Redesigning Financial Management Education in Universities: An Emphasis on Divine Foundations, Cultural Requirements, and the Educational Needs of Generation Z

Introduction and Objectives: In today’s world, where financial systems grapple with ethical crises and public mistrust, financial management education requires a fundamental redefinition to distance itself from a purely profit-oriented Western approach. This necessity assumes twofold importance in Iran, given its strong cultural and religious foundations, to cultivate committed and justice-oriented managers. The entry of Generation Z into universities has exacerbated this need—a generation seeking meaning, justice, and a connection between professional expertise and ethical values. On the other hand, Islamic teachings (such as the emphasis on economic justice, transparency, and trustworthiness [amāna]) offer substantial potential to enrich financial curricula. Unfortunately, the current educational system for financial management in Iran is predominantly based on the transmission of Western techniques, neglecting indigenous culture and generational needs. This has created a strategic vacuum in training the human resources required by the Islamic Republic’s economic system. The primary objective of the present study is to design an indigenous conceptual framework for financial management education utilizing a divine-cultural approach. This model is founded upon three fundamental axes: Islamic-ethical values, the cultural and indigenous requirements of Iran, and the cognitive needs of Generation Z. By drawing on the analysis of Islamic texts, learning theories, and empirical studies, this study endeavors to present a model that transforms financial management education into a process for cultivating justice-oriented, trustworthy, and accountable managers, thereby bringing about a structural transformation in content, teaching methods, the instructor’s role, and the evaluation system.
Method: In terms of purpose, this research is developmental-applied, and in terms of nature and approach, it is qualitative, employing inductive content analysis and narrative meta-analysis. The primary aim of this approach is to achieve an indigenous model for financial management education grounded in divine foundations and the cultural requirements of Iran. The research methodology was organized into three interconnected stages:

Systematic Review and Source Collection: In the first step, using a systematic review method, a collection of authoritative Persian and English sources from the past decade—covering the fields of financial management education, learning theories, moral education, and Islamic sources—was compiled. The inclusion criteria were up-to-date, scientifically valid, and conceptually relevant to the topic.
Inductive Content Analysis: The selected texts were coded using inductive content analysis. Key concepts were extracted and organized into conceptual categories, and propositions aligning with the axes of Islamic education were identified and categorized.
Narrative Meta-Analysis and Source Triangulation: In the final stage, narrative meta-analysis was utilized to synthesize the narratives extracted from the three primary sources (Western learning theories, Islamic teachings, and empirical studies). At this stage, the Islamic framework served as the basis; conflicts between theories were managed by prioritizing Islamic foundations and using Western theories in a complementary capacity. To validate the findings, the source triangulation technique (cross-verifying theoretical results, Islamic evidence, and empirical data) was employed. The narrative meta-analysis acted as the connecting link between heterogeneous sources, culminating in the final formulation of the financial management education model across four main axes (content, teaching methods, instructor characteristics, and evaluation).

Findings: An analysis of prior studies indicates that the financial management education system in Iran is predominantly influenced by technical and Western-centric approaches, with a primary focus on transferring technical and knowledge-based skills, with insufficient attention to value-oriented, ethical, and indigenous dimensions. This approach has led to shortcomings in the training of graduates in this field concerning social responsibility, commitment to financial justice, and adherence to the principles of transparency and trustworthiness. Based on the content analysis of Islamic texts and modern learning theories, three key axes were extracted for redesigning financial management education: Islamic-ethical values, the cultural and indigenous requirements of Iranian society, and the educational and cognitive needs of Generation Z. The findings suggest that these three axes can provide a coherent framework for transforming financial management education in a manner that targets the cultivation of committed, responsible, and justice-oriented managers. In the content dimension, the need to revise syllabi to systematically incorporate concepts such as usury (ribā), almsgiving (zakāt), charity (infāq), economic justice, and Islamic professional ethics was highlighted. Furthermore, in the instructor dimension, the emphasis on training educators with an interdisciplinary perspective, religious-ethical literacy, and pedagogical skills was identified as a primary prerequisite for realizing this model. Regarding teaching methods, the use of approaches such as problem-based learning, ethics-centered projects, and experiential learning with an emphasis on real-world financial situations was recommended. Finally, in the area of evaluation, the need to use qualitative and value-driven methods, such as reflective reports, ethical portfolios, and social service projects, was emphasized. The findings also demonstrated that implementing this model requires overcoming challenges such as a paucity of interdisciplinary resources, negative attitudes toward integrating religion with technical knowledge, a lack of supportive policies, and instructors’ unfamiliarity with methods of moral education. Accordingly, strategies to strengthen the cultural, structural, and educational foundations for implementing this model are provided.
Discussion and Conclusion: Financial management education in Iran, like many other scientific fields, has been influenced over the past decades by models and theories derived from the West—models which, despite their technical and structural advantages, often lack the value foundations suited to the Islamic-Iranian culture. Under circumstances where global financial systems are confronted with ethical crises, organized corruption, and institutional mistrust, revising the philosophy, content, and methodology of financial management education is not merely an educational necessity but a social and cultural mission. The findings of this study, based on the analysis of Islamic themes, contemporary learning theories, and domestic and foreign empirical studies, indicate that designing an indigenous-conceptual model of financial management education—with an emphasis on the three axes of “Islamic-ethical values,” “the cultural requirements of Iranian society,” and “the educational and cognitive needs of Generation Z”—can serve as an effective point of departure for transformation in this field. Such a model can lay the groundwork for cultivating managers who, alongside their professional competence, adhere to values such as justice, trustworthiness, accountability, transparency, and service to the public interest, rather than relying exclusively on the transmission of technical knowledge. In the content dimension, incorporating teachings such as economic justice, the prohibition of ribā, zakāt, professional ethics, and the jurisprudence of transactions (fiqh al-muʿāmalāt) into the financial management curriculum can provide a distinct theoretical foundation compared to conventional models. At the instructor level, redefining the teacher’s role as an ethics-oriented mentor (murabbī), coupled with interdisciplinary and educational training, is an unavoidable necessity. Moreover, the use of participatory teaching methods, problem-based learning, analysis of real-world situations, and modern educational technologies are considered key tools for responding to the characteristics of Generation Z. In the realm of evaluation, abandoning purely quantitative assessments in favor of instruments such as reflective reports, social projects, and ethical portfolios contributes to students’ spiritual growth and sense of responsibility.
At the same time, implementing this model faces obstacles such as weak interdisciplinary interaction, a shortage of indigenous resources, a reductionist view of technical education, and structural resistance. Addressing these challenges requires strategic planning, the formulation of supportive policies, the strengthening of scientific and cultural institutions, and the provision of legal and professional platforms. Ultimately, the innovation of this study lies in the fact that, while critiquing the prevalent approach, it presents an actionable model, documented in Islamic and scientific sources, and compatible with the contemporary needs of students and society. This model can not only inspire a transformation in financial management education but also pave the way for the recreation of managerial training models in other disciplines within the humanities and social sciences. It is recommended that, in future studies, this framework be tested through field studies, educational course design, and effectiveness analyses within university environments.
Acknowledgments: The authors are deeply grateful to the respected editor and the anonymous referees for their constructive and illuminating feedback.
Conflict of Interest: The authors declare no conflict of interest regarding the publication of this study.