This research will focus on the relationship between the development of stock market and macroeconomic variables in Malaysia. Generally, the purpose of this research is to observe this relationship in the Malaysian context. In order to achieve the objective, Vector Auto Regression (VAR) estimation method was applied on the created research model. The variables involved in this research were the FBM Emas Shariah index (FBMES) used as proxy for Islamic stock market, FBM Kuala Lumpur Composite Index (FBMKLCI) used as proxy for conventional stock market, Industrial Production Index (IPI), Consumer Production Index (CPI), Aggregate Money Supply (M3), Islamic Inter Bank Rate (IIR), Treasury Bill Rate (TBR) and Exchange Rate of Malaysian Ringgit-United States Dollar. This research utilised monthly data from January 2007 to December 2011 taken from authorized sources. The findings showed that stock prices in Malaysia (Islamic and conventional) are co-integrated with the selected macroeconomic variables in which the stock prices is related positively and significantly with IPI and CPI variables but related negatively and significantly with M3, IIR, TBR and MYR variables. From the aspect of Granger causal relationship, it is found that variables of IPI and IIR are the Granger cause for FBMES in the short term. On the other hand, no variables can be proved as granger cause for FBMKLCI.

Zakat is a very important instrument in the socio-economic development of Muslim society, and it plays a key role in developing the capacity of the less fortunate, by distribution of surplus property from the rich to the poor. Zakat also serves as a purifier of the heart from the nature of greed, stinginessand excessive love toward the world. Among the important aspects of zakat is the area of collection which Islam has outlined certain groups that are subject to zakat and the types of property that are subject to zakat. This aspect is very important to be strengthened since the needs of the asnaf are increasing, human needs are also growing, the development of the increasingly complex economic system has caused the existing method and amount of zakat collection can no longer meet the existing needs, and it requires a new paradigm shift, in terms of method of calculation, types of assets, coverage of types of payers, system and others. The study is a complete library-based study by analyzing the opinions of past and present Shariah scholars and adapted to thelatest development related to the payment of zakat. The results of the study found that among the ways that can be used to increase the current zakat revenue are using the new concept of calculating zakat such as a calculation based on khultah or collective based collection, payment of zakat using good and stock, and payment of zakat on long-term debt-based instruments