The Changes Of Product Structure In Islamic Banking: Case Study Of Malaysia.

Malaysia is aggressively developing its Islamic financial system to becoming an international Islamic financial hub. One of all Islamic financial system segments is Islamic banking sector

Zakat accounting information system in private higher education

Zakat is one of the five pillars of Islam and Muslims must pay it if they meet a certain prerequisite. The obligation to pay zakat among Muslims is stated clearly in the Quran and hadith. This explains that all Muslims are required to pay zakat when meeting certain criteria and they need to declare the zakat compensation as well. However, integrated accounting information in the Zakat Management Organization at the Private Higher Educational Institutions in Indonesia does not exist yet, especially the use of finance data analysis with accounting principles. It may be one of the most important parts of building the trust of the public, especially in increasing the collection and distribution of zakat funds. Accounting information related to zakat is still relatively lacking and ineffective, thus limiting the ability to make a good decision. Based on this issue, this paper has two main research objectives. The first one is to form an Accounting Information System of Zakat (AISoZ) conceptual framework, which is compatible with Islamic laws. The second one is to identify the general concepts of shariah accounting. This study uses the content analysis method through documentation study. The result of this study will provide the basics for developing the conceptual framework of AISoZ at higher education levels so that all parties can benefit. The conceptual framework of this study can build muzakki and mustahiqq. The Qur'an and Hadith have long applied these elements of information systems and they are suitable for use in all situations. Therefore, people need to cooperate to provide a good zakat service system and to maintain better zakat networks.peer-reviewe

Monetary Policy, Debt and the Cyclical Behavior of Inventories

An earlier study on the determinants of inventories investment has been proposed by Lovel (1961). However, the study fails to mention the effects of financial variables. The puzzle prevails on account of imperfect capital markets. This implies that interest rate generally affects inventory investment indirectly through the debt channel. For instance, in the period of tight monetary policy, increasing interest rates have a negative impact on the present value of firms’ collateralizable net worth. In addition, they also weaken firms’ balance sheets as interest expenses also rise up. In imperfect capital markets, this fact indicates an increase in the amount of external financing that firms need, a rise in the premium on external financing that they face, and a reduction in their accumulation of assets, their spending and their production. Given the low adjustment cost that characterizes firms, it will be inventories that firms will initially reduce. Therefore, this paper is contributes to the issue of monetary policy transmission in Malaysia. Our specific attention is limited to the channel of monetary policy on a firm’s inventory. Using micro data, we try to take into account the relevance of the firm’s balance sheet conditions in the transmission of monetary policy

Using a priori algorithm for supporting e-commerce system

The Internet technology has brought about a significant impact in doing business. It promotes the new way of doing business by enabling new system such as electronic commerce (e-commerce) to the worldwide users. Currently, the e-commerce system does not only provide electronic transactions like online payment, electronic cart shopping and ordering, and online tracking, but it must also be able to support a good relationship with their customers by providing a creative way in its business operations. It is because of many organizations having to maintain their customers by serving a good customer satisfaction. Lack understanding of the customers will cause an organization loss their customers and then would loss the company profit. This paper demonstrates the development of e-commerce system by focusing on the use of a Priori algorithm as supported feature in our e-commerce system. The feature is included to increase a good customer relationship management for the proposed system. It is hoped the proposed prototype would illustrate some practical ideas on how much advantages can be benefited from the e-commerce system and customer relationship management

Peran Zakat dalam Pendidikan Masyarakat Islam: Ulasan Kasus Zakat Pulau Pinang

Zakat is one of the instruments in Islamic economics which play roles to increase a socio-economic development of Islam in general and asnaf in particular. The increase in socio- economic policy needs to include recipients, especially the poor and needy recipients. Among the most important as well as the need to eat, shelter and clothing, education is also very important because education can enhance the capabilities of the poor and needy recipients as well as the Muslim community in order to improve the factors of production out of mustahiq and become to muzzaki. Which problems in recipients of zakat funds for education do? How does the distribution of zakat funds to education can be done by the management of zakat institutions to the target group intended? What conclusion can be made to the role of the Board of Zakat Pulau Pinang (ZPP) for its contribution to education in Penang? Methods in implementing this writing, is to use secondary data and content analysis. Therefore, this article aims to examine the appropriate recipients for the distribution of zakat in education. Second, identify program implementation zakat management education institutions in Penang and eventually formulate ZPP role in contributing to education. Research findings tell us that zakat distribution for educational purposes basically through pi sabilillah asnaf. However, the programs were implemented by the Penang Zakat Management in dissemination the education of the Muslim community is not only through asnaf pi sabilillah, but also through poor and needy asnaf, ghoramin and mualaf (conversion). Conclusion the zakat contributions relating to education given to asnaf to enhance the syiar of Islam and closer to Allah SWT, especially to educational activities through formal education, preaching, counseling, training / courses, management and administration

Study of Direct Relationship Determinants on the Selection of Musyarakah Mutanaqisah (MM) Products

This study analyses the direct relationship of determinants—both intrinsic and extrinsic factors—affecting the selection of MusyÄrakat MutanÄqiá¹£at (MM) house financing products. Intrinsic factors include factors of confidence in sharia compliance value and factors regarding the knowledge level of potential customers. Extrinsic factors include MM product characteristics such as service quality, costs, product benefits and promotions. MM products are emphasised in this study because of their many benefits, including lowering the burden of customers’ monthly payloads, a relatively shorter monthly payment period and increased benefits and profits for both banks and customers. Data were collected from 100 MM customers in Malaysia via the Internet (Facebook) and analysed using Structural Equation Modeling (SEM-SMART PLS) and the Statistical Package of Social Sciences (SPSS) software. The findings show that only the factors of promotion and religious compliance are significant when selecting MM products; in fact, the influence of promotional factors had a greater impact than the influence of religious compliance. Therefore, Islamic banks are urged to increase their promotional strategies in order to provide information about the role of religious law in selecting Islamic banking products, thus helping customers choose MM products that satisfy their needs while also meeting religious demands

Ionic Liquids for Desulphurization: A Review

The literature survey has shown that not much work has been reported on the interaction mechanism of ionic liquids (ILs) with sulfur in model oil system. In recently published work, the interaction was predicted using COSMO-RS where the strength of hydrogen bond of anion should be reduced in order to increase thiophene extraction capacity. On the other hand, the same researchers also found that the smaller sized cations would lead to higher selectivity, which could lower the capacity and vice versa. While others have reported that the absorption capacity of sulfur compounds in ILs are strongly dependent on the chemical structures, physical properties and compactness between the cation and the anion of the ILs. However, these conclusions lead to a broad selection of ILs for extractive desulphurization process

Sharia compliant gold investment in Malaysia: hedge or safe haven?

This paper studies the hedge and safe haven characteristics of Sharia compliant gold in Malaysia. Specifically, we would like to know whether the official gold and gold account traded, which complies with Islamic principles, can be used as a hedge or a safe haven for the Malaysian market. To answer this question, we examine both constant and time-varying relations between domestic stock and gold returns. The notable finding is that the official gold standard of Malaysia can act as a strong hedge relative to the use of the Islamic gold account. On the other hand, the domestic gold, in particular the Islamic gold account, does not perform attractively as a safe haven during the episodes of extreme drops in stock market. These findings show that gold does not play a major role during the stock market declines in Malaysia. Nevertheless, we note that the official gold standard performs better than the gold account

Mobilisation of Income Zakat Payment In Indonesia

The objectives of the study establish a conceptual framework to strengthen institutions that support the mobilisation of paying zakat and to identify the concept of the cultural factor of mutual assistance in paying zakat. This is Important because the institution of zakat has implemented the collection of zakat. Meanwhile, the culture of mutual assistance in Indonesia can be a power of zakat payment mobilisation to gain the blessings of Allah SWT. This paper presents the factors of determining mobilisation of zakat payments, e.g., are awareness, willingness to donate, confidence in collection and distribution with the latest development of technology. The implication of this study will help mobilise the payment of income zakat in Zakat Institutions. This study uses the documentation analysis method. Factors affecting mobilisation are awareness, willingness to donate, confidence in collection and distribution with the latest development of technology to help mobilise the payment of income zakat in Zakat Institutions. Keywords : Collection, Mobilisation, Payment, Sincerity, Zaka