Sustainable economic development : concept, principles and management from Islamic perspective

The basic concern of development in Islamic economic system is on human welfare. This is in line with the very basic objective of Islamic jurisprudence (Shari’ah ) which puts important to the welfare of the people and their relief from hardship. Economic development should be consistent with this central objective of shari`ah. The center for development process in Islam relies on man as an economic agent. It is man to be educated on the entire development process by integrating sosial development, economic development and environmental conservation and protection. This paper attempts to explain the concept, principles and management of sustainable economic development from Islamic perspective. The paper would start by defining the concept of sustainable economic development and development goals. Next, the Islamic principles for sustainable economic development would be discussed, followed by the discussion on the management of sustainable economic development from Islamic perspective. In conclusion, the paper strongly suggests the economic development process to fully adhere to the Islamic principles as the key for sustainable development which covers both the material and non-material aspects of life. Keywords: Sustainable development, Economic development, management, Islamic economics, economic syste

Methodology of Ijtihad Jama'i: A Mechanism for Contemporary Fatwa Issuance

As time and period progress, issues that arise nowadays become more sophisticated and complex. Nonetheless, due to the adaptability of the ijtihad mechanism, Sharia, which is the rule that governs human civilization, is still able to offer a solution for every arising problem. Similar can be said regarding ijtihad, which is an instrument that renders Sharia’s dynamic, relevant and susceptible solutions. Ijtihad is now more likely to be performed collectively, which permits scholars with different areas of expertise or sub-expertise to discuss together and then decide on a fatwa based on the discourse. The ijtihad jama'i is performed by fatwa committees or organizations and institutions akin to it, as well as conferences and assemblies that tackle issues from the perspective of Sharia. It is organized systematically at the global, national, or institutional level. In addition, the ijtihad jama'i nowadays performs authoritatively, and the fatwa issued by it is bound to law and has legal significance. Thus, this study proposes an ijtihad jama'i methodology that encompasses the stages in resolving issues that arise. The study employed a content analysis and identified five stages for methodology of ijtihad jama’i, namely al-taṣwir, al-takyif, al-mushawarah, bayan al-ḥukm and al-ifta'. This ijtihad jama'i methodology would be beneficial to stakeholders such as fatwa committees, majma' fiqh, majma' buḥuth, conferences, seminars, fatwa, and research institutions in various domains, which are directly involved in resolving contemporary issues that necessitate fatwa issuance

Pengurusan pembangunan harta wakaf: Pengalaman Majlis Agama Islam Negeri Pulau Pinang (MAINPP) terhadap wakaf Setee Aishah

Purpose– The purpose of this study is to review the waqf property development that has been implemented by the Islamic Religious Council of Pulau Pinang (MAINPP) as a trustee for the endowment land named waqf Seetee Aishah. The Seetee Aishah endowment land located at Seberang Jaya, Pulau Pinang. This waqf land was developed into a housing estate. Methodology– This study employs two types of methods – library research and field research. The library research is used as the first method for collecting data, where the data is extracted from fiqh contemporary books,fiqh classic books, journals, internet websites, annual reports and scientific conference papers.The second method of data collection is field research,where interviews were conducted with the head of the endowment (waqf) and also the project manager of the Seetee Aishah endowment at MAINPP. The methods of analysis covered three aspects – deductive, inductive and comparative.Findings – This study finds that the development of waqf properties at Pulau Pinang was carried out by the collaboration between MAINPP with the developer (UDA Holdings Bhd.).Because of the lack of cashflows, MAINPP is not able to provide financial capital (liquid assets) to carry out the development of waqf property, but able to provide unmovable capital(waqf land) for the project.Originality/Value – This study proves that joint venture between MAINPP and UDA Holdings Bhd. in developing the waqf land could increase the value of existing waqf properties.The joint venture implemented by MAINPP can also be used as a model for the other states in Malaysia to construct their waqf property more productive

Project Based Sukuk (PBS) and Its Implementation in Economic Development in Indonesia

The Indonesian government needs funds to accelerate infrastructure development. Therefore, in 2012 Indonesia issued a PBS sukuk specifically to finance infrastructure development. This research was conducted to find out how the implementation of PBS sukuk in economic development in Indonesia is seen from the perspective of Islamic economics. Data was collected using interview and documentation methods from primary and secondary sources. The results of this study indicate that the issuance of PBS sukuk from time to time has shown significant growth. This is indicated by the PBS sukuk budget which is increasing from year to year in line with the increasing investor interest in the Shari'ah concept-used instrument. PBS's increasing budget in building national infrastructure also proves that Islamic instruments have grown in the capital market. So that it will gradually reduce the concept of usury circulating in the capital market. This phenomenon also shows that the Shari'ah economy has an important role in helping the government, especially in the field of infrastructure development

Zakah Distribution for The Purpose of Capital Assistance at Zakah Institutions in Malaysia: An Exploratory Study

As prescribed by shari'ah, zakah is distributed to eight (8) groups of asnaf. There are different mechanisms in Malaysia to distribute zakah, such as financial support for living, education, medical, et cetera. One of the financial supports from zakah is to motivate the beneficiary of zakah by supplying zakah fund for business purposes. This study will explore the practise of capital assistance among zakah institutions in Malaysia. The information for this research was gathered through interviews conducted between July and September 2019. The findings indicate that, out of fourteen (14) states in Malaysia, only one state does not include zakah for business purposes, which is Sarawak or Tabung Baitulmal Sarawak

Pengurusan Pembangunan Harta Wakaf: Pengalaman Majlis Agama Islam Negeri Pulau Pinang (MAINPP) Terhadap Wakaf Seetee Aishah

Terdapat beberapa kaedah yang boleh dipraktikkan untuk memproduktifkan aset wakaf. Hal ini termasuk aktiviti seperti, menyewakan aset wakaf kepada pihak yang berkepentingan dan melakukan aktiviti ekonomi dalam pelbagai bidang seperti bidang pertanian dan penternakan. Sekiranya kesemua kaedah tersebut tidak sesuai dipraktikkan, nazir hendaklah mencari alternatif lain agar tanah tersebut dapat diproduktifk an. Pemegang amanah wakaf juga seharusnya peka terhadap potensi sesebuah tanah wakaf yang berada di bawah jagaannya agar dapat dioptimunkan penggunaannya. Oleh itu, pelaburan hartanah merupakan salah satu alternatif yang boleh dilakukan untuk tujuan membangunkan tanah wakaf. Pelaburan hartanah terhadap harta wakaf dapat dibuat dengan cara pembinaan bangunan secara komersil seperti pasar raya, tempat penginapan (hotel) dan juga taman perumahan. Dengan ini penciptaan aset wakaf baru akan terhasil setelah tanah wakaf tersebut dibangunkan. Penyelidikan ini dilakukan untuk mengkaji kaedah pembangunan secara komersil yang telah dilakukan oleh Majlis Agama Islam Negeri Pulau Pinang (MAINPP) terhadap salah sebuah tanah wakaf (waqaf Seetee Aishah) yang terletak di Seberang Jaya, Pulau Pinang. Dengan kepakaran pengurusan yang ada dipihak MAINPP serta kerjasama daripada UDA Holdings Berhad, tanah wakaf Seetee Aishah telah berjaya diproduktifkan dengan pembinaan sebuah taman perumahan yang dikenali sebagai taman perumahan wakaf Seetee Aishah.   Kata kunci: Pembangunan harta wakaf, Majlis Agam a Islam Negeri Pulau Pinang (MAINPP), pelaburan harta wakaf

Social Intervention for the Hard Core Poor: An Islamic Perspective

This paper will focus on social intervention for the Muslim hard core poor. Social intervention is defined as the planned human activity that intervenes in and possibly alters the social environment. This study was conducted on the hard core poor whereby data was collected through a questionnaire using non-random sampling of 294 respondents from all states in Malaysia. The objective of the study is to determine the different types of aid received by the hard core poor and its implication on the state of their welfare. Findings indicate that a majority of the respondents received help in various forms from the government and only a small number is self-dependent. From an Islamic perspective, aid to the poor in a community can be channelled through various means, be it through government institutions or through individuals. Hence, this paper will cover various means of Islamic social intervention which address aspects of human welfare such as food, medical care, education and employment, towards productive community development

Kaedah taksiran zakat padi dan kesannya terhadap petani: Kajian di Selangor

This article analysed the impact of paddy zakah assessment to paddy farmers in Selangor.It concluded that the assessment which did not deduct paddy production cost and family expenses led to the misjudgement of the poor farmers by making them the zakah payers instead of zakah recipients