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This title is a research being conducted by the authors with the use of research funds FRGS (USIM/FRGS-FSU-32-51512) to obtain an information and to develop a model of consumer protection halal products in Malaysia. AbstractHalal industry is a market that has not been fully explored and they have a very good potential in the future. This is supported by the larger number of world's Muslim community, estimated at a total of 1.8 billion in 2011, with the current value of the Halal market is estimated to reach USD2.3 trillion. However, there are some issues regarding the Halal industry both domestic and international, particularly in relation to the abuse of the Halal logo and other offenses relating to Halal logo. Apart from that, there are also other challenges, particularly in the enforcement of the relevant laws of Halal certification. The objective of this article is to look into the consumer protection and enforcement of Halal related laws that have been implemented by State Religious Department which are Religious Department of Selangor (JAIS) and Religious Department of Kelantan (JAHEIK). Other objectives of this paper is to improve and enhance the enforcement and monitoring of Halal certification for the benefit of consumers and producers and educate them to have a responsibility in producing a Halal product.

Pentadbiran harta pusaka dalam kalangan umat Islam merupakan perkara yang amat penting yang perlu difahami oleh semua pihak khasnya masyarakat Islam itu sendiri. Namun, masyarakat didapati masih kurang kefahaman mengenai konsep pentadbiran harta pusaka di Malaysia sehingga terjadinya penangguhan pembahagian sehingga bertahun-tahun. Justeru, persoalan yang timbul ialah apakah konsep pentadbiran harta pusaka di Malaysia dan implikasi negatif sekiranya harta pusaka tidak dituntut. Objektif kajian ini ialah mengkaji konsep pentadbiran harta pusaka di Malaysia dan implikasi negatif sekiranya harta pusaka tidak dituntut. Metodologi kajian yang digunakan ialah metod analisis kandungan yang bertujuan mencari dan mengumpulkan fakta-fakta bagi menghuraikan konsep berkaitan dengan pentadbiran harta pusaka di Malaysia dan implikasi negatif yang berpunca daripada harta yang tidak dituntut. Hasil kajian menunjukkan bahawa terdapat tiga agensi utama yang berfungsi dalam pentadbiran harta pusaka di Malaysia iaitu Seksyen Pembahagian Pusaka, Amanah Raya Berhad dan Mahkamah Tinggi Sivil. Bidang kuasa ketiga-tiga agensi ini berbeza bergantung kepada jenis harta sama ada harta pusaka kecil, harta pusaka besar atau harta pusaka ringkas. Hasil kajian juga menunjukkan bahawa terdapat implikasi negatif sekiranya harta pusaka tidak dituntut dari sudut ekonomi, keluarga dan perundangan. Kajian ini dapat memberi manfaat bagi segenap masyarakat umat Islam serta pihak-pihak yang bertanggungjawab dalam harta pusaka ini untuk lebih cakna dalam proses atau perkara-perkara yang melibatkan harta pusaka terutamanya. Kajian ini mampu membantu masyarakat untuk memperoleh ilmu baru dan mendidik pemikiran yang matang untuk menghindarkan salah faham dan pertelingkahan dalam kalangan ahli waris.

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The forward contract is one of derivative instruments. The value of this contract is derived from the values of underlying assets such as commodities, equities, and currencies. Muslim scholars differ on the permissibility of forward contracts. Among the key issues raised in the forward contract is the issue of gharar. In general, gharar means an excessive uncertainty and risk. However, not all contracts containing the element of gharar void the contract. This article attempts to formulate a parameter for gharar that voids the contract based on the opinions of classical and current scholars. It also analyses the elements of gharar that exist in forward contracts of crude palm oil in Malaysia. This study uses a thematic analysis approach to explain the data collected through secondary sources and interviews with few individuals involved in this industry. Based on the analysis of forward contracts on the parameter of gharar, the finding of this research indicates that the issue of gharar exists in forward contracts does not void the contracts.

Two common ways to invest gold in Malaysia, either physical gold investment or by way of opening gold saving account. Investing in physical gold can be done by means of buying and selling instrument. Meanwhile gold investment account can be done by means of buying and selling as well as mudarabah. Due to gold which is capital in mudarabah in E Qirad is in the form of dinar, while dinar is no longer considered as a currency, but dinar is a commodity. Therefore, the question arises whether dinar is valid either based on currency or commodity ( c arud). This study aims to determine the above mentioned position, and to study the profit of investing in E Qirad gold.

Purpose This study aims to analyse the Shariah issues in the implementation of tawarruq contract in the Islamic profit rate swap (IPRS) instrument in Malaysia. Design/methodology/approach This is a qualitative study in applying data analysis and semi-structured interview approaches. Data was collected from various documents including journals, articles and past studies conducted by scholars. To achieve the purpose of this study, the data is analysed based on thematic analysis. Findings The study found several Shariah issues regarding the implementation of tawarruq contract in the IPRS instruments, which have remained a dispute amongst the Islamic financial scholars such as its profit-making purpose, encouragement of debt, impediment of shared risk concept, disputed underlying assets, a deception towards allowing riba and dual agency. Research limitations/implications This study recommends several improvements such as the establishment of a neutral agency that does not represent any banking institution to manage the tawarruq contract commodity purchase from Bursa Suq al-Sila’ (BSAS). In addition, a neutral agency can provide aid in terms of transaction facility or at least consultation service for clients to enable them to conduct the commodity transactions independently. Practical implications Moreover, guidelines should be established on the separation of the deadline to sign the agreement of appointment of a bank as the commodity purchase agent and the agreement of appointment of the bank as the commodity sale agent on behalf of clients. All transactions related to tawarruq contract commodity must be done through BSAS. The regulators and industry experts may create a guideline for the IPRS based on the issues and recommendations that have been discussed in this study. Originality/value On the basis of the analysis of the criticisms and issues in the implementation of tawarruq contract in the IPRS instrument, the current study found that an intermediating institution is allowed to gain profits from transactions conducted so long as they are based on Shariah principles of contract in Islam. As there is no parameter specifically for IPRS, thus the suggested parameter can be used by policymakers such as the Central Bank of Malaysia to ensure the industry complies with Shariah principles.

Islamic foreign exchange forward contract widely use the principle of wa'd in order to fulfil the need of hedging. The contract is an alternative solution to conventional forward contract, whereby one party will promise to the other party to exchange currency at an agreed rate for a future date. The adaptation of wa'd (unilateral promise) or wa'dan (two unilateral promise) is seen as an exit mechanism or makharij to the impermissible conventional derivatives contract. Some opined that it is merely mimicking conventional products and labelling them as 'Islamic' in form alone. As a subsequence, it gives the same effect as conventional derivative contract and would create some economic problems. Hence, the objective of this paper is to examine the Islamic foreign exchange forward contract based on wa'dan in shariah perspectives, whether it will attain maslahah or mafsadah to the people. This study took the form of a qualitative study using the approach of content analysis method as a research design. Documents analysed in this study are al-Quran and some related maxims of jurisprudence. This study found that Islamic foreign exchange forward contract give some maslahah to the parties involved, including investors, financial institutions, corporate sectors, and Islamic economy at large. This is due to the urgent need of the Islamic economy to the Islamic hedging to solve the problem of price volatility in the market. Nevertheless, the adaptation of wa'dan principle in the Islamic foreign exchange forward contract would also lead to mafsadah as it would threaten the economy if the contract is misused for merely speculation purposes.