Mohd Yahya Mohd Hussin

The Dynamic Interaction between Islamic Stock Market and Strategic Commodities

In this research, we examine the relationship between FTSE Bursa Malaysia Emas Shariah Index, strategic commodities (such as oil and gold price) and macroeconomic variables in Malaysia from January 2007 to December 2011 using Vector Error Correction Model (VECM). Our findings indicate that Islamic stock prices are co-integrated with strategic commodities and macroeconomic variables. Based on the long run relationship analysis, the Islamic stock price is positively related to industrial production index, money supply aggregate, and crude oil price, while negatively related to consumer price index, Islamic interbank rate, exchange rate of Malaysian Ringgit-United States Dollar, and kijang gold price variables. Meanwhile, there is Granger causality between Islamic stock return and economic growth rate, Islamic interbank rate, and crude oil price. Thus, we can conclude that among strategic commodities, only oil price variables impact the Islamic stock return in the long run and short run in Malaysia.

Economic Significance of Mosque Institution in Perak State, Malaysia

This study explores the performance of mosque fund in Malaysia. Examining the structure of financial fund of a mosque is essential in promoting better socioeconomic development, as well as contributing to new knowledge pertaining to the Islamic finance principles. As the funding comes from the contribution or donation from various parties, the mosque institution is believed to be able to carry out this responsibility and trust. This study was conducted using 137 mosques which involved 1500 respondents in the districts of Batang Padang, Kinta and Hilir Perak, Perak State, Malaysia. The results show that the mosque institution has relatively good financial funds in terms of cash savings and also owned assets. Cash savings in the banks, from the year 2009 to 2011 amounted to RM 3,783,680 million. The results also show that nearly 75 percent of the respondents agreed that the fund of the mosque should be spent on activities that can increase the income of the mosque as this gives a positive impact to the society. In empowering the mosque fund, the public felt that the establishment of a mosque’s co-operative is an excellent method of stimulating the economic activities. However, several issues relating to the management and administration of the mosque need to be addressed urgently in order to empower the mosque fund. Thus, the role of the mosque as a centre of unification and glory of Islamic society in various aspects of life can be achieved.

Critical Success Factors, Benefit, and Auditing of Waqf Accounting

The aim of this study is to identify the critical success factors, benefits, and challenges of waqf accounting in corporate Malaysia and to test the propose model of waqf accounting. This paper is to identify five dimensions of CSFs of waqf accounting (accounting procedures and standards, accountability, fund waqf, cash waqf, and financial report disclosures). This paper is also to identify five benefits of waqf accounting (financial growth, efficiency of waqf management, customer satisfaction, quality improvement, and trustworthiness). Meanwhile, three challenges of waqf accounting (waqf administration, unqualified mutawalli, and lack of Islamic accounting). Therefore, this study is focused on the critical success factors, benefits, and challenges of waqf accounting in corporate Malaysia and to propose the model of waqf accounting.

Kepatuhan Membayar Zakat : Analisis Bocoran Dalam Kutipan Zakat Fitrah

Zakat merupakan rukun Islam keempat yang wajib dilaksanakan oleh setiap individu Muslim yang memenuhi syarat yang ditetapkan oleh syarak. Antara jenis zakat yang berkait rapat dengan setiap individu muslim adalah zakat fitrah atau zakat badan. Ia merupakan zakat yang dilaksanakan bagi memenuhi tuntutan puasa di bulan Ramadhan. Berikutan itu, artikel ini bertujuan untuk menganalisis bilangan pembayar zakat yang memenuhi tuntutan ini berdasarkan saluran pembayaran formal. Dengan menggunakan data jumlah kutipan zakat fitrah, kadar zakat fitrah dan bilangan penduduk beragama Islam di Malaysia, dapatan kajian menunjukkan jumlah kutipan adalah meningkat dari tahun ke tahun. Walaubagaimanapun, dalam masa yang sama bilangan pembayar yang tidak menggunakan saluran formal ini juga menunjukkan jumlah yang tinggi. Hasil ini jelas menunjukkan bahawa, kerangka institusi zakat perlu kepada penambahbaikan berterusan melibatkan sistem pengurusan, kutipan dan agihan, bahkan memerlukan lebih kuasa dari sudut undang-undang bagi mempertingkatkan penguatkuasaan.