This study examines the influence of taqwa (piety) on sustaining corporate governance. Taqwa (piety) manifests sincerity, integrity, wisdom, and persistency in generating ethical decisions and actions. Organizational corporate governance is in the hands of gatekeepers, employees, and other stakeholders of organizations. Any inadequacy of ethical decisions and actions is a reflection of deficit in taqwa (piety). This study uses personal interview to solicit the views of selected gatekeepers and executives of zakat institutions in Southeast Asia pertaining to the influence of taqwa (piety) level of the gatekeepers in sustaining good corporate governance in zakat institutions. The gatekeepers argued that professionalism and transparency are embedded in the code of conduct for professionals. The legal abiding behavior is confined within the scope of the code of conduct. Beyond legal obligation is the social obligation. The executives contended that taqwa (piety) is the essential spiritual strength to sustain ethical action through corporate governance. The study argued that taqwa (piety) in ethical leadership sustains organizational corporate governance.
use in, among other things, social welfare enhancing activities, both at the family, community, and state levels. Corporate waqf is defined as a type of waqf where the mawqūf (waqf assets) are in the form of shares issued and managed by a corporate entity. Corporate waqf utilizes the application of waqf principles in a corporate setting. 6 Corporate waqf is more than a charitable and philanthropic act by a business entity, but is an initiative to combine the concept of waqf and apply it to achieve business and corporate objectives. Consequently, it intends to redefine the role and function of business organizations in today's society by 'giving back' and reaching out to the community. This study tries to gauge the level of awareness and willingness of State Economic Development Corporations (SEDCs) and State Islamic Religious Councils (SIRCs) to be involved in corporate waqf initiatives. The study found that, in general, the SEDCs are receptive of the idea of corporate waqf entities managing and enhancing the values of waqf assets and waqf properties; however, this must be done within the current legal framework. The study also found a lack of coordination between the SEDCs and SIRCs in making decisions on waqf related matters. It is suggested that the state government, through its departments/agencies, play a facilitative role in ensuring the efficient development of waqf assets or properties.
Purpose The purpose of this study intends to develop a hierarchical model through prioritisation of the core competencies with respect to competitive advantage, financial and strategic performance for an oil and gas company in Malaysia. Design/methodology/approach Mixed method approach used in the present research. Initially, interviews were conducted to solicit information about the company’s core competencies, competitive advantage, and financial and strategic performance. The interview findings used for questionnaire development to rank core competencies with respect to competitive advantage, financial and strategic performance. The survey results were analysed using the analytic hierarchy process (AHP), a mathematical model and is synthesised using Super Decisions Software. Findings The study developed a hierarchical model and can be set as a benchmark for prioritising core competencies, with respect to competitive advantage, financial and strategic performance for oil and gas companies. Practical implications The prioritisation results will help the company considered in the present research and also the similar companies to optimise their resources and energy to focus on the desired and the most influential core competencies. Social implications As the oil industry develops competitive advantage, its success will cascade down to stimulate the nation’s growth, support industry and services expansion and eventually develop the nation. Originality/value This study is a first of its kind in using AHP to rank core competencies with respect to competitive advantage, financial and strategic performance for an oil and gas company. The results can be used by oil and gas companies to enhance their overall performance.
This study attempts to conceptualize an Islamic community-based enterprise by touching on the fundamental aspects that separate the understanding of capitalism and Islam, thus giving birth to a holistic community-based enterprise concept that emanates from Islamic values. It is a conceptual paper in nature. In turn, this study is designed to utilize an exploratory approach. Literature related to this topic are used as the method to analyze the content found. Based on examining three fundamental concepts in CBE: social entrepreneurship (S.E.), social capital (S.C.), and development concept. We have argued that these three fundamental concepts deserve to be reviewed from an Islamic perspective. The three fundamental concepts in conventional community-based enterprise literature contain entrenched capitalism thinking. These thoughts have deficiencies that have not been resolved in conventional literature, thus we came out with an alternative way that offers a comprehensive Islamic perspective to thoughts about the concept of Islamic community-based enterprise that can answer the challenges of local development. Further studies are required to explore the concept through systematic investigations empirically. Additionally, measuring this concept by a designed means is appreciated. The concept provides the map and alternative tool of Islamic entrepreneurship to determine the process of development which can appropriate their local conditions. In addition, it also allows stakeholders and policymakers to consider local community economic development. This study initiates a foundational contribution for an early sequence of research.
A decade ago the concept of social entrepreneurship was rarely discussed in Malaysia even though the practice of delivering social values to the population has been around for years. Efforts that combined the concept of entrepreneurship and social development were established years before the emergence of the term. Only in recent years the concept of social entrepreneurship is making a significant breakthrough and attaining more interest not only from social entrepreneurs but also academics and policy makers due to globalized economic system that in turn has resulted in the emergence of social entrepreneurship within a complex framework of political, economic and social changes occurring at the global, national and local levels. Nevertheless, the concept and definitions of social entrepreneurship, social entrepreneur and social enterprise need to be comprehended by those who are involved in the sector to further sustain the development of pertinent initiatives. Therefore, this paper reviews current literature pertaining the concepts and definitions of social entrepreneurship, social entrepreneur and social enterprise and recent development of the sector in Malaysia.
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