...Riba, interest and usury in all forms. Some of the principles of the Islamic economic system, as laid down by the Qur’an and the Sunnah, are discussed as follows: 1. Allah determines Right and Wrong: We have already discussed in the first chapter that Islamic economic system makes distinction between what is permitted being lawful (Halal) and what is forbidden being unlawful (Haram). To determine what is permitted or lawful (Halal) and what is forbidden or unlawful (haram) is the soul prerogative of God. None but God is empowered to pronounce what is right and what is wrong. Allah has made demarcation between lawful and unlawful in the economic sphere and has allowed man to enjoy those food items and other articles of use which are lawful and avoid those things which are unlawful. The Qur’an says: “O ye who believe ! Forbid not the good things which Allah hath made lawful for you, and transgress not, Lo! Allah loveth not the transgressors. Eat of that which Allah hath bestowed on you as food lawful and good and keep your duty to Allah in Whom ye are believers.” (5 : 87-88) No human being has power to say what is right (Halal) and what is wrong (Haram). The Qur’an clarifies this principle in unambiguous terms when it commands: “And speak not concerning that which...
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...| Faculty of Commerce Cairo University Building a global Halal brand: | An Islamic branding perspective | | | | Ahmad Ismail | 3/31/2013 | | DBA - Thesis Proposal Table of Contents: * Introduction * Literature Review * Research Hypothesis and Design * Data Analysis and Testing Hypothesis * References Introduction O mankind! Eat and drink all that is Halal (lawful) and Tayyib (wholesome and pure) (Al-Qur'an 2: 168) Muslims today form a majority or significant populations in 57 countries; at 1.8 billion consumers, creating a largely untapped global opportunity. The concept of halal in foods seems to capture an appetite for purity which goes well beyond a religious franchise. in 2010, Muslim market was viewed as a critically important playground for marketers, with the halal segment worth $2.1 trillion, and growing by $500 billion annually due to the growth of the global Muslim population. In 2008, Gallup conducted a poll across 143 countries and territories asking whether religion was an important part of daily life. Those who said religion is important in their daily lives were 82%. Several authors agree that consumers evaluate a brand through a wide variety of perceptual judgments; for example its reliability, or how comfortable they feel with it, or whether it is better than some other brand. Recent research has demonstrated that the characteristics of brand names cognitively...
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...Importance of Shab-e-Mairaaj The Night of Ascension 27th Rajjab A brief description of the Mairaj Just one year before his exodus from Mecca to Madina, on the 27th night of Rajab, Prophet MuhammadPBUH had a unique experience in the history of all religions. The ProphetPBUH, accompanied by Angel Gabriel was taken for Night Journey-(ISRA) from Mecca to Aqsa Mosque in Jerusalem. There he led a congregation of the souls of all the earlier ProphetsPBUT. Then accompanied by Angel Gabriel he had the Ascension-(MAIRAJ) to Heavens. In the heavens he met again with the ProphetsPBUT individually. Then he was taken to see the Paradise and the Hell. He was shown what the fate of the humans would be after the Day of Judgment. How the Believers and the Righteous would be rewarded in the Paradise and also how the non-believers and the wicked would be chastised in the Hell. After seeing several important divine Signs (Ayaat) he was led by Gabriel to the Sid’rah (The Berry Tree). Gabriel stopped there. The ProphetPBUH proceeded from there to the Divine Proximity. The ProphetPBUH had the Vision of Allah, Lord of the Universe. Five obligatory prayers were ordained by the way of Thanksgiving. The ProphetPBUH was brought back to the earth and to his own place before the Dawn prayers in the same night. Importance of Shab-e-Mairaj The most important things we believe about the Mairaj are noted below: 1) The night journey (ISRA) and the Ascension (MAIRAJ) both did not take place spiritually” nor...
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...(2008) 603-616 TAPPING INTO THE WORLD HALAL MARKET: SOME DISCUSSIONS ON MALAYSIAN LAWS AND STANDARDS Zalina Zakaria* ABSTRACT Recently, the HDC or Halal Development Corporation took over the administration of halal from JAKIM (Department of Islamic Development of Malaysia) to establish a specific body that is fully in charge of the halal administration. This appears to be one of the initiatives the government has implemented to raise Malaysia’s standing as a major player in the world halal industry. In its implementation there must also be laws imposing criminal liability on the violation of halal, as well as particular standards for its achievement. This article discusses the laws that impose criminal liability as well as the Malaysian Halal Standard to determine whether Malaysia can position itself as the ‘model’ country for taking charge of halal matters globally. Keywords: world halal hub, laws imposing criminal liability, Malaysian Halal Standard INTRODUCTION It must first be stated that the Islamic dietary and consumption system is different and unique compared to other ethnic dietary systems. The world community ∗ Lecturer at Department of Shariah and Law, Academy of Islamic Studies, University of Malaya, zalina@um.edu.my. 603 Jurnal Syariah, Jil. 16, Keluaran Khas (2008) 603-616 has now begun to understand the importance of the Muslims requirement for food and other consumption known as halal.1 The market for certified halal food and products is growing robustly...
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...Exporting lamb to the Saudi Arabian Market Introduction Samex Australian Meat Company is a long established Meat Trading Company based in Australia & it has been supplying the finest quality Beef / Lamb / Mutton & Goat to a wide variety of markets around the world.Samex was established in 1978 in Australia and quickly become one of the country’s principal meat trading companies. An extensive supply network means Samex can source everything from high-value chilled lamb and beef via airfreight to bulk mutton & goat shipments all Halal Certified products for Middle East markets. Samex had developed live sheep export trade over the years, but it had been under struggle for many years because of ethical issues related to the trade. Some important customers were found live sheep in the Middle East who preferred to process the meat themselves. When pressure groups attacked the trade as unethical Problems arose. It made worse when the Egyptian government did not accept a shipment of live sheep because it claimed the sheep were in poor condition. Among the customers Governments in the Middle East that require highly efficient, time critical deliveries for their armed forces. Another important point of difference at Samex, it is well-known global retail sector. Company’s founders were master butchers and have invested extensive market research in producing meat products valued by the consumer. It also provides in-house shipping and export documentation department’s who...
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...HALAL MARKETS IN CHINA: POTENTIALS AND CHALLENGES Isa Ma1 ABSTRACT This paper aimed to evaluate Halal markets in China including Halal market potentials and challenges in China through analysis of Chinese Muslim populations (market size), purchasing powers, geographic locations (market places), and Chinese Muslim living situations in China (challenges). This paper also combated some problems relating to Halal markets in China and provided some basic information about Chinese Muslims and on Halal markets in China for potential Halal marketers. Keywords: Chinese Muslims and Halal markets in China 1. INTRODUCTION As companies head towards a global market that deals with people from many different cultural backgrounds, it has become essential for marketers to understand culture’s influence on consumer behaviours. The recognition of the importance of culture on consumer behaviours has led to an increasing amount of research across cultures (Sojka and Tansuhaj 1995). More significantly, many studies have succeeded in establishing links between culture and consumer behaviours (McCracken 1986). As the cultural variables and differences increase, the number of communication misunderstandings also increase. Barnlund (1989) suggests that a way to approach cultural understanding is to undertake a careful description of how people relate to one another in search of the norms that regulate social acts or behaviours. The most powerful elements of cultures are those that...
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...Guiness, the producer of Malta non-alcoholic drink, by using existing manufacturing facilities, distributor outlets, handling equipment and sharing the same inventory listings in their production. Hence, gaining halal certification is extremely doubtful and the Muslim market could not be penetrated. Carlsberg could however benefitted from the exemption of paying excise duties and ad valorem tax. Furthermore they could display their new product at all non-alcoholic beverage counters in the market. 2nd Method Secondly, Carlsberg could embark on a totally new marketing strategy of its product by giving importance to ensure that the product is syariah compliance and certified halal by the Islamic regulators. This is to allow Carlsberg to gain an immediate access to the Muslim market, which in size and numbers are much bigger. However Carlsberg should be more conscious of the general perception linking the word Carlsberg to alcohol which is taboo to a Muslim and the company must find ways as to detach itself from this perception by introducing a revolutionized product branding, packaging and promotional activities. Halal Issue Muslim consumers are very particular about the products they consume and use. The word halal means ‘proper and permitted’. Meanwhile, the word haram means ‘prohibited’ or ‘forbidden’ by Allah for...
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...FATWA ON BANKING AND THE USE OF INTEREST RECEIVED ON BANK DEPOSITS BY UMAR IBRAHIM VADILLO October 2006 FATWA Fatwa on Banking | The Use of Interest Received on Bank Deposits Table of Contents 1. Introduction ........................................................................3 2. The Issue .............................................................................7 3. Understanding Riba ...........................................................10 3.1 A world shaped by Riba.................................................... 10 3.2 What is Riba? ................................................................. 11 4. The Misunderstanding of Riba............................................20 4.1. Religious reformism and capitalism ................................... 20 4.2 The Islamic Reformers ..................................................... 23 4.3 The followers of Reda ...................................................... 27 4.4 The misunderstanding of Riba an-nasiah today.................... 28 4.5 Equating Riba to interest in a loan ..................................... 33 4.6 Islamic Banking .............................................................. 34 4.6.1 Islamic Banks are banks ............................................. 34 4.6.2 Murabaha: what it is and what it is not ......................... 38 4.6.3 How the Islamic Bank’s version of the contract of Murabaha came into being ..............................................................
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...FATWA ON BANKING AND THE USE OF INTEREST RECEIVED ON BANK DEPOSITS BY UMAR IBRAHIM VADILLO October 2006 FATWA Fatwa on Banking | The Use of Interest Received on Bank Deposits Table of Contents 1. Introduction ........................................................................3 2. The Issue .............................................................................7 3. Understanding Riba ...........................................................10 3.1 A world shaped by Riba.................................................... 10 3.2 What is Riba? ................................................................. 11 4. The Misunderstanding of Riba............................................20 4.1. Religious reformism and capitalism ................................... 20 4.2 The Islamic Reformers ..................................................... 23 4.3 The followers of Reda ...................................................... 27 4.4 The misunderstanding of Riba an-nasiah today.................... 28 4.5 Equating Riba to interest in a loan ..................................... 33 4.6 Islamic Banking .............................................................. 34 4.6.1 Islamic Banks are banks ............................................. 34 4.6.2 Murabaha: what it is and what it is not ......................... 38 4.6.3 How the Islamic Bank’s version of the contract of Murabaha came into being ..............................................................
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...may include pictures, interview scripts with the Principal or any document which is relevant. 2. Bribery The problem of bribery exist and there has been attempt to curb it since the Melaka Sultanate period. Why is bribery an important issue? Write a report on the causes of this unethical conduct and how such problem can be resolved in our country, Malaysia. 3. HIV /AIDS As we are aware of, until now there is no cure for HIV infections and AIDS patients have to face death. Write a report on AIDS and explain the importance of protecting and not discriminating HIV/AIDS patients in our society. 4. Internet Internet misuse may cause harm and pollutes the mental growth of teenagers. Conduct a simple research on the disadvantages of internet for example addiction to social networking websites and the effect of this to users. 5. Bully issues Bullying has taken place for centuries where the stronger abuse the weaker. Write a report on the importance of overcoming bullying in schools. You may support your report with examples. (From newspaper cuttings, magazines, journals etc) 6. Family Institution In western countries, sending aged parents to retirement homes has become a trend. Discuss the issues of sending aged parents to the retirement homes / old folks home. In your report, you may suggest several alternatives in caring for aged parents instead of sending them to the old folks home. 7. Types of Moral Values Moral values are derived...
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...Title: Social Reporting by Islamic Banks Authors: Bassam Maali, Peter Casson and Christopher Napier Introduction: Over the last 25 years the need for accounting practices in an Islamic perspective has risen, this is because western financial and social reporting frameworks may not be suitable for Islamic enterprises as it goes against Sharia Law (Islamic law) therefore Islamic banks have emerged. Islamic banks provide the normal services of a bank except those practices which are against lawful practices (halal) of sharia such as interest and those involving speculation, Depositors enter into Mudaraba and Musharka contracts where interest is replaced through profit/loss sharing scheme. The credibility of an Islamic bank is assessed by the Sharia Supervisory Boards (In house religious advisers) who provide audits and issue a report to the stakeholders on whether the organization has adhered to Islamic principles. Some of the Islamic banks adopt the recommendations of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Discussion Emphasis on Social Reporting Since establishments of Islamic banks, social welfare has been given priority, most banks set this as one of their main objectives. Unlike western society in Islam, Religion clearly provides the rights and obligations of individuals and organizations with respect to others and is not subject to change. Given below are some factors which has been considered as points that should...
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...FREQUENTLY ASKED QUESTIONS ON VACCINES AND SOALAN LAZIM MENGENAI IMMUNISATION VAKSIN DAN IMUNISASI FREQUENTLY ASKED QUESTIONS ON VACCINE AND IMMUNISATION DISEDIAKAN OLEH/ PREPARED BY: KEMENTERIAN KESIHATAN MALAYSIA MINISTRY OF HEALTH MALAYSIA & JABATAN KEMAJUAN ISLAM MALAYSIA DEPARTMENT OF ISLAMIC DEVELOPMENT MALAYSIA Dikemaskini Julai 2015 Updated July 2015 PENGHARGAAN ACKNOWLEDGEMENTS Sekalung penghargaan kepada semua yang terlibat dalam penyediaan buku ini. Our sincere gratitude to all contributors for the time and effort in preparation of this book. Dr. Rohani Jahis Bahagian Kawalan Penyakit, KKM Ustazah Nor Safina bt. Zainal Bahagian Pengurusan Fatwa, JAKIM Cik Sameerah S. A. Rahman Timbalan Pengarah Pusat Pasca Pendaftaran Produk Biro Pengawalan Farmaseutikal Kebangsaan Pn. Arpah bt. Abas Ketua Unit Seksyen Bioteknologi Pusat Pendaftaran Produk Biro Pengawalan Farmasetikal Kebangsaan Dr. Naemah Sharifuddin Pakar Perubatan Keluarga Klinik Kesihatan Sg. Chua, Kajang Dr. Jamiatul Aida bt. Md. Sani Bahagian Kawalan Penyakit, KKM Pn. Rokiah Isahak Pusat Pasca Pendaftaran Produk Biro Pengawalan Farmaseutikal Kebangsaan Cik Azila bt. Azmi Bahagian Pendidikan Kesihatan, KKM Pn. Noraisyah bt. Mohd. Sani Biro Pengawalan Farmaseutikal Kebangsaan Dr. Noraziah bt. Aboo Bakar Unit Kesihatan Kanak-Kanak Bahagian Pembangunan Kesihatan Keluarga, KKM En. Ng Chiew Seng Biro Pengawalan Farmaseutikal Kebangsaan Dr. Saraswathi...
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...Tinjauan Runcit Welcome to our Halal Issue You might be surprised to know that the halal industry is worth billions of Ringgit in Malaysia alone. It impacts consumers, retailers and manufacturers. As such, we felt it was time we explored halal in more depth. Read our cover story and be inspired to discover ways to profit in ‘Era Halal.’ Runcit Media Sdn Bhd’s (RMSB) Field Supervisors are constantly telling us that readers want to see more articles on financial management. To fulfill this popular request, we teamed up with RHB Bank to bring you a Wang Runcit article on loan financing for retailers like you. Being informed about product categories is very important. Be sure not to miss our category profiles on Bottled Water and Hot Cereals. It is an opportunity for you to get to know the market leading brands like SPRITZER and QUAKER OATMEAL. We also present CINTAN, a treasured household brand in the instant noodles category. CINTAN has been in the market for 40 years now. Read our article about the brand. You might even get to know Malaysia’s celebrity Chef Wan better, too. RUNCIT MALAYSIA was fortunate to be able to interview him when he went down to the trade, to introduce the two new CINTAN variants he created. Happy Reading! WILLIAM KHOO Executive Director Infovantage Sdn Bhd william.khoo@runcit.com.my Page 2 of 39 Runcit Malaysia Magazine Issue 12 Rencana Runcit THE HALAL ERA From a symbol that assures religious compliance, the Halal logo is fast gaining recognition...
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...Studying the world’s past and its living religious traditions is vital to understanding the history and nature of human beings… and helps us acquire the understanding necessary to live in a multicultural society. Evaluate the above statement, in relation to the living Religious Traditions Islam, based on your study of Islam, with your main focus on the knowledge gained in the HSC year. There are 5 major living religious traditions present today, each of these played a vital role in fulfilling humans desire to understand the meaning of their existence. In areas populated with a diversity of religions and cultures, gaining an understanding of the beliefs, traditions and practices of other living religious traditions can unite the different communities within a society. By studying the past and the nature of human beings, can allow for the stereotypical connections attached to a religion to be void. Allowing for a multicultural society to live in peace and harmony. An example of this is Islam, which has had a negative stereotype attached to the religion due to the actions of an extremist minority. Yet the Islamic faith rejects any conflict amongst people within society. Muslims are guided by the Five Pillars of Faith and look to multiple the ethical guidelines, and significant figures within the religion for guidance to keep them on a ‘straight path’. The five pillars of Islam define the basic identity of Muslims, their faith, belief and practices. The fifth pillar Hajj is...
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...Islamic Financial Planning: More than just managing wealth By Sani Hamid When it comes to Islamic banking and finance, many are familiar with terms such as riba, sukuk and takaful. Somewhat more obscure is the concept of Islamic financial planning which has not had much publicity. Even for those who may have heard of it, Islamic financial planning serves merely as a mirror image of the conventional model of financial planning albeit using syariah-compliant instruments. In reality, the concept of Islamic financial planning extends beyond the mere use of such syariah-compliant products. One could go as far as saying that a Muslim’s wealth could still be managed in a manner consistent with the syariah even without the use of syariah-compliant instruments (for example, where such are not available). However the converse is not necessarily true. Many times, Muslims believe that merely by using syariah-compliant products they have indeed managed their wealth in a manner consistent with what is expected of them as Muslims, when in fact, it is the application of Islamic principles in the managing of one’s wealth which is the foundation of Islamic financial planning. Financial Planning, as defined conventionally, is “a process which helps individuals set and achieve their long-term financial goals, through the proper management of your finances.” Financial planning normally covers the areas of investments, tax planning, asset allocation, risk management, retirement planning, and...
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