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Council has approved the appointment of USIM as
Muta walli
manager of waqf letter dated 22 July 2013. USIM is collaborating with NSIRC in the
development of waqf financing in higher education. The joint collaboration is in recognition of the legal
provision in the Waqf Enactment Negeri Sembilan 2005 that NSIRCMAINS is the sole trustee of waqf
assets in the State of Negeri Sembilan, where USIM is located. MAINS and USIM signed a Memorandum
of Undertanding on 21 January 2014 with a view to jointly develop a number of projects to nurture the
waqf culture especially through the establishment of the USIM Medical Specialist Clinic and the USIM
Hemodialysis
Clinic
news.usim.edu.my...422- usim
-meterai-mou-bersama
. USIM Medical Specialist Clinic will provide services
by medical, eye and dental specialists and outpatient treatment. The specialists are from USIM’s Faculty
of Medicine and Health Sciences and the Faculty of Dentistry. MAINS has allocated RM2 million to
USIM, RM 1 million as outright waqf grant and RM1 million as
qardhul hassan
to cover the costs of renovation and to purchase medical equipments. The
clinic will start operation soon after obtaining the operating licence from the Ministry of Health. USIM
has entered into a 3 year with a 2 year option for extension tenancy agreement with the BBN
Development Sdn Bhd to rent 3 units of double storey shop-lots at Nilai Square, Bandar Baru Nilai as
premises for the Medical Specialist Clinic and Hemodialysis Center. The renovation for the Medical
Specialist Clinic has been completed. The application for the operating licence from the
Ministry of Health Malaysia is under the name of USIM Tijarah Holdings, a company wholly owned
by USIM. The Medical Specialist Center is treated as a business arm of USIM Tijarah. In terms of
marketing and branding, it will be acknowledged that the clinic has received waqf funding from MAINS.
MAINS also has allocated RM 1.5 million for the establishment of the Hemodialysis Center located
next to the Medical Specialist Clinic. The renovation work and the purchase of medical equipments will be
carried out by MAINS Holdings. The operation of the clinic will be under USIM medical staff. Renovation
work has not started yet as the management is still waiting for the operating license from the Ministry of
Health Malaysia. The joint cooperation between MAINSPWNS and
USIM augurs well for the development of the waqf culture in the State which will give benefits in the
areas of health and education. Given that a substantial portion of the capital expenditure renovation and
equipment purchases covered by waqf grant, the clinic will be able to charge lower consultation fees
compared to that charged by other private specialist clinics. The specialists are also willing to accept
lower consultation fees by imputing part of their time as waqf of expertise. Well to do patients may also
pay extra with the difference donated to a
tabarru’ fund. This fund may be used to support poor patients
referred to the clinic. The use of waqf fund and the existence of the philanthropic spirit will help to make
specialist medical service more accessible.
The State Government has also agreed to support the Specialist Medical Clinic to have a mobile specialist
clinic. Under the State Blue Ocean Strategy health has been chosen as the focus. USIM has been chosen
to lead the
Projek Cahaya
. What this basically means is that USIM’s eye specialists visit rural areas using
the mobile clinic to do screening for eye-sight problems especially among the senior citizens. The
latter will then be able to obtain specialist eye treatment. Specialist service is brought to rural areas
benefitting patients who normally would not be able to afford the service.
5. SUMMARY AND CONCLUSION
The main objective of this paper has been to look at the management and administration of waqf in
Negeri Sembilan with a focus on the legal underpinnings. The State Islamic Religious Council
MAINS is vested with the power as the sole-trustee of awqaf assets in Negeri Sembilan. Initially MAINS
is regarded as the main Mutawalli of Waqf. After restructuring, PWNS is now the main Mutawalli of
Waqf. Among the terms of reference of PWNS are to revive the waqf culture among Muslims in the state,
to ensure a more systematic and productive waqf management, to enhance stock of awqaf assets and to
apply the corporate approach in waqf management especially with respect to capacity building and waqf
funding for higher education. Even though PWNS
The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
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was established in 2005, it began to be operating actively from 2013 with the appointment of more
human resources. PWNS has offered a number of awqaf to the public including cash waqf. The amount
collected is relatively small relative to the demands for it. One of the critical success factors for a waqf
institution is the availability of significant size of capital funds. A more aggressive approach has to be
undertaken especially cash waqf scheme to finance productive waqf projects should be undertaken.
Another challenge for PWNS is to register waqf assets that are still under government land ie to
transfer the title under MAINS as the sole-trustee. MAINS-USIM cooperation in the area of waqf
funding for healthcare and education augurs well for the future of waqf. Success in these areas will
enhance the confidence of the public in awqaf institutions thereby encouraging them to make
Islamic endowments.
REFERENCES
Hasan, Z. Abdullah, M.N., 2008. The investment of waqf land as an instrument of Muslims’
economic development in Malaysia. Paper presented
at
Dubai International
Conference on Endowments’ Investment, 4-6 February, United Arab Emirates.
Mohammad Haji Alias, Asma Abdul Rahman Fuadah Johari. 2013. Waqf Financing for
Higher Education: Enhancing Accessed to Marginalised Population. Paper presented
at Faculty of Economics and Management UKM. 24 October.
Mohammad Haji Alias, Fuadah Johari Asma Abdul Rahman. 2014. Enhancing waqf
institution in Malaysia: role of State Islamic
Religious Councils.
Paper presented at Islamic Business School,
Universiti Utara Malaysia. 19 March. Nor Asiah Mohamad, Sharifah Zubaidah Syed Abdul
Kader Zuraidah Ali. 2012. Waqf lands and challenges from the legal perspectives
in Malaysia.
IIUM-Toyo Joint
Symposium
Sustainable Built
Environment: LessonsLearned
from Malaysia and Japan.
Sharifah Zubaidah Syed Abdul Kader Nuarrual Hilal Md. Dahlan. Current legal issues
concerning
a wqaf
in Malaysia. Syed Othman Alhabshi. 1991.
Waqf
Management in Malaysia. Chapter in Mohamed Ariff
Edited
The Islamic Voluntary Sector in Southeast Asia.
Institute of Southeast Asian Studies, Singapore.
Wahbah Zuhaili. 1985. Al-Fiqh al-Islamiy wa ‘Adillatuhu.
Mesir, Dar al-Fikr al-
Mu’ashir.
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157
Development in Northeast Regional Thailand: A Case study National Economic and Social Development Plan
Bodee Putsyainunt
1
1
Faculty of Integrated Social Science ,Khon Kaen University
ABSTRACT
The purpose in this article aims to study the driving force of the National Economic and Social Development Plan that was the cause of change in the northeast region. It was found that after this plan was announced in
1961, the northeast region had received serious attention from the government with regard to the process of development. This brought about changes in the northeast region such as the ability to be self-sufficient and the
ability to adjust their way of life to take regard of the local environment. It is indicated that the region became dependant on external forces. As a result of the implementation of the National Economic and Social
Development Plan, the benefits included infrastructure development, advances in knowledge and modern technology and the introduction of cash crops such as cassava, sugarcane and rubber trees. This leads to more
opportunities to improve their quality of life, based on global market demands. Furthermore, society change also affects the way of life of people in rural area, leading to more urbanization. In addition, change in occupation
from agriculture to non-agriculture carrier leaded to labor migration, and local culture and wisdom lost, which resulted from contact with outside society, since the starting of National Economic and Social Development
Plan.
Key words: National Economic and Social Development Plan, Northeast Region
INTRODUCTION
From the previous time in Thailand the Northeast’s way of life was in the form of
production for their subsistent. But since 1855, the country of Siam
the name in that time had alread
y signed the Bowring’s Treaty, the overall image of their living has been changed
from production for their subsistent only to make production for commercial supplier. But
it did not cause of change in the Northeast Region, because there were not completely
connection among the inner area in Northeast Region. And included with there were not be
attributed to the attention by the government so much. Chattip, 1984
However, the Northeast began to be interested by the government
during the reign of King Rama V. Because they understood about how the importance for
region connection between Central region and Northeast region by constructed the railroad
from Bangkok to Nakornratchasrima province in 1900. In the Northeast Region, the
communication can be found in the Northeast that is not much, although there was no direct
rail link between the regions prior to the change much. Because the economic zone in
Northeast Region was too concentrated along the major transportation routes only. It was
regarding as the beginning of a change in the Northeast, which has seen an increase in the
number of manufacturing trade from the ordinary approximately
2,100 tons per year and increased to 22,565 tons per year when the
railway arrived to the Northeast Region. Not only increased the trade of manufacturing but
also the new kind of products such as soap, glass, sugar, garments, medicine, etc. were
imported to the Northeast Region. Suwit, 2008. But the Northeast Regions were gotten
serious attention from the government by the National Economic Development Plan which
was announced in 1961, with the cause of the threat of Communism in the Northeast Region.
That were led to constructed and improved all infrastructure in the Northeast Region. In
addition, the state budget had been spent more to improve the Northeast Region area in 1962
by USOM supported
from The United States of America. It showed that resulted for
development were improved in transportation system such as road, airport, railway, irrigation
system and also included electric generation in the Northeast Region. They all caused to
increase in the volume of trade with inner areas and outside areas in the Northeast Region
because they were more convenient in transportation system. As a result, the products
manufactured by the communities can be distributed to outside while the products
manufactured from outside can be the same distribution within the communities. For these
reasons it made more convenient for resource allocation between inner areas such as new
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158
kind of products, new kind of economic plants or animal and coming of the industrial sectors
in 1982 to the Northeast Region. The Northeast Region were
expected to be the center
among Indochina
countries and
development technology in this region were done such as machine, tractor that replaced to
the animal used. Also were increased in the industrial sectors and the migration from rural
to
urban area.
Including with
labor transformation
between agriculture
and industrial sector but also changing in the
conditions of agricultural sector in 1987, is the subject of contract farming, that were effected
to the farmer way of life and ownership of production in the Northeast Region. In
addition, it also caused a change in the character of the dependence from the outside
as well. It can be seen that the changes that occur as a result of the government were
announced
the first
national economic
development plan in 1961 until the present plan National Economic Development Plan
No.11, and were carried out more capitalist
system into the Northeast region.
OBJECTIVE
The purpose of this article is to demonstrate the driving force from National Economic and
Social Development Plans that affected to the Northeast region.
RESULT
Although Siam has signed the Bowring treaty in the 1855 and constructed the railway tracks
to the
Northeast from
Bangkok to
Nakornratchasrima province in the 1900 but at that time Northeast still faced the difficulty of
transportations and some area had not been connected completely. As Chattip said during
1932 the economy system in the Northeast Region see remained as closed system when
compared with other regions. As it can be seen that there was no coming of capitalism loan
and also the crop was still only rice and had no developed other plant species. The plentiful of
cultivate area was still be small which was consistence with the surveying of the Carl
Simberman who had surveyed the economic conditions in the Northeast in 1986, and found
out that mostly production was for household consumption and using of technology in
manufacturing was still small. site from Rattana,
2009 However,
since the
announcement of the first National Economic Plan, 1961 it has led to the development of the
basic infrastructure. It can be seen from the evidence of the occurrence of friendship road,
which were connected to the central region. And it also has made a plan for developing
area in the Northeast region 1962-1966 by with the assistance from the United States
USOM and also including the improvement of irrigation system. The outcome of this
development was the introducing new crops such as cassava sugarcane and jute which were
developed already. For the production system, it declined in the way of exchange labor
between farmers and they turned to pay money for hiring farmers instead. The important thing
from developing transportation was not only the increasing and distributing of products
between region and also reliance of the resources
from the
external region
increasingly. During the period of 1967-1972, the national
economic and social development plan No. 2 is aimed to focus on developing the remote areas.
Due to Armed Forces of the United States to set at Udontani province, it was resulted a
boom in the economy, especially in the services sector. And it also brought the foreign
culture into the Northeast region. Moreover, the government has increased the budget for
economic development which has resulted in the use of existing resources to be more
benefit. It made the rapid changing of economic, social, cultural and indigenous
communities in the Northeast.Somkid, 2003. In 1972-1996 the period of national economic
and social development plan No. 3 that were faced in the world economic crisis. As a result
of increasing oil prices four times that were impacted on the country due to inflation and
also economic conditions. It also affected the local employment as well. But life in the
Northeast and the production did not altered in any way. But can increase agricultural
productivity, particularly arising from the Sirinthorn
Dam. Chulaporn
Dam was
completed in 1971 and 1972. This resulted not only created more available area for cultivation
but also can be cultivated during the dry season. That could be consider the fully step
on capitalism in to the northeast region
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included with international migration in these region were began to take place.
During 1977-1981, in the period of national economic and social development plan No. 4 a
rubber plantation was set up in the Phonpsai district, Nong Khai province. This was
designed to enhance the lives of farmers in the Northeast. But in the beginning, farmers
didn’t have much confident because they did not see
any benefit. However, soon Ubon Ratana Dam, Sirinthorn Dam and Chulaphorn Dam were
completed and were produced electricity for people in the Northeast region. Initially,
distribution of electricity to remote areas remained a problem until in 1979 a loan from
the
Japanese government
enabled the
electricity distribution to be expanded to these areas. During that period, the possession of
electronic goods had achieved a more prominent role in determining social status
Suwit, 2002. In 1982-1986, the period of national economic
and social development plan No. 5, the aim was to balance the economy and society and
was focused on poverty in rural, remote areas and resulted in improving the Northeast,
especially with the prospect of it becoming a hub for connections between the countries of
Indochina. During this time farmers were using technology, such as Tractors and walking
Tractors to replace animal power and this resulted in greatly increased productivity. The
countrys economic recovery had begun and government policies, such as the promotion of
employment during the dry season helped this recovery. This was only a partial solution and
led to labor migration in to urban areas. It should be considered that at that time the
agricultural sector and industrial sector expanded only by 5.0, not the expected 6.0
as predicted for 1986.
During the 1987-1991, the period of national economic and social development plan No. 6,
there was the beginning of conditional commitment to agricultural production in the
Northeast. This led the northeast region to lose a variety of local plants and to the use of more
chemicals in cultivation. Patapong, 2001; Teerada, 2003. By stop the forest concession
and included with trading policies from the government in
1988, the Northeast has distinguished itself as a center of trade between
the countries of Indochina. It had supported for foreign investors by the Board of Investment
BOI that led to the development of industrial parks which were fully occupied in Northeast
Region. The development of these parks caused land prices to rise, resulting in some
farmers were sold their land to investors. This has brought about a problem of land shortage
and led to labor transformation. Rubber trees started to play a role as one of the crops of the
Northeast.
Until 1992-1996, the time for national economic and social development plan No. 7,
despite political disturbances the Northeast had economic growth of 4.7 in 1993 and that
increased to 10.6 during 1994 to 1995 as a result of growth in the agricultural, industrial
and commercial sectors and the opening of the Friendship Bridge linking Laos. Although the
level of industrial concentration in the major cities such as Nakhon Ratchasima, Khon Kaen,
Ubon Ratchathani and Udon Thani were reduced number from 45,637 factories in 1992
to 44,049 factories in 1996, this was as a result of the announcement of an act that closed the
small factories that cause pollution in 1992, but there had increased investment, expanded
production and capacity almost doubled. This can be seen from the increased in investment
from 41,479.3 million baht in 1992 to 100,373.2 million baht in 1996, with the
affected on employment in the area rising from 117,404 persons in 1992 to 219,508 persons in
1996.
In the early days of national economic and social development plan No. 8 1997-2011
there was an economic crisis referred to as “Tom Yum Goong”, which affected both
investment and employment. Some workers had to travel back to their homes during that
period which began promoted in economy sufficiency policy in Thailand. For the
Northeast, the interesting thing was that those sending money to their families, particularly
workers in foreign countries can be considered as having an economic stake in the family. It
was evident that the volume of remittances from abroad, 15,495.6 million baht in 1997
was doubled to 34,037.4 million baht in 2001, with transfers mainly from countries in the
Middle East and Singapore. At the same time, while considering the conditions of agricultural
production, the result of a specific strategic plan for agriculture, the cause of failure in the
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agricultural sector was not due just to capitalism or being able to pass the risk of
agricultural production to contractors. Farmers must been a party to investment loans. The
losses mean they have to taken on debt.
During the 2002-2006 period of the national economic and social development plan No. 9
the country recovered from economic crisis. Along with the policy of poverty reduction and
concept of One Tambol One Product OTOP which resulted in the consolidation of
manufacturers in the Northeast and the ability to work within each community. Using the
wisdom from their local area along with the available resources in the community it is
possible to create value-added products and services to enhance competitiveness in the
global market. It is evident that the East-West economic corridor EWEC and the Friendship
Bridge, constructed in 2006 in the Indochina region will give rise to a more convenient
transportation
system. Meanwhile,
the agricultural sector showed that manufacturing
continues to focus on cash crops such as sugarcane, cassava, corn and rubber. There has
been some adaptation such as when the market price for sugar cane decreased farmers were
able to change to growing cassava and corn with the support of an Ethanol factory. While
working abroad was reduced, particularly due to the situation in the Middle East, commodity
prices remained relatively strong, so workers did not want to return to work abroad Bank of
Thailand, 2002
– 2007. In
the national
economic and
social development plan No.
10 2007-2011 under the well-being strategy and despite the
financial crisis in the USA, rising oil prices and the impact of global warming, which were
caused damage to the produce of some areas in the Northeast, food price levels, especially for
rice, rose from 8,199 baht per ton in 2006 to 12,103 baht per ton in 2010. However, the
northeast remains the base of food production for the country. Importantly, in 2008 potato
crops were shown in the Northeast as Chaiyaphum, Sakon Nakhon and Udon Thani.
However, investment in the industrial sector remained slow due to the situation of unrest in
the country. The major cities remain as Nakhon Ratchasima, Khon Kaen, Ubon
Ratchathani and Udon Thani. The discovery of gold and silver in Loei Province, that started
production in 2008, with can create more carries for Northest people. Also with the
opportunities for working on aboard were increased, especially with regarded to South
Korea brought about by a government-to- government contracted and the profits were
attractive to going to work in there.
The present time is within the range of national economic and social development
plan No. 11 2012-2016 which could be seen
clearly in the northeast as a center for trade between the Indochina countries. The opening
of the third Friendship Bridge, in 2011, was in
order to support the ASEAN Union due to take place in 2015.
However, more than 50 years of the national economic and social development
plan have passed and that has created many changes in northeast people and in the
northeast region which have been realized in the changed world market control. Moreover,
they have adapted in their way of life to ensure the survival of themselves and their families to
meet the changing era.
The announcement of plans for national economic and social development in 1961
onwards has resulted in changes in the Northeast. First was the demographic. This is
evident from clinical development, indicating an increased death rate and population decline.
Second
was the
development of
the transportation system. This was a basic
structure of the northeast providing a link between inner areas, other regions and on to
Indochina. This allowed for greater distribution of products between inner areas and outside
regions. Third, the entry of foreigners, not only did Chinese come to the northeast to open
mills, mill stores but the important point is the arrival of the US
army during the Vietnam War. This has resulted in increased trade,
especially within the service sector as well as allowing the mixing with alien cultures. That
integration between local culture and external culture leaded to cultural imitation and
marriage across the nation. Fourth, the irrigation system, prior to the promulgation of
the National Economic Development Plan the irrigated area was only 617,700 rai in 1957 and
increased to 874,720 rai by 1960, That seem to be very little when compared with other
regions After the Ubonrat Dam 1966 Sirinthorn Dam 1971, Chulaphorn Dam
1972 and other dams such as Huai Khum
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161
1980 had been completed, the result was 2.28 million rai of irrigated area, increased to 6.21
million rai, currently in 2010 Royal Irrigation Department, 2010, which enables farmers to
cultivate crops in the dry season. Fifth, in 1957, the electricity required was created by
diesel within the six provinces of Khon Kaen, Kalasin, Mahasarakarm, Loie, Sakolnakorn
and Srisaket, but after Bumiphol Dam was completed in 1964, it enabled the distribution
of electricity, but not sufficient for all needs. When Ubonrat Dam, Sirinthorn Dam and
Chuulaporn Dam were constructed and with the aid of a Japanese Government loan in
1979, electricity could be distributed to remote areas. That made life more comfortable for the
people of the northeast region. Puey, 1961, Suwit, 2002. Sixth, the production methods of
economic plants such as cassava, sugarcane, rubber tree etc. are changing mode based on
the global market and are affected by larger areas of cultivation and paid employment.
However, those plants grown to support the industrial sector came to replace the food
crops. Seven, the industrial sector. As a result of an increase in industrial plants such as rice
mills in 1930, the entry of sugar plants in 1937 and including the forest concession in 1950,
that has resulted in an increase in the sawmill industry, and the policy of turning battlefields
into trade in 1988 has been promoting foreign investment. This results in the abandonment of
agriculture in favors of industry in the search of greater rewards. Eight, Condition of
agricultural commitment. By including the agricultural
commitment within
the agricultural strategy plan of the early national
economic and social development plan in 1997, it created the standard production system
and changed the right of the production farmer to be the employee of the agricultural
company. Tanad, 2010. This transferred the risk in production to the farmer that led them
to be continually in debt. Night The Labor Transformation, as a result by failure from
farming, land short tagged, that were effect to the way of live and caused to labor migration
to big city and become slum, unskilled labor because the new way of life are not matching
in the previous time.
CONCLUSION
The purpose in this article is aim to study the driving force of the National Economic and
Social Development Plans that was the cause of change in the northeast region. It was found
that the economics of the northeast before 1961 were mainly on the production for
subsistence. After national economic and social development plan were announced in
1961, that led to develop in the northeast area in many aspects. And the production was
according to the word market demand. At the same time there was labor transformation
caused by need for the better of their live. With agricultural commitment, that led to the change
of ownership in products to become an original equipment manufacturer only. This evident
was not possible to change only materialism in the social but also to change in the way of lives
as well as the local culture and social norm. So people in the Northeastern should be able to
adapt for the complement with the situation in order to have normal living in the future. For
these reasons made the development to the Northeast Region is as shown in Table 1
below.
ISSUE NESD Plan
1
th
– 3
rd
1961-1963 10
th
2007-2011
Population Million 12.02
22.40 GRP Million Baht
49,502.00 443,719.40
Per capita income Baht per year
2,772.00 42,998.00
Land Utilization Million rai 0.87
8.55 Agricultural Technology used
House Holds 15,303.00
2,688,561.00 Labor Transformation
Agricultural to Non Agricultural 19.03
44.12
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162
Tabel 1 : Summary of Change within the
NESD Plan in 1961.Comparision with the early announcement to the
present time1961-2011. Remark : NESD Plans = National Economic
and Social Development Plan
REFERENCE
Bank of Thailand. 2002-2007. Economic and
Financial Report in the Northeast. Bank of Thailand : Northeast ,
Kangnana vittaya
Publishing KhonKaen.
Chattip Nartsupa. 1984. Historical of Thai Villages. Sangsan Publishing Ltd,
BKK. Patapong Kasemsomboon. 2001. A Study of the
health effects by contract farming. Report, National Institute
of Health. Puey Aungpakorn. 1961. Economic of Thailand.
Pramuanmit Ltd., BKK. Rattana
Tosakul. 2009.
Regionalism in
Northeastern Thailand. MSSRC. Royal Irrigation Department. 2010. Annual
Report. Royal
Irrigation Department,
BKK. Somkid Promjui. 2003. Community Economy
in the west of Isaan Village : The survival of Community in
Transition. Research, Office of Thailand
Research Fund TRF. Suwit
Teerasartwat. 2002.
Communities Economy in Isaan Village : The
Historical of Communities Economy after World
War2 1945-2001. Research, Office of
Thailand Research Fund TRF. Suwit Teerasartwat. 2008. Isaan economy after
railway : before and after railway 1900-1945. Research , Khon Kaen
University Faculty of Humanity and Social Science.
Tanad Sangthong. 2010. The synthesis of Isaan Agricultural Option. The festival
of Isaan to protect the local communities resources.
Teerada Namhai. 2003. Conditions of contract farming with small side farming
in Dong Lann National park. Research,
Office of
Thailand Research Fund
TRF.
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| 163
Intengration of Halal Compliance and Islamic Financing : Analysis of Industry in Malaysia
Nathasa Mazna Ramli
,
Nurul Aini Muhamed, Sumaiyah Abd Aziz, Nor Asiah Yaakub
Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia USIM, 71800 Bandar Baru Nilai, Negeri Sembilan
Corresponding author: nathasausim.edu.my
ABSTRACT
Based on Islamic perspectives, the principles of halal products industry and Islamic financing should complement each other. A holistic halal economy should exists, where the governance and supervision of these two industries are not
being separated. In practice, however, the halal product and Islamic finance industries are govern by different entities. The focus of this study is to examine these two industries, focusing o
n the industries’ principles, governance, supervision and development. In addition, this study looks on halal initiative and financing structure of a company
that manufactures halal products. Based on a case study of a company listed on Bursa Malaysia, this study analyses whether the principle of halal compliance and Islamic financing are integrated in the operation of the company. Data of
the study were collected from document reviews that are publicly available. The study provides initial indication on the integration of halal compliance and Islamic financing in company and offers potential research for development of
holistic halal economy.
Keywords
: Halal Compliance, Islamic Financing, Islamic Finance, Halal Economy
1
ICoMS
1. INTRODUCTION
