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ACCEPTANCE AND APPLICATION OF ISLAMIC FINANCIAL PLANNING AMONG SMALL AND MEDIUM ENTERPRISES HALAL OPERATOR IN PENINSULAR OF MALAYSIA

Year 2016, Volume: 2 Issue: 6, 747 - 752, 18.12.2016

Mohd Daud Awang Muhamad Nur Aiman Mohd Noor Junaina Muhammad Amalina Abdullah Suhaimi Ab. Rahman Mohamed Hisham Dato Yahya

https://doi.org/10.18769/ijasos.99526

Abstract

Halal Industry in Malaysia has created employment
opportunities especially among Small,
medium-sized enterprises (SMEs). High demand for Halal products especially from Islamic countries has put
Halal industry as one of the national agenda priorities. In the Eleventh
Malaysia Plan (11MP), the halal industry had been given special emphasis by the
Prime Minister to ensuring the halal industry is highly and persistently
competitive. In Asia, Malaysia has been considered as a leader in the
development of the Halal hub center. 
However, halal industry is not only about halal food production, but
also it covers Islamic finance services which prohibit interest (riba),
uncertainties (gharar) and gambling (maysir). Islamic financial planning is one
of the important parts of Islamic finance because it plays a big role in
providing Shariah compliant funds and investment opportunities especially for
SMEs halal operators.
The holistic approach
to halal industry should also cover not only halal food production, but also
Islamic financial planning which includes activities such as how
to create, increase, purify and to protect wealth from Islamic perspective. Therefore, this study
examines the relationship between acceptance of Islamic finance and the
application of Islamic financial planning among SMEs halal operators in
Peninsular Malaysia. The findings of this study reveal that the acceptance of
Islamic finance was significantly correlated with the application of Islamic
financial planning among SMEs halal operator. These finding indicated the
important of integration between acceptance on the Halal industry with Islamic
financial planning activities. SMEs Halal operators should be able to accept
the Islamic finance principles. This relationship recognises the importance of
acceptance and practice of Islamic financial planning among halal SMEs
operators in promoting halal products and services and boost demand for
Malaysian halal products at the international level.

Keywords

Halal Industry SMEs Halal operator Islamic Financial Planning

References

  • Airasian, P. & Gay, L. R. (2003). Educational Research: Competencies for Analysis and Applications (Seventh Edition). Upper Saddle River, NJ: Pearson Education.
  • Ajzen, I. and Fishbein, M. (1980). Understanding Attitude and Predicting Social Social Behaviour, Prentice Hall, Englewood, Cliffs, NJ.
  • Al-Quran Al-Karim
  • Amin, H., Abdul Rahman, A.R., Sondoh Jr, S.L., & Chooi Hwa, A.M. (2011).Determinants of customers' intention to use Islamic Personal Financing, Journal of Islamic Accounting And Business Research, 2(1), 22-42.
  • Bhasah Abu Bakar. (2007). Kaedah analisis data penyelidikan ilmiah. Kuala Lumpur:Utusan Publication.
  • Cates, W.M. (1990). Panduan Amali Untuk Penyelidikan Pendidikan (Terjemahan). KL: DBP
  • Gay, L.R. (1996). Educational research: Competencies for analysis and aplication. New Jersey: Prentice-Hall.
  • Hashim, M.K. (2000). A proposed strategic Framework for SMEs success. Malaysian Management Review, 35(2), 32-43.
  • Hashim, M.K., & Abdullah, M.S. (2000). A proposed framework for redefining SMEs in Malaysia: One industry,one definition. Asian Academy of Management Journal, 65-79.
  • Hilgert, Marianne A. And Hogarth Jeanne M. (2003). Household Financial Management: The Connection between Knowledge and Behavior, Federal Reserve bulletin, July 2003, Pp. 309-322.
  • http://www.smecorp.gov.my/index.php/en/small-and-medium-sized-enterprises
  • Jaffar, M. A &Musa, R., (2013). Determinants of Attitude towards Islamic Financing among Halal Certified Micro and SMEs: A Proposed Conceptual Framework. International Journal of Education and Research, 1:8, p1-10.
  • Lahsasna, Achene (2010), Understanding Shariah Financial Planning, Financial 1st Journal, January 2010 Issue, Malaysia Financial Planning Council, 40-41.
  • M.D. Awang, Joni Tamkin Borhan, Norsazali Abdullah, Mohd Kamal Azman Jusoh (2014), The Understanding Of The Islamic Banking Concept Among Muslim Community In Malaysia, Jurnal Muamalat JAKIM, Volume 7. 2014.
  • McMillan, J.H dan Schumacher, S. (2006). Research in Education. Boston: Pearson Education.
  • Mohani Abdul, H. I. ( 2009). Consumer decision making process in shopping for halal food in Malaysia. China-USA Business Review, Volume 8, No.9 (Serial No.75).
  • Mohd Majid Konting. (2000). Kaedah Penyelidikan Pendidikan. KL: DBP.
  • Mohd Yusri Ibrahim. (2010). Bimbingan cepat analisis data penyelidikan: Untukpendidikan dan sains sosial. Bandar Ilmu: Kuantan.
  • Noor Azman Ali & Fauziah Mahat (2009). Keupayaan Institusi Pembiayaan Industri Sederhana, Kecil dan Mikro Dalam Melahirkan dan Memperkasakan Usahawan Kecil Yang Berdaya Maju: Ke arah Satu Pendekatan Baru Yang Lebih Berkesan. Kongres Ekonomi Islam ke 3, Dewan Merdeka PWTC Kuala Lumpur. 12-15 Jan 2009.
  • Nor Aini Ali (2005). Perancangan Kewangan Islam dan konvensional: Analisis Perbandingan dlm. Buku Teori dan Aplikasi Kontemporari Sistem Ekonomi Islam di Malaysia, pages 17-35, Utusan Publication & Distributors Sdn. Bhd. Kuala Lumpur
  • Rodziah Abdul Taib (2002). Tabung Industri Kecil dan sederhana (IKS): Pelaksanaannya di BIMB. Kajian Ilmiah Akademi Pengajian Islam Universiti Malaya, Kuala Lumpur.
  • Rohani Mohd Shahir. (2003). “Perancangan Kewangan dari Perspektif Shariah” in Massa 383, page1-7 & 23, Mac 2003.
  • Shofian, A. & Amir Husin, M. N. (2002). Zakat membangun ummah. Kuala Lumpur: Utusan Publications & Distributors Sdn Bhd.

Year 2016, Volume: 2 Issue: 6, 747 - 752, 18.12.2016

Mohd Daud Awang Muhamad Nur Aiman Mohd Noor Junaina Muhammad Amalina Abdullah Suhaimi Ab. Rahman Mohamed Hisham Dato Yahya

https://doi.org/10.18769/ijasos.99526

Abstract

References

  • Airasian, P. & Gay, L. R. (2003). Educational Research: Competencies for Analysis and Applications (Seventh Edition). Upper Saddle River, NJ: Pearson Education.
  • Ajzen, I. and Fishbein, M. (1980). Understanding Attitude and Predicting Social Social Behaviour, Prentice Hall, Englewood, Cliffs, NJ.
  • Al-Quran Al-Karim
  • Amin, H., Abdul Rahman, A.R., Sondoh Jr, S.L., & Chooi Hwa, A.M. (2011).Determinants of customers' intention to use Islamic Personal Financing, Journal of Islamic Accounting And Business Research, 2(1), 22-42.
  • Bhasah Abu Bakar. (2007). Kaedah analisis data penyelidikan ilmiah. Kuala Lumpur:Utusan Publication.
  • Cates, W.M. (1990). Panduan Amali Untuk Penyelidikan Pendidikan (Terjemahan). KL: DBP
  • Gay, L.R. (1996). Educational research: Competencies for analysis and aplication. New Jersey: Prentice-Hall.
  • Hashim, M.K. (2000). A proposed strategic Framework for SMEs success. Malaysian Management Review, 35(2), 32-43.
  • Hashim, M.K., & Abdullah, M.S. (2000). A proposed framework for redefining SMEs in Malaysia: One industry,one definition. Asian Academy of Management Journal, 65-79.
  • Hilgert, Marianne A. And Hogarth Jeanne M. (2003). Household Financial Management: The Connection between Knowledge and Behavior, Federal Reserve bulletin, July 2003, Pp. 309-322.
  • http://www.smecorp.gov.my/index.php/en/small-and-medium-sized-enterprises
  • Jaffar, M. A &Musa, R., (2013). Determinants of Attitude towards Islamic Financing among Halal Certified Micro and SMEs: A Proposed Conceptual Framework. International Journal of Education and Research, 1:8, p1-10.
  • Lahsasna, Achene (2010), Understanding Shariah Financial Planning, Financial 1st Journal, January 2010 Issue, Malaysia Financial Planning Council, 40-41.
  • M.D. Awang, Joni Tamkin Borhan, Norsazali Abdullah, Mohd Kamal Azman Jusoh (2014), The Understanding Of The Islamic Banking Concept Among Muslim Community In Malaysia, Jurnal Muamalat JAKIM, Volume 7. 2014.
  • McMillan, J.H dan Schumacher, S. (2006). Research in Education. Boston: Pearson Education.
  • Mohani Abdul, H. I. ( 2009). Consumer decision making process in shopping for halal food in Malaysia. China-USA Business Review, Volume 8, No.9 (Serial No.75).
  • Mohd Majid Konting. (2000). Kaedah Penyelidikan Pendidikan. KL: DBP.
  • Mohd Yusri Ibrahim. (2010). Bimbingan cepat analisis data penyelidikan: Untukpendidikan dan sains sosial. Bandar Ilmu: Kuantan.
  • Noor Azman Ali & Fauziah Mahat (2009). Keupayaan Institusi Pembiayaan Industri Sederhana, Kecil dan Mikro Dalam Melahirkan dan Memperkasakan Usahawan Kecil Yang Berdaya Maju: Ke arah Satu Pendekatan Baru Yang Lebih Berkesan. Kongres Ekonomi Islam ke 3, Dewan Merdeka PWTC Kuala Lumpur. 12-15 Jan 2009.
  • Nor Aini Ali (2005). Perancangan Kewangan Islam dan konvensional: Analisis Perbandingan dlm. Buku Teori dan Aplikasi Kontemporari Sistem Ekonomi Islam di Malaysia, pages 17-35, Utusan Publication & Distributors Sdn. Bhd. Kuala Lumpur
  • Rodziah Abdul Taib (2002). Tabung Industri Kecil dan sederhana (IKS): Pelaksanaannya di BIMB. Kajian Ilmiah Akademi Pengajian Islam Universiti Malaya, Kuala Lumpur.
  • Rohani Mohd Shahir. (2003). “Perancangan Kewangan dari Perspektif Shariah” in Massa 383, page1-7 & 23, Mac 2003.
  • Shofian, A. & Amir Husin, M. N. (2002). Zakat membangun ummah. Kuala Lumpur: Utusan Publications & Distributors Sdn Bhd.
There are 23 citations in total.

Details

Journal Section Articles
Authors

Mohd Daud Awang

Muhamad Nur Aiman Mohd Noor

Junaina Muhammad

Amalina Abdullah

Suhaimi Ab. Rahman

Mohamed Hisham Dato Yahya

Publication Date December 18, 2016
Submission Date January 7, 2017
Published in Issue Year 2016 Volume: 2 Issue: 6

Cite

EndNote Awang MD, Mohd Noor MNA, Muhammad J, Abdullah A, Ab. Rahman S, Yahya MHD (December 1, 2016) ACCEPTANCE AND APPLICATION OF ISLAMIC FINANCIAL PLANNING AMONG SMALL AND MEDIUM ENTERPRISES HALAL OPERATOR IN PENINSULAR OF MALAYSIA. IJASOS- International E-journal of Advances in Social Sciences 2 6 747–752.

Contact: ijasosjournal@hotmail.com

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