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Acceptance and application of Islamic financial planning among small and medium enterprises Halal operator in Peninsular of Malaysia

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 i...

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Main Authors: Awang, Mohd Daud, Mohd Noor, Muhamad Nur Aiman, Muhammad, Junaina, Abdullah, Amalina, Ab. Rahman, Suhaimi, Yahya, Mohamed Hisham
Format: Article
Language:English
Published: International Organization Center of Academic Research 2016
Online Access:http://psasir.upm.edu.my/id/eprint/53715/1/Acceptance%20and%20application%20of%20Islamic%20financial%20planning%20among%20small%20and%20medium%20enterprises%20Halal%20operator%20in%20Peninsular%20of%20Malaysia.pdf
http://psasir.upm.edu.my/id/eprint/53715/
http://ijasos.ocerintjournals.org/issue/26675/284961
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spelling my.upm.eprints.537152019-05-08T03:30:56Z http://psasir.upm.edu.my/id/eprint/53715/ Acceptance and application of Islamic financial planning among small and medium enterprises Halal operator in Peninsular of Malaysia Awang, Mohd Daud Mohd Noor, Muhamad Nur Aiman Muhammad, Junaina Abdullah, Amalina Ab. Rahman, Suhaimi Yahya, Mohamed Hisham 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. International Organization Center of Academic Research 2016 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/53715/1/Acceptance%20and%20application%20of%20Islamic%20financial%20planning%20among%20small%20and%20medium%20enterprises%20Halal%20operator%20in%20Peninsular%20of%20Malaysia.pdf Awang, Mohd Daud and Mohd Noor, Muhamad Nur Aiman and Muhammad, Junaina and Abdullah, Amalina and Ab. Rahman, Suhaimi and Yahya, Mohamed Hisham (2016) Acceptance and application of Islamic financial planning among small and medium enterprises Halal operator in Peninsular of Malaysia. International E-Journal of Advances in Social Sciences, 2 (6). pp. 747-752. ISSN 2411-183X http://ijasos.ocerintjournals.org/issue/26675/284961 10.18769/ijasos.99526
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description 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.
format Article
author Awang, Mohd Daud
Mohd Noor, Muhamad Nur Aiman
Muhammad, Junaina
Abdullah, Amalina
Ab. Rahman, Suhaimi
Yahya, Mohamed Hisham
spellingShingle Awang, Mohd Daud
Mohd Noor, Muhamad Nur Aiman
Muhammad, Junaina
Abdullah, Amalina
Ab. Rahman, Suhaimi
Yahya, Mohamed Hisham
Acceptance and application of Islamic financial planning among small and medium enterprises Halal operator in Peninsular of Malaysia
author_facet Awang, Mohd Daud
Mohd Noor, Muhamad Nur Aiman
Muhammad, Junaina
Abdullah, Amalina
Ab. Rahman, Suhaimi
Yahya, Mohamed Hisham
author_sort Awang, Mohd Daud
title Acceptance and application of Islamic financial planning among small and medium enterprises Halal operator in Peninsular of Malaysia
title_short Acceptance and application of Islamic financial planning among small and medium enterprises Halal operator in Peninsular of Malaysia
title_full Acceptance and application of Islamic financial planning among small and medium enterprises Halal operator in Peninsular of Malaysia
title_fullStr Acceptance and application of Islamic financial planning among small and medium enterprises Halal operator in Peninsular of Malaysia
title_full_unstemmed Acceptance and application of Islamic financial planning among small and medium enterprises Halal operator in Peninsular of Malaysia
title_sort acceptance and application of islamic financial planning among small and medium enterprises halal operator in peninsular of malaysia
publisher International Organization Center of Academic Research
publishDate 2016
url http://psasir.upm.edu.my/id/eprint/53715/1/Acceptance%20and%20application%20of%20Islamic%20financial%20planning%20among%20small%20and%20medium%20enterprises%20Halal%20operator%20in%20Peninsular%20of%20Malaysia.pdf
http://psasir.upm.edu.my/id/eprint/53715/
http://ijasos.ocerintjournals.org/issue/26675/284961
_version_ 1643835468289146880
score 13.211869

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