Artikel ini bertujuan untuk menganalisis perkembangan Pasaran Saham Islam (PSI) di Malaysia dari tahun 1999 hingga tahun 2009. PSI merupakan salah satu kompenan penting dalam Bursa Malaysia. Ia merujuk kepada transaksi jual beli saham yang mempunyai aktivitiaktiviti syarikat yang selaras dengan syariah dan diniagakan di Bursa Malaysia. Oleh yang demikian, Majlis Penasihat Syariah Suruhanjaya Sekuriti telah memperkenalkan senarai kaunter/saham lulus Syariah berdasarkan sumber utama (al-Quran dan al-Hadis) dan sumbersumber sokongan dan ã~åÜ~à= penyelidikan yang dipersetujui sebagai panduan kepada para pelabur untuk turut serta dalam bidang pelaburan Islam tanpa ragu-ragu. Hasilnya, jumlah kaunter/saham lulus syariah telah menguasai lebih 88 peratus daripada jumlah keseluruhan kaunter/saham di Bursa Malaysia dengan nilai permodalan pasaran sebanyak 63.8 peratus dari jumlah keseluruhan permodalan pasaran di Malaysia pada tahun 2009...

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This article aims to analyse the zakat payment method implemented by the Pusat Pungutan Zakat – Wilayah Persekutuan (PPZ-MAIWP). Based on data from 2003 to 2009, PPZ-MAIWP has recorded a positive trend of total annual zakat collection. This increasing trend was driven by the PPZ-MAIWP initiative to implement a variety of payment mechanisms in line with the needs and technological change. Thus, their initiatives can become a model to other charity institutions. Furthermore, it will also provide opportunities and facilitate Muslims in Malaysia fulfilling the Islamic pillars...

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This paper empirically investigates co-integration between Islamic stock market in Malaysia, Indonesia and the world by applying the Vector Auto Regression (VAR) method. This research used monthly data from January 2007 to May 2012 taken from authorized sources. The finding shows that there is no long-run or equilibrium relationship exists between FTSE Bursa Malaysia Emas Shariah (FBMES), Jakarta Islamic Index (JAKISL), and Dow Jones Islamic Market index (DJIM). Based on the result, hence, it can be concluded that the Islamic stock markets of Malaysia does not integrate with Indonesia’s, as well as with the world markets in the long run. This will create rooms for investors to diversify their investment portfolios, which puts Malaysia as one of their favoured investment destinations. From the Granger causality view, the return of JAKISL and DJIM is driven by the return of FBMES in the short run...

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Kertas kerja ini bertujuan menganalisis kesan dasar kewangan terhadap jenis kontrak pembiayaan dalam sistem perbankan Islam (SPI) di Malaysia. Dua kategori kontrak ditawarkan dalam SPI iaitu kontrak pembiayaan berasaskan prinsip jual beli (Bai’) yang terdiri daripada kontrak Bai’ Bi Thaman Ajil (BBA), Ijarah (IJA), Ijarah Thumma al-Bai’ (ITHB) serta Murabahah (MRB) dan kategori kedua adalah berasaskan perkongsian iaitu kontrak Mudarabah (MDB) dan Musyarakah (MSK). Analisis bagi enam jenis kontrak ini dilakukan menggunakan model VAR melalui dua bentuk ujian iaitu Fungsi Tindak Balas (IRF) dan penguraian varian (VDC). Data bulanan dari bulan Januari, 2007 hingga bulan Jun, 2010 digunakan bagi mencapai tujuan kajian ini. Hasil daripada analisis IRF, kontrak BBA, IJA, MSK dan MDB sensitif dengan inovasi atau perubahan dalam pemboleh ubah dasar kewangan. Dapatan daripada ujian VDC pula menunjukkan pemboleh ubah kewangan mempunyai kekuatan relatif untuk meramal kontrak jual beli antara.....

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This study aims to identify and analyse the number of collections of zakat fitrah in Selangor through the formal payment channel. By using the data on the amount of zakat fitrah collection, the number of Muslims and zakat fitrah collection rate in Selangor from 1995 to 2011, the research findings show that the amount of collection is increasing from year to year except for 1998. However, the number of payers who do not use the formal channel is also high. In addition, the amount of zakat fitrah leakage without going through formal institutions also demonstrates a large increase from RM1.8 million in 1995 to RM5.2 million in 2011. This result shows that the zakat institution is in need of continuous improvement involving the administration, management, and collection and distribution system...

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This research will focus on the impact of oil price shocks and macroeconomic variables on Islamic stock market in Malaysia. The objective of this research is to evaluate the relationship between oil price, macroeconomic indicators and Islamic stock market in Malaysia using an estimation of Vector Auto Regression (VAR) method. The variables involved in this research are Crude Oil Price (COP), Industrial Production Index (IPI), Consumer Production Index (CPI), Aggregate Money Supply (M3), Islamic Interbank Rate (IIR), Exchange Rate of Malaysian Ringgit-United States Dollar (MYR) and FTSE Bursa Malaysia Emas Shariah Index (FBMES). This research used monthly data from January 2007 to December 2011 taken from authorized sources. The findings showed that Islamic stock prices are co-integrated with oil price and selected macroeconomic variables. Based on cointegration relationship analysis, the Islamic stock price is related positively and significantly with IPI, CPI and COP variables but rel.....

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This study explores the financial fund performance of mosque institution throughout Perak. Information related to mosque financial fund is vital to be studied as it is an institution responsible for development of Islam in the society. With resources from contributions and donations from various parties, mosque institution is believed to be able to carry out this trusted duty and responsibility. For the purpose of this study, questionnaires were administrated to 617 representatives of mosques in Perak. However, only 357 have responded. The findings show that mosque institution in Perak has a considerable amount of financial fund from both cash deposit as well as owned assets. It is found that the institutions’ cash deposit in bank as at December 2011 amounting to RM8.5 million. This situation indirectly indicates that the mosque institution should be more active and progressive in giving greater spillover impact to Muslim society in contributing to the development of Perak...

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Peranan masjid kepada umat Islam amat luas ruang lingkupnya kerana ia adalah institusi yang boleh menyatukan seluruh umat Islam. Pengembangan ekonomi masjid merupakan antara langkah yang boleh dilakukan oleh institusi masjid untuk tujuan pengimarahan. Melalui pengenalan sistem elektronik perakaunan masjid (EMAS) yang telah dilaksanakan oleh institusi masjid di Negeri Perak, mendapati jumlah dana masjid yang terkumpul dalam bentuk simpanan tunai beserta tanah wakaf yang tidak diusahakan adalah banyak. Oleh yang sedemikian, institusi masjid seharusnya menjana ekonominya bagi memastikan kelangsungan aktiviti masjid dapat diteruskan dan seterusnya memacu pembangunan ekonomi ummah melalui penglibatan dalam kegiatan-kegiatan ekonomi yang produktif...

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Pembiayaan pajak gadai konvensional telah wujud sejak abad ke-19 lagi. Namun, praktis pemberian pinjaman daripada pajak gadai konvensional sering dikaitkan dengan penyelewengan dan mempunyai unsur eksploitasi terhadap peminjam. Sebagai alternatif, pajak gadai Islam yang pertama telah diwujudkan pada tahun 1992 iaitu Muassasah Gadaian Islam Terengganu dengan inisiatif oleh Majlis Agama Islam dan Adat Melayu Terengganu (MAIDAM). Sehingga tahun 2013, terdapat 464 buah cawangan daripada 10 institusi yang menawarkan pembiayaan pajak gadai Islam berbanding pajak gadai konvensional yang berlesen iaitu 259 buah. Tujuan kajian ini adalah untuk menganalisis persepsi tiga perintis utama pemegang pajak gadai Islam di Malaysia iaitu MAIDAM, YaPEIM dan Bank Kerjasama Rakyat Malaysia berkaitan aspek kemapanan dan daya saing produk, isu pembiayaan berfokuskan penggunaan dan kesedaran masyarakat terhadap kewujudan pajak gadai Islam. Kajian ini menggunakan kaedah kualitatif yang melibatkan temu bual sep.....

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Zakat is the fourth pillar of Islam and mandatory to be conducted by every Muslim with the compliance of syara’ prescription. Among the types of zakat that closely related to every Muslim is Zakat Fitrah. The law of zakat fitrah is mandatory and has its own specific duration of payment. Thus, this article intends to analyze the extend of payment made by the Muslim society using the formal channel through Zakat Centre. Based on the amount of zakat fitrah collection, the rate of zakat fitrah and the number of Muslim in Malaysia, the finding of the study indicates that the amount of zakat fitrah is increasing each year. However, the result also finds that the payment of zakat through informal channel or direct distribution to receivers is also increasing. Therefore, direct distribution must be controlled to ensure the government objective in establishing the zakat centre is efficiently achieved due to the fact that centralized distribution will ensure fairness and justice...

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