Islamic Management

Limitation : Limitation administration “The customary limitation of administration is getting fruit effected through inhabitants, yet genuine administration is developing inhabitants through fruit. ” Characteristic of customary administration : Examinees each supplies sector and environment factor in disconnection Examines each supplies sector and/or environmental factor in disconnection (e. g. , steep, soul, controlests, fish) Convergencees on biotic factors; poor, if any, consequence of ecological manneres (e. g. , hydrological manner) Targets merely favoring suppliess of improvement; typically those of commercial appreciate Conflicting administration policies
Comparision Islamic administration and customary administration 1. 2 CONVENTIONAL AND ISLAMIC UNIT TRUSTS 1. 2. 1 CONVENTIONAL UNIT TRUSTS Lowd on the Guidelines on Individual Commission Importants issued by the Securities Commission in October 1991, a individual commission important community can merely endow in authorized Malaysian goods, which embrace listed and unlisted securities of Malaysian companies, Malaysian Government Securities, Cagamas bonds, bankers’ defenses, Negotiable Certificates of Deposits, Government Endowment Certificates and coin (Banker’s Journal Malaysia, 1995).
However, in March 1994, the Commission has granted a supplies by which commission importants can endow (10% of portfolio) in overseas stock. Hence, customary individual commission importants can endow in any of the over Malaysian goods outside any incapability as hanker as the importants enjoy referable reached its zenith general extent. 3 1. 2. 2 ISLAMIC UNIT TRUSTS The Islamic individual commissions principally convergence on the endowments in portfolios of ‘halal’ stocks and bonds complying with the Syariah powers.

Such ‘halal’ stocks except companies involving in activities, products or services kindred to customary banking, prophylactic and financial services, gambling, alcoholic beverages and non-halal prop products and too companies whose products can motive complaint, expiration, illness or flush advance gregarious ills such as tobacco. From an Islamic perspective, the over industries are relinquished as they reproduce-exhibit atoms that are controlbidden by Everyah and the harmful goods of such products on humanity (Smart Endowor, 2002).
The produce of Islamic individual commissions too relinquish the stroke of ‘riba’ or usury improvement through the manner of cleaning or antidote by the disruption of such amounts reproduce-exhibiting the improvement atom. In instances where a important has inadvertently made avail endowing in non-permissible sectors, the important reach discharge the endowments. The everyowance of the reach reach then be donated to charities. Mohd Nasir (2000) mentioned in his article that the Syariah power of ‘musharakah’ acts as a low control Islamic individual commission whereby it is a participatory financing involving concord between the auxiliary of important and the user.
Therefore, the providers of importants or partners are the individualholders in an Islamic individual commission. A controlmal reduce between the individualholders, important or important, improvement, the propose, the defense and the endowment activities are too serviceable among the action of the Islamic individual commission. The concept of ‘al-wadiah yad dhamanah’ or guaranteed unendangered guardianship is complicated in the performance of the Islamic individual commission important. Prior to the importants entity, the owners of goods are the endowors, protector holder is the important overseer, and asset is the currency endowed.
After the romance of the important, the owners of goods are the individual holders, the protector is the commissionee and the goods embrace every goods of the important. Besides that, the concept of ‘al-bai’bithamin ajil’ is too actiond in the Islamic individual commission whereby there is a proceeding of bribeing and rescue of individuals of importants. In this fact, the lapse or rescue appraisement is the overseers controlward selling or bribeing appraisement at the present valuation object when endowors run to bribe or individualholders run to rescue their shares. Furtherover, the valuation object is the appraisement at the arrest of vocation control the day.
Nonetheless, lowd on ‘al-wakalah power’, the appraisement must be resolute at the occasion the reduce of sale or lapse is manufactured. As a issue, the floating action of Islamic individual commission does referable yield to the ‘al-wakalah’ power. Thus, it has been suggested that daily unromantic appraisement would be further misapply in classify to perceive-keep the Syariah powers (Shariff, 2002). Apart from having the identical banner criteria control other customary individual commissions as explained in the Securities Commission’s Guidelines on Individual Commission Importants (1997), the Islamic individual 4 commission importants must lso coalesce the criteria as advised by the Securities Commission’s Syariah Advisory Council (SAC) 2 . Control sample, the Islamic individual commission importants can merely endow in securities general by the SAC. The commission importants are too required to apobject a Syariah committee or syariah consultant who must be general by the Commission. As at October 25 th , 2002, the SAC has general 684 securities [543 general securities as at January 2 nd , 1999 (Arbi, 1999)] listed on the KLSE and classified them as ‘halal’ stocks thus can be bought by the Islamic commission important overseers

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