This study aims to develop a business model based on Islamic economic thoughts pioneered by Muslim thinkers such as Abu Yusuf, al-Syaibani, Abu Ubayd, al-Mawardi, al-Ghazali, Ibn Taimiyah, and Ibn Khaldun. They existed from the early period of Islam until 1446. An absence of consensus on the definition of a business model that is universally accepted has led to the reassessment of the current business model towards pro-business and encouraged by profit margins. A holistic and comprehensive business model influences a business's enhanced performance. Hence, in reality, the survival rate of businesses, mainly businesses run by Muslims, is at a low ebb, although Islam has provided guidelines for all life activities, including business strategies. Hence, further studies should be conducted to seek solutions to overcome the resilience of Muslim businesses by referring to the thoughts of Islamic economic scholars. However, the scholarly thoughts were not organised as a scientific discipline, which eventually led to a decline in the Islamic economy, and consequently, humans began to follow the conventional economy. Data were collected through the document analysis and Focus Group Discussion (FGD) methods involving agency representatives, entrepreneurs, and academicians in the business field. It was then analysed using the content analysis method. Findings indicate that the business model comprised four components, namely production, business transactions, marketing, and the government's role, which was based on Islamic creed (aqidah), Islamic law (shariah), and Islamic morality and manners (akhlaq), acts as a catalyst for a successful business venture. This study has a significant impact and offers a new solution for overcoming and substantiating society's economic growth and development by making business a mechanism for empowering the Islamic economy.

Halal products are fast gaining worldwide recognition as a new benchmark for safety and quality assurance. Products with halal certification are confidently accepted by consumers especially Muslims as well as those of other religions. Undoubtedly halal product industry has been an emerging industry in Malaysia and all over the world. Recognizing the new concept of halal industry presents an opportunity for manufacturers to make better strategies and innovations in producing their products toward halal certification. Today, halal products are not focused only on food but all products including pharmaceuticals. Since most of Malaysian population are Muslim, the Malaysian Standard on halal pharmaceuticals has been launched to ensure that manufacturers comply with the standard to produce them. The methodology of this study is by researching on legal, Shari�ah issues and the fatwa related to pharmaceuticals such as usage of drug, gelatine and alcohol in pharmaceutical products. Apart from that, this paper also looks into the Malaysian Standard of Halal Pharmaceutical - General Guidelines, 2010 and other policies and regulations which have been set by the government. The finding shows that there is an unresolved issue of Shari�ah for pharmaceutical products due to the different opinions of fuqaha�. However, there are also many policies and guidelines on halal pharmaceuticals in Malaysia which are good for Muslim consumers.

Foreign Exchange options contract (FX options) is known as an agreement in which a seller (writer) conveys to a buyer (holder) the right but not the obligation to buy or sell a specific quantity of a currency at a specified price on or before a specified date. This should be considered as an efficient contract as it can help to eliminate the risk of fluctuating exchange rates by fixing a rate on the date of the contract for a transaction that will take place in the future. Although, FX options provides facility of risk management, some shariah issues arise, such as issue of riba, gambling, trading of promise and many more. In addition, FX options contract gives the parties an opportunity to gain leverage which is not allowed in Islam. Thus, the aim of this study is to examine Islamic justifications of FX options contract as a tool of risk management. This study finds that, some shariah principles such as bay’ al-urbun, bay’al-inah, wa’d and bay’ al-sarf can be developed to avoid the issue of riba. In order to avoid gambling and leveraging activites, this study suggests that FX option contract should be allowed in the first phase only in a static manner. Consequently, this contract should not be allowed to be practiced in the secondary market as currency trading is clearly prohibited in Islam. In order to make sure that this contract is comply with Shari’ah, this contract must strictly be used only in conjunction with real trades in goods and services.