Islamic financial literacy specifically refers to financial literacy of Islamic financial products and Islamic finance concepts. Currently, even the increased awareness in Islamic finance around the world especially from the Muslim countries, the Islamic financial products are still unclear to some people not only youngsters but also among adults. This paper highlights the significant role of Islamic financial literacy especially among young people. It should be noted that the importance of Islamic financial literacy is difficult to be ignored especially for Muslims. Much of the current works have been on the literacy on conventional financial knowledge. Since there is a renewed interest in Islamic finance, more studies should be undertaken in order to determine the level of literacy of people on Islamic financial concepts and products. This paper represents an initial attempt to explore the concept of Islamic financial literacy among college students. It is hoped that this paper could help other researchers to further expand the knowledge in the area of Islamic financial literacy particularly among college students in Malaysia. The future research should intents to fill in the gap in the study of individual or personal financial literacy in the Islamic context by focusing on younger generation such as college students in Malaysia.