Browsing by Author "Saidatolakma Bt Mohd Yunus"

This Build, Operate and Transfer (BOT) is a new concept applied in developing and constructing private and public infrastructures. It is a means of project financing and operating practiced primarily in the area of private infrastructure in developing countries. Recently, some waqf institutions have applied the BOT approach. The BOT structure gives a new direction in the field of waqf, as it enhances waqf property for public benefits. The involvement of waqf institution in developing its property and public infrastructures through BOT is a challenging exercise. The study examines the current practice of this contract in waqf institutions in general and in Majlis Agama Islam Wilayah Persekutuan with reference to the contracts applied in compliance with the principles of Shari„ah. Besides that, the study aims at identifying the Shari`ah issues and problems the waqf institution may face during the implementation of BOT. The study will look into the general idea of BOT contracts, its concept, structures, contents as well as operation. The methodology used in this study is archival research with emphasis on contemporary works on Islamic jurisprudence. The data and related information are collected from classical and contemporary books, conference and seminar papers, interviews and discussion.

As Islamic banks are established within the Shari`ah realm, all activities are expected to follow Shari`ah principles. However, ensuring Shari`ah compliance is not a straightforward matter. Although Islamic banks are striving to develop their products, activities and operations according to Shari`ah principles by enhancing their Shari`ah governance framework, Shari`ah non-compliance events still occur which in some situations involve a financial impact that leads to non-halal income. Non-halal income realised in Islamic banks could not be utilised for their own benefits and thus needs purification. This research focuses on developing a guideline or mechanism in purification of non-halal income for Islamic banks in Malaysia. It delineates the concept of non-halal income, its sources, the purification treatments from the Islamic perspectives based on the discussion of Muslim scholars as well as the Shari`ah and operational issues that distract the success of the purification process. This research is qualitative in nature and it utilized textual analysis technique in analyzing the data. The findings argue that there are differences of approach in purifying non-halal income by Islamic banks. This position acknowledges that there are shortcomings to the existing approach which need further improvement and standardization. The research is a very useful source of information that may provide relevant guidelines in purification of non-halal income. It is worth noting that an Islamic bank will not be truly Islamic unless all the income and the profits generated are pure and no impure income and profits are retained by the banks.