This study tries to investigate the effect of introduction of Syariah Index to the price relationships and volatility transmissions between the Bursa Malaysia stock Index and Bursa Malaysia Stock Index Futures. In addition, it also tries to find the relationships between Bursa Malaysia Stock Index, Bursa Malaysia Stock Index Futures and Syariah Index. Vector Autoregression (VAR) GJR-GARCH model was applied to nine years daily price of the variables investigated. The results present evidence that the introduction of Syariah Index has changed the price relationships and volatility transmissions between the spot and futures markets in Malaysia. Furthermore, the findings of this study show that the there are feedback effects in the price relationships between the investigated. The findings also suggest that Bursa Malaysia Stock Index is the main information producer in predicting and analyzing the volatility of Bursa Malaysia Stock Index Futures and Syariah Index. Finally, the overall conditional correlation estimates between the three variables investigated are higher in the unrestricted model form compared to the restricted model form.

Wasiyyah is essential to ensure the priority of any individual is upheld. However, it is not obligatory in Islam. Preparing Wasiyyah is Sunnah Mua'kad. This paper examines the knowledge of Muslim society about Wasiyyah and its contributions to the society. While the majority of Muslims in Malaysia are alert and familiar with the term Islamic Will or Wasiyyah, they have no clear idea or understanding about Wasiyyah. Results of this study indicate that the purpose of preparing Wasiyyah is to distribute property among those who are ineligible under the Faraidh Law. The contribution of Wasiyyah is to accelerate the process of management and distribution of property. Most of the Muslim society has little knowledge about Wasiyyah because of poor knowledge dissemination or promotion. It is therefore recommended that all organizations involved in managing property fully participate in delivering the knowledge about Wasiyyah and its benefits.