IM U6 5 2 IS LAM IC F INANCIAL P LANNING

K N OW L E D G E A N D A P P L I C A T I ON OF I S L A M I C F I N A N C I A L
P L A N N I N G A M ON G S M A L L A N D M E D I U M E N T E R P R I S E S
HA L A L OP E R A T OR S I N P E N I N S U L A R OF M A L A Y S I A

NAME STUDENT ID

AMIRUL ALIEF BIN ZOL

2017507261
BAHARIN

Assessment:

Abstract

Introduction and Methodology

Result, Analysis and Discussion

Technical and Reference

Ethics and Professionalism

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 KNOWLEDGE AND APPLICATION OF ISLAMIC FINANCIAL

PLANNING AMONG SMALL AND MEDIUM ENTERPRISES HALAL OPERATORS IN

PENINSULAR OF MALAYSIA

Name AMIRUL ALIEF BIN ZOL BAHARIN

Student ID 2017507261

Group IC2106B

Abstract

Firstly, in this article, the written has research about Islamic financial
*The abstract shall brefly planning among small and medium enterprises halal operators in peninsular
describe: of Malaysia. Malaysia has involved the industry of halal among years 2006 to
• Summary (what) 2020 and dominate in Asian country as a great authority in development of
halal pub. Malaysia as an Islamic country should be emphasize in halal
• Why and how
(why and how it is industry. In addition, discussion about halal it not just in aspect of food
invented, beverage, but it involved many aspects such as in transaction of business, the
innovated or
system that applied by bank in contract buy a commodity like house, in
designed)
investment or etc.
• Advantage/main
features/uniquenes The purpose of government invented halal product is to avoid a
s prohibited thing in Islamic perspective in all aspect. For the example we can
• Impact to socio take is in financial transaction aspect is can avoid from usury, uncertainty,
economic/socio gambling and etc. This is because, we can look many Muslim in Malaysia
environment
involved in the system to gain a profit or money have a prohibited thing in
Islamic law such as forex. Besides that, there are important to expand the
knowledge about halal operators among the seller who is have a business and
people in Malaysia.

In addition, this relationship recognizes the importance of knowledge and

practice of Islamic financial planning among halal SME operators in
promoting halal products and services and boosts demand for Malaysian halal

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 products at the international level. This impact can growth the economics of
country.

Keywords Halal industry, Halal SME operator, Islamic financial planning

Introduction

Malaysian is the one of country that dominate halal industry or halal pub

*Guidelines:
Briefly describe the
introduction of the topic
e.g. dimension,
components, special
features and etc.
in Asian. The request of halal product in Malaysia has increase and get high
demands from the SMES (small and medium enterprises) and it automatically
helping a small entrepreneur to growth their business and expand the halal
industry in Malaysia.
However, to ensure that the process of the whole production is halal,
halal SME operators are recommended to apply the Halal Standards in the
sales production process. Halal Standards (HS) set by government authorities
such as Halal Industry Development Corporation (HDC) and Jabatan
Kemajuan Islam Malaysia (JAKIM). These two authorities are responsible to
make sure responsible to conduct halal certification and auditing processes
which are based on good quality value, safe, to achieve halal standard.

Pictures/ Schematic
diagrams/ Flow
Charts/Screenshots/Grap
hs and etc.

*Guidelines

We suggest that you use

the insert picture function
to insert the graphics
(which is ideally a 300 dpi
resolution TIFF or EPS
file with all fonts
embedded) because this

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method is somewhat more
stable than directly
inserting (copy-paste) a
picture.
Argument
*Guidelines:
Briefly descibe the
origins, product
uniqueness and juristic
opinion and argument on
the issues.
Importance and Benefit
to Islamic Financial
Planning
*Guidelines:
Briefly descibe the
product advantages,
possible area of
application and its benefit
to Islamic Financial
Planning.
In my opinions in this issue, the writer has chosen a good issue about the
halal operator in small and medium enterprises. This issue can create
awareness to all entrepreneur and community.
Besides that, Malaysia as a Muslim country, halal operators, halal
transaction and halal in aspect food should be practice and apply to all people
and corporation in Malaysia. This is because, it not just important because
based on Islamic perspective, but it gives more benefits to the Muslim people
and to country mainly in aspect of economy.
There are have several importance and benefit that applied the halal
operator system to Islamic financial planning. According to Islamic law, Islam
is supported their ummah to get money or food from the halal product and
avoid all the prohibited things in Islamic perspective. Halal not just in food
but in financial has a law to choose a halal transaction.
The first benefits halal transaction or halal product to Islamic financial
planning is they can support the Islamic financial to compete the conventional
system not just in country but at the international. For example, we can take a
takaful. Takaful is the one transaction like an insurance but according and
follow the Islamic law which is have potential to compete with the
conventional insurance. From the takaful product, it can strength and support
the economy of Islamic financial.
In addition, if the Islamic financial are strength and growth, it can help a
Muslim people in all aspect such as in aspect financial, education, health and
etc. strength economy is the one of important things that we should have today.
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 Furthermore, if the halal sector expands, it can help develop Islamic
financial plans and strategies to achieve goals. This is because in halal sector,
have a more aspect include food or transaction on finance. In sector of food,
the country can create their own product and export to international. With this
way, it can help develop Islamic financial plans to achieve goal.

Lastly, the benefit of halal sector to Islamic financial planning is to avoid

the prohibited things in the transaction of finance such as gambling, gharar
and maisir. For the example if bank apply the halal transaction or contract
based on Islamic perspective such in buy house, it can avoid from any
prohibited things based on Islamic law. The Islamic financial planning has a
goal to avoid a prohibited thing, but if halal transaction growth it can be easier.

Further study

*Guidelines: The implemented the halal operator to the small medium enterprises

Briefly descibe the (SME) by the government is the good way more as in the Muslim country like
product potential in Malaysia. Halal operator has a big potential to growth in aspect of economic.
marketability and This is because Malaysia has a majority in Muslim people and they can
commercialization
support it. Beside that halal operator has same goals with Islamic finance
possibilities.
because it based on Islamic law.

In addition, if we see Malaysian considered as a leader in Asian as

the halal pub and it can growth over the world. If government consistently
instruct entrepreneur or corporation practiced halal system in their transaction,
it can be expands and growth from time over the time and automatically the
next generation follow this system.

Lastly, Islamic financial planning should be practiced by everyone

especially Muslim entrepreneur. Thus, the responsible authority such as the
Ministry of Education and other authorities such as HDC and JAKIM need to
enhance their role in unraveling awareness and knowled ge among halal SME

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operators in an effort to fully integrate the Islamic financial system with
products and services industry to growth the halal operators.

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Reference

Awang, M. D., Noor, M. N. A. M., Muhammad, J., Abdullah, A., Rahman, S. A., &
Yahya, M. H. D. (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), 747-752.

Omar, C. M. Z. C. (2013). Challenges and marketing strategies of Halal products in

Malaysia. Interdisciplinary Journal of Research in Business ISSN, 2046, 7141.

Tan, I. (2016). Factors that influence the intention to adopt halal logistics services among
Malaysian SMEs: Formation of hypotheses and research model. Asian Social
Science, 12(7).