Abstract-The article is a response to rapid uptake of online transactions that encompasses the secure transactions that comply with the Shariah principles. The algorithm in the articles proposed the inclusion of Intermediate Shariah Transaction Party (ISTP) as an intermediary for communications between merchant and customers before the transactions can be concluded. The design facilitates the efficient and effective e-commerce transaction process to alleviate three common shortcomings in e-commerce transactions namely riba', gharar and the validity and the legality of e-commerce transactions from Shariah point of view without compromising the security aspects of the transactions. The designs were refined and presented before by the Islamic scholars before the final design was agreed on. This invention will become a major breakthrough in Shariah compliance ecommerce transactions in order to serve 2.1 billion Muslims Ummah worldwide.
One effective way of accelerating the commercialization of university innovations (inventions) is to execute a "Technological Entrepreneurship" framework that helps the execution of agreements between universities and industry for commercialization. Academics have been encouraged to commercialize their research and findings yet the level of success of commercialization of inventions (innovations) in industry is questionable. As there is no agreed commercialization framework to guide the execution of processes to support inventions moving from laboratories to the right market. The lack of capabilities of appropriate processes have undermined the turning of innovation and products into wealth. The research questions are designed to identify the constraints and hindrances of commercialization and the characteristics of successful processes built from framework based on selected case studies of incubation capabilities within universities commercialization program.
Issues concerning purchasing on-line, the medium of transaction via on-line or Internet, e-payment mode are among new challenges that require Islamic scholars and researchers to broaden the scope of definition of Shariah compliance e-commerce transaction. As Malaysia is heading towards e-commerce and purchasing on-line has no longer a new trend; the challenges arise for solution in accordance with Shariah principles. This paper will propose a model that comprises several components namely, the core Shariah component itself, sound technological means and regulatory body that supports e-commerce transactions.
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