Financial Socialization Theory, the review synthesizes findings from both global and Nigerian contexts. It explores how parents act as primary agents of financial socialization, the extent to which Islamic financial principles are conveyed at home, and the structural challenges that limit broader access to Islamic financial education for minors. The review also highlights the contextual uniqueness of Nigeria, a multicultural and religiously diverse country, where Islamic financial knowledge is often transmitted informally through family and religious institutions. Key gaps in the literature are identified, including the scarcity of empirical research specific to Nigerian Muslim families and the absence of structured pathways linking parental influence with measurable financial outcomes among minors. The study concludes by suggesting future research directions and practical strategies for enhancing Islamic financial literacy through family-centered education models.