This paper presents an empirical examination on the equilibrium relationships between macroeconomic variables (gross domestic product (GDP), foreign direct investment (FDI), and money supply (M2)) and Murabaha to the Purchase-Order (MPO), by using annual time series data for the 1978–2012 period. The Ng- Perron (2001) was applied to test the integration levels, while the bounds F-statistic test was used to examine the co-integration relationship among the variables. The autoregressive distributed lags (ARDL) approach was employed to examine long-run and short-run relationships between the variables. The results indicate that all variables are stationary at first difference and all variables are co-integrated. Further, the results of the ARDL indicate that there is a positive relationship between macroeconomic variables and MPO in long-run and short-run.

. The switching of exchange rate regimes may have a significant impact on the macroeconomic fundamentals of the economy. The study evaluates Malaysia’s macroeconomic fundamentals to determine whether Malaysia has exited the pegged regime in an orderly manner during the 1997 Asian financial crisis. Based on visual impressions and the analysis of selected macroeconomic fundamentals for the period 1998 to 2005, Malaysia fits the general pattern of an orderly exit with a gradual pace. The next challenge for Malaysia is to maintain a credible regime that is consistent with the underlying economic fundamentals and sustain post-exit growth performance, especially during currency crises. Exchange rate flexibility is still an important determinant in the growth of international financial markets, especially for emerging market economies. Keywords: Exchange rates policy; orderly exit; peg regime; flexible regime; de facto

The main aim of this study is to investigate whether market reacts asymmetrically to the issuance of selected Sukuk in Malaysia for the period 2009-2011. 45 companies are selected and data on the date of issuance, issuers, issue size in million and tenors in years for each group are collected from the Securities Commission Malaysia (SC) and Bloomberg database. The study employs event study methodology using cumulative average abnormal return (CAAR) on all symmetric and asymmetric events of [0,0] 1-day, [-1,+1] 3-day, [-2, +2] 5-day, [-5,+5] 11-day, [-1,+2] 4-day, [-2,+1] 4-day, [-2,+5] 8-day, [-5,+2] 8-day, [-15,+5] 21-day, [-5,+30] 36-day, [-30,+60] 91-day, [-60,+30] 91-day and [-90,+15] 106-day based on the reaction of the FTSE Hijrah Shari’ah Index and Dow Jones Islamic Market Index (DJIM) to the announcement of Sukuk issuance. The findings would be useful to Sukuk issuers and decision-makers to ensure the stability of the Islamic capital market and sustainable economic growth. Keywords:asymmetric, CAAR, Dow Jones Islamic Index, event-study, FTSE Hijrah Shari’ah Index, Sukuk, symmetric.

The study aimed to review the challenges and opportunities of mass productivity scale (MPS) for the dates (Phoenix dactylifera L.) farm in Malaysia. The review on site and document was done to drill the issues faced by dates palm farmers. The common issues affecting dates farm in Malaysia were pest attack, import permit, lack of expertise, and climate and soil requirements. In a united response, the government should form the National Dates Palm Centre (NDPC) which will explore opportunities to address issues faced by the dates palm sector in Malaysia.

The aim of this study is to analyse and identify date consumption patterns by region in Malaysia. In addition, this study also will identify demand on dates in Malaysia. Currently, there is a lack of study on prophetic food, especially in Malaysia. The data were collected through survey questionnaires. The sample size of this study was 1739 respondents from various socioeconomic backgrounds, profession, and level of education. The survey was conducted in several states in Peninsular Malaysia in June 2015. Descriptive statistics and crosstab have been used to find the results. The findings showed that Selangor had the most date consumers. The reason is that Selangor is an urban state, and the level of income of respondents from this state is higher compared to other states. Moreover, the level of education and awareness among respondents in Selangor are better compared to other states. This study also showed that people tend to consume dates not only because of religion but also because of health factors. Findings of the study can be used to formulate and develop a systematic supply chain in the dates market.

This chapter aims to provide an overview of the dates palm farming in Malaysia. Besides, this paper also discussed on issues and challenges, prospect and future “baraqah” for dates palm farming sector in Malaysia. As new farming sector in Malaysia, facts sheets and general farming information are readily available and easily accessible to dates palm farmer. However, as the sector is rapidly growing, the lack of research in dates palm farming, production and prospect in Malaysia could represents a serious limitation to the long term viability of the sector. As results, several important issues and challenges for dates palm farming in Malaysia are derived such as dependency of imported dates, insect pest attack, climate and lack of expertise in dates palm farming. Besides, several prospects and future ‘baraqah’ for dates palm farming in Malaysia such as fulfilling local consumption trends, cultivation nature, dates palm health and disease, establishment of the National Dates Palm Centre and Waqf dates palm are proposed.

Purpose of the study: The present study estimates the MI indicator for 19 sukuk issuing countries. The Misery Index (MI) is an economic indicator calculated by adding the unemployment rate to the inflation rate for an economy. It measures the degree of economic distress in an economy. Methodology: The MI is calculated by adding inflation to unemployment for each of the 19 sukuk issuing countries. Data are annual covering the period of 1991 until 2019. Other economic indicators are also calculated. Main findings: The assumption is that higher inflation and unemployment rate creates economic and social costs for a country. The findings suggest that inflation is a pressing issue in Kazakhstan, Turkey, Sudan, Indonesia, Pakistan, Egypt, and Iran. Conversely, unemployment is more prominent in Egypt, Senegal, Saudi Arabia, Oman, Malaysia, Jordan, and Bahrain. Based on the estimates of the misery index and other macroeconomic indicators mentioned above, some sukuk issuing countries need to boost their capital and current account positions to provide a stable environment for potential sukuk launches. Novelty of the study: The macroeconomic indicators of sukuk issuing countries are important elements in ensuring sukuk market development. To policymakers, the MI estimations imply the effectiveness of policy stance over the years and indicate areas of policy improvements in curbing either inflation or unemployment or both.

The objective of the study is to empirically investigate the dispute resolution in the restructuring of defaulted corporate sukuk in Malaysia. Under Malaysia law system, the disputing parties may resolve their business dispute through the court or various Alternative Dispute Resolution (ADR) mechanisms. ADR includes negotiation, mediation and arbitration mechanisms. The finding suggests that the disputing parties may utilise a combination of dispute resolution mechanisms to restructure the defaulted sukuk. The negotiation tends to be used as the first option, followed by the court trial or mediation. The finding implies that the disputing parties should consider any possible dispute resolution method under the jurisdiction where a sukuk is structured to resolve the defaulted sukuk

Economic growth is a measure of the success of economic development of the country, thus realizing the economy well be the main goal. Several variables such as the level of investment, ZIS, and inflation are used in this study. The purpose of this study is to examine the influence and relationship of investment, ZIS, and inflation on economic growth in Indonesia. This research method using a quantitative approach. The Data used is secondary data in the form of time series. This research method using a quantitative approach. The method of analysis using the model of Vector Autoregression (VAR), followed by the model Vector Error Correction Model (VECM), if there is cointegration. Data testing is done with the help of software Eviews 7 and Microsoft Excel 2010. The results of the study found that the variable ZIS and inflation have an effect on long-term GDP. Variable mutual funds conventional and sharia does not affect the long-term GDP. Variable mutual fund conventional, Islamic mutual funds, ZIS, and inflation does not influence short-term economic growth. GDP responds positively to shocks that occur in a mutual fund conventional, sharia mutual funds, and ZIS. GDP responds negatively to the shock on inflation. Variable inflation gives the largest contribution to GDP, then mutual funds conventional and ZIS as well as the last sharia mutual funds.

Purpose: The objective of this study was to enhance the current understanding and bridge the gaps in the existing literature by examining the factors that could remedy the impact of the rising cost-of-living issue that widely affected people in Malaysia recently. Design/methodology/approach: Using the Islamic Marketing mix model consisting of Islamic Product, Islamic Promotion, Islamic Price, Islamic Place (distribution), and Islamic People in Malaysia, the analysis is based on data obtained from a survey conducted across Malaysia involving 304 valid respondents of Malaysian citizens aged between 19 and above. The objectives of the study were to stabilize the impact of the rising cost of living. Findings: The Structural Equation Models (SEM) statistical results reveal that four components research hypothesis, namely product, price, promotion, and people have a significant impact on remedying the rising cost of living. Research limitations/implications: The research was made based on cross-sectional data in Malaysia; thus, a generalization of results for application in other countries may be limited. Practical implications: The findings of this study are significantly important to provide input for the authorities in enhancing relevant policies to improve the well-being of the people in Malaysia. Originality/value:The framework of this study was originally developed and tested during the health and economic crisis hits Malaysia.

The tourism industry has various impacts on the economy. It contributes to sales. profits, employment. tax revenue, and income. Tourism is fast becoming Malaysia's second-largest foreign exchange earner, after the manufacturing sector. Tourism receipts contributed 46% to total services receipts between 2002 and 2008, generating a surplus in the services account of Malaysia's balance of payments. This paper focuses on changes in the output of and imports and value added to the economy resulting from the tourism industry in Malaysia. An open input-output model of tourist impact analysis will be adopted to determine the multiplier effects of each Ringgit Malaysia spent on the output of and imports and value added to the economy. This paper attempts to prove that differences in the expenditure profile among classes of tourists and the changing composition of tourists arriving in Malaysia have important implications for possible policy responses to the economy.

The success of awqaf institutions are determined by many factors, among others is good feedback from the endowers either from their contribution or repeat endowing. This study investigates the perception of endowers to endow and factors motivating them to repeat endowing in ensuring waqf institution success among 366 respondents in 2014. The study employs two models of multiple linear regression analysis. The first model examines the determinant factors influencing the intention to endow whereas the second model investigates internal and external factors influencing the intention to repeated waqf endowment in future. The findings show integrity of waqf institution, religious obligation and access to cash waqf have significant contribution to the endower’s perception to endow cash waqf. Meanwhile, repeated cash waqf behavior will take place if endowers are familiar with waqf institutions and have easy access to cash waqf as these two variables are significantly related to dependent variable. Thus, in order to motivate endowers to repeat cash waqf behavior, continuous promotion to create familiarity together with easy access to cash waqf are vital to encourage repeated charitable behavior.

Various studies have been conducted to examine the causal relationship between economic growth and energy consumption among the countries that export and import energy sources but the discussions on the causal relationship between Islamic banking system performance and energy consumption are still lacking. The first aim of this paper is to provide some clarifications on the causal relationship between economic growths, GDP is used as a proxy of Jordan’s economic growth and energy consumption, and also between Islamic banking system performances, and Murabaha is used as a proxy of Jordanian Islamic Bank performance and energy consumption. The second aim is to explore how far the Islamic banking system direction from the economic growth direction when affected by some macroeconomic variables such as energy consumption. Jordan has been chosen as the country under study because it heavily relied on imported energy sources to meet its needs. In order to analyze the long and short-run relationship, the annual time series data were used by employing the autoregressive distributed lag model (ARDL). Meanwhile, the Augmented Dickey Fuller (ADF) (1987) and the Ng-Perron (2001) were used for stationary test. Additionally, the Bounds F-statistics test was employed for testing co-integration among the variables. The ARDL approach was used to analyze the long-run and short-run relationships and for exploring the causal relationship among variables, the Granger causality test was employed. Results from the analyses show that the economic growth and energy consumption as well between Islamic banking system performance and energy consumption indicate unidirectional causal relationships but not vice versa. Another main finding is that Islamic banking system direction moves with the same economic growth direction in Jordan when affected by the energy consumption. Keywords: energy consumption, GDP, Murabaha, Granger causality, Jordan

Cash waqfis an Islamic tool in the Islamic Economic System. Cash waqf inculcates the culture of giving through Islamic philanthropy. Cash waqf must be used as a socio-economic development mechanism to create and develop a third sector that is not profit-motivated and distinct from private and public sectors. Awareness of cash waqf contributionand the obligation to donate are crucial among Malaysians. Waqf institutions have seriously promoted waqf financing instruments to enhance awareness and participation in society. However, awareness toward cash waqf in Malaysia lags behind that in Indonesia and Middle Eastern countries. This study examines the internal determinants of donors’ (waqif) intention to participate in giving cash waqf among Muslims in Malaysia. This study is conducted using a quantitative approach based on constructed questionnaires to identify patterns of factors that influence cash waqf contribution. Structural equation modelling technique is applied in the analysis. Findings show several internal factors, such as religious obligation, benevolence, familiarity with waqf institutions, and access to cash waqf, that have strong relationship with donors’ intention to repeat contribution of cash waqf in the future. Waqf institutions should encourage people to donate cash waqf in Malaysia. However, most of the respondents do not trust waqf institution. Trust is a significant internal factor in the intention to repeat contribution of cash waqf. Thus, waqf institutions should build good reputation and integrity to attract big contributors among Muslims in Malaysia and increase the level of intention among donors (waqif). Waqf institutions should consider these factors in planning their strategies to ensure adequate waqf funds that could accommodate further development for the benefit of th eummah. Keywords: internal factors, cash waqf, Islamic social finance, repeat cash waqf contribution, structural equation modelling (SEM)

Purpose of the Study: This article examines the merits and demerits of gig economy workers in the global context as well as in Malaysia. Gig workers are part-time workers or freelancers offering their jobs and services via platform economy. Methodology: A survey questionnaire was carried out to students and alumni of the Universiti Sains Islam Malaysia in June until September 2020 based on purposive sampling. The analysis is based on descriptive statistics, cross-tabulation, interviews and literature review. Main Findings: The results suggest that most of the respondents have at one point, during the Movement Control Order period, involved in gig jobs such as dropship, courier services and food delivery. In general, the respondents perceived that gig jobs contribute to the economy. There are a few areas where the trend of freelancers in Malaysia differs from that of the global freelancers. Therefore, it is crucial for the gig workers to continue the process of upskilling and reskilling themselves to remain competitive in the industry. It is also important to understand how the gig economy has redefined workplace expectations of employees, employers and governments in different parts of the world. Novelty of the Study: Based on the findings, the level of awareness among the respondents on the issue is low. Most of the respondents are also involved in low to medium level gig jobs. Policy makers may utilize the information of how the traditional labor market is disrupted by the gig economy sector, raise awareness on the expectations of employers and protecting the rights of the workers; and devise appropriate strategies to support gig economy sector as an enabler of inclusive and sustainable growth post-pandemic period.

The International Labor Organization defines gig work as a task-based job with higher presence in an online labor platforms. Gig workers are part-time workers or freelancers offering their jobs and services via platform economy. The recent COVID-19 financial crisis has highlighted the fact that gig workers do not receive benefits and perks associated with permanent jobs. This study explores the future direction of gig economy in Malaysia. A survey questionnaire was carried out to students and alumni from the Universiti Sains Islam Malaysia in June until September 2020 based on purposive sampling. The results suggest that most of the respondents have at one point, during the Movement Control Order period, involved in gig jobs such as dropship, courier services and food delivery. In general, the respondents perceived that gig works contribute to the economy. However, it is important for the gig workers to continue the process of upskilling and reskilling themselves to remain competitive. For the employers, benefits such as social security contributions and medical benefits should be provided to gig workers accordingly. Policy makers may utilize the information of how the traditional labor market is disrupted by the gig economy, raise awareness on the different expectations of both employers and employees, and devise appropriate strategies to support gig economy as an enabler of growth post-pandemic period.

Gig workers are part-time workers or freelancers offering their jobs and services via platform economy. The recent Covid-19 pandemic has highlighted the plight of gig workers, in which in most cases, they do not receive similar benefits and perks associated with permanent jobs. This study explores the future direction of the gig economy in Malaysia. A survey questionnaire was distributed to 200 respondents from Universiti Sains Islam Malaysia in August 2020 based on purposive sampling. The results suggest that most of the respondents have at one point, during the movement control order (MCO), involved in gig jobs such as dropship, courier services, and food delivery. They feel that gig jobs have a good prospect and contribution to the economy. For the employers, benefits such as social security contributions and medical benefits received by permanent staff should be made available for gig workers subject to negotiated terms. For gig workers, they need to continue the process of upskilling and reskilling to remain competitive in the job market. Policymakers may utilize the information of the market structure and demand for the gig jobs labor market and devise appropriate strategies to support the gig economy as a new source of growth.

The paper examines the issue of disparities between Muslim nations and other countries based on the Human Development Index (HDI) measurement. HDI measures the average progress of a country in human development. It is computed as the composite index of three equally weighted outcome measures: longevity, knowledge and income. This paper briefly discusses the measurements and changes in the calculation of HDI. The status of human development in the Muslim nations will also be addressed. The paper concludes that HDI can be used to evaluate the effectiveness of national policy choices pursued by the government.