Journal of Management and Muamalah

Blockchain Technology in Tourism Industry: A Bibliometric Analysis

2024-02-23T17:32:50+08:00

The integration of Industry 4.0 (I4.0) technologies has significantly transformed the tourism industry. Additionally, the COVID-19 pandemic has accelerated the adoption of I4.0 technologies in this sector. However, there is limited evidence on how specific I4.0 technologies, such as blockchain, support the tourism industry, particularly in the post-pandemic era. This review seeks to provide insights into emerging research trends that incorporate blockchain technology into the tourism sector. To achieve this, a systematic literature network analysis (SLNA) was conducted, combining a systematic literature review (SLR) with bibliometric analysis. The analysis was based on a corpus of 163 studies published from 2017 to 2024, sourced from the Scopus database, and was carried out using the Biblioshiny tool in R-studio. The findings indicate that blockchain technology has gained popularity in recent years, with most research focusing on developed economies, while there is a notable gap in studies from emerging and developing economies. Tourism practitioners should consider the results of this study from multiple perspectives to enhance their current and future operations and strategies. This study introduces several novel areas, particularly concerning methodology and research context. The innovative SLNA approach was used to review blockchain applications in the tourism industry, though the study was limited to this sector. Future research could explore related topics, such as cryptography, ecosystems, and technology adoption, which are still developing in this and other fields.

Analisis terhadap Aspek Undang-Undang Muamalat dalam Manuskrip Kanun Negeri Lingga

2024-09-25T11:19:40+08:00

Manuskrip Kanun Negeri Lingga (KNL) adalah sebuah teks Undang-undang Melayu Lama (UML) yang membuktikan kewujudan perundangan Islam di Sarawak. Manuskrip KNL mempunyai 88 halaman yang menyatakan tentang Undang-Undang Islam (Syariah); Undang-Undang Pemerintahan Raja (Hukum Kanun Datu); Undang-Undang Adat Melayu Lingga; Undang-Undang Jenayah; Undang-Undang Laut (Pelabuhan, kapal, pelayaran, perahu dagang) dan Undang-Undang Muamalat (berdagang, berniaga, bergadai, jual beli dan pinjam meminjam). Kajian ini bertujuan untuk membuktikan kewujudan pengamalan undang-undang muamalat Islam di Sarawak sebelum kedatangan James Brooke ke negeri ini. Objektif khusus kajian ini adalah menghuraikan maklumat dan kandungan berkaitan manuskrip Kanun Negeri Lingga; dan, mengkaji undang-undang muamalat yang terdapat di dalam manuskrip Kanun Negeri Lingga. Kajian ini menggunakan pendekatan penyelidikan deskriptif kualitatif iaitu menggunakan kaedah kajian perpustakaan dan analisis dokumen. Kajian ini berjaya menghuraikan maklumat dan kandungan manuskrip KNL, dengan tumpuan khusus terhadap aspek undang-undang muamalat. Analisis terperinci telah dilakukan terhadap pelbagai aspek undang-undang muamalat dalam KNL, meliputi hukum berniaga, riba, jual beli rumah, tanah dan hasil buah-buahan, sandar (cagaran) dan hutang, muflis, memberi modal dan menjaga amanah. Kajian ini merumuskan bahawa kewujudan manuskrip KNL ini menjadi salah satu bukti dalam memberi sumbangan yang bermakna untuk membentuk rangka perlembagaan Sarawak amnya dan perundangan Islam di Sarawak khasnya.

The Manuscript of Kanun Negeri Lingga (KNL) is an Old Malay Law (UML) text that proves the existence of Islamic legislation in Sarawak. The KNL manuscript has 88 pages that discuss Islamic Law (Shariah); Royal Governance Law (Hukum Kanun Datu); Lingga Malay Customary Law; Criminal Law; Maritime Law (Ports, ships, navigation, trading vessels) and Muamalat Law (trading, business, pawning, buying and selling, and lending). This study aims to prove the existence of Islamic muamalat law practices in Sarawak before the arrival of James Brooke to this state. The specific objectives of this study are to describe the information and content related to the Kanun Negeri Lingga manuscript; and to examine the muamalat laws contained in the Kanun Negeri Lingga manuscript. This study uses a qualitative descriptive research approach, employing library research methods and document analysis. This study successfully describes the information and content of the KNL manuscript, with a specific focus on aspects of muamalat law. A detailed analysis has been conducted on various aspects of muamalat law in KNL, covering business law, usury, buying and selling of houses, land and fruit produce, collateral and debt, bankruptcy, providing capital, and entrusting. This study concludes that the existence of this KNL manuscript serves as one of the pieces of evidence in making a meaningful contribution to forming the framework of Sarawak's constitution in general and Islamic legislation in Sarawak in particular.

Leverage, Firm Value and Enterprise Risk Management: Evidence from Consumer Cyclical

2024-06-24T10:35:38+08:00

This study aims to examine the effect of leverage on firm value with Enterprise Risk Management (ERM) being employed as an intermediary variable in consumer cyclical companies This study involved a sample of 209 companies listed in the Consumer Cyclicals sector on the Indonesia Stock Exchange (IDX) for the period 2020 until 2022. Data were obtained from annual reports of public companies in the consumer cycle sector in Indonesia. The data were analyzed using multiple regression analysis facilitated by SPSS software version 21.0. The results of this research show that leverage has a positive effect on firm value and ERM as an intervening variable between leverage and firm value. This study contributes to the limited body of research in exploring the impact of leverage and firm value in emerging markets. Future research could conduct more studies in various industry sectors to generate more insights in this research area.

Engaging with Second Chances: How Familiarity, Stigma, and Media Exposure Shape Public Attitudes towards Ex-Prisoner-Focused Social Enterprises

2024-11-21T12:47:24+08:00

Social enterprises provide an effective method for tackling various social problems, including ex-prisoners in the domains of rehabilitation, reintegration, and the reduction of repeat offenses. While this business model is prevalent in other countries, it remains uncommon in Malaysia. This study aims to uncover the issue from the public perspective. Specifically, the objective of this study is to investigate the effects of familiarity with social enterprise models, stigmatization, and incidental news exposure on public attitudes towards ex-prisoner-focused social enterprise. Underpinned by Mere Exposure Effect Theory, Social Identity Theory, and Media Framing Theory, five hypotheses were developed and tested using partial least squares structural equation modelling on 139 cases. Results showed that familiarity with social enterprise models, stigmatization, and incidental news exposure significantly predict attitudes towards ex-prisoner-focused social enterprise. However, the moderation role of familiarity with social enterprise models was not supported for the relationship between incidental news exposure and attitudes towards ex-prisoner-focused social enterprise, and when it interacts with stigmatization. These findings contribute to the understanding of how media exposure, social stigmatization, and personal familiarity shape public perceptions of social enterprises that focus on ex-prisoner rehabilitation. The study highlights the need for targeted strategies to reduce stigmatization and leverage incidental media exposure to foster more supportive attitudes towards social enterprises that assist ex-prisoners.

The Practice of Prophetic Leadership in Strategic Management Process: Reflection of Muslim SME Entrepreneurs

2024-11-08T10:56:15+08:00

The concept of prophetic leadership, rooted in the exemplary moral principles of Prophet Muhammad (SAW), has gained increasing attention in the context of business management, particularly among Muslim entrepreneurs. This study delves into the reflections of Muslim small and medium enterprise (SME) entrepreneurs on the practice of prophetic leadership within the strategic management processes of their companies. Prophetic leadership is characterized by four key values: siddiq (truthfulness), amanah (trustworthiness), fathonah (intelligence), and tabligh (communication). Through a qualitative research approach, this study conducted semi-structured, in-depth interviews with seven Muslim SME entrepreneurs in Malaysia. The data were analyzed using thematic analysis facilitated by Atlas.ti software version 8.0. The analysis revealed four major themes that reflect the integration of prophetic leadership principles in the strategic management practices of these entrepreneurs. The findings provide valuable insights for future research and offer guidelines for policymakers aiming to enhance the entrepreneurial performance of Muslim SMEs, contributing to the realization of a Madani nation.

Securities Crowdfunding as a Source of Capital and Alternative Investment in the Maqāṣid al-Sharī’ah Perspective: Indonesian Case

2024-08-15T12:11:48+08:00

This research aims to describe the implementation of Securities Crowdfunding (SSC) in Indonesia from the perspective of Maqāṣid al-Sharī’ah. A descriptive-qualitative method is employed using library research and content analysis techniques. The results show that the implementation of SSC in Indonesia is in line with and has a meeting point with the values of the Maqāṣid al-Sharī’ah concept, especially in the context of safeguarding religion, soul, mind, lineage, and property. In the context of religious protection (ḥifẓ al-dīn), the implementation of the SSC, which is based on the DSN-MUI fatwa based on the Qur'an, Hadith, and other Islamic laws, becomes the legitimization of Islamic religious values and norms so that the entire Muslim community can maintain the purity and experience of their religion in economic transactions. In the context of protecting the soul (ḥifẓ al-nafs), the implementation of SSC, which refers to the DSN-MUI fatwa and principles, provides peace of mind for the perpetrators because they have avoided deviant practices. In the context of safeguarding reasons (ḥifẓ al- ‘aql), SSC operators are required to have adequate knowledge and competence, both in financial and aspects. In the context of safeguarding assets (ḥifẓ al-māl), the implementation of SSC does not contain elements of usury, maysir (gambling), garār (fraud), and mudarat (negative effects) so that assets are kept safe and halal. Meanwhile, in the context of safeguarding descendants (ḥifẓ al-nasl), the conformity of transactions with principles in SSC will determine the halalness of the assets obtained so that they have a positive impact on the family and descendants who are supported by the results of the business.

Cash Waqf Governance Practices: Case Study in Malaysian Tahfiz Institution

2024-08-21T15:27:23+08:00

This paper delves into the intricacies of cash waqf governance practices in a Malaysian tahfiz institution, emphasizing the critical role of internal control systems, specifically in human resources, documentation, collection and distribution, and cash waqf reporting practices. Cash waqf is an Islamic endowment that plays a pivotal role in supporting the financial stability and operational sustainability of these religious educational institutions. Despite its importance, there remains a paucity of comprehensive studies exploring the internal control mechanisms governing waqf management in this context. This paper aims to examine in-depth the waqf internal control systems in tahfiz institutions in Malaysia, with a thematic analysis conducted in this study. This paper discusses the findings of the current waqf internal control system in one Malaysian tahfiz institution, focusing on human resources, documentation, collection and distribution, and cash waqf reporting practices. Based on the findings, several recommendations are made on how best practices for internal control in cash waqf management can be adopted in the future. The direction of future research includes empirical studies to assess the impact of internal control improvements on the operational and financial performance of tahfiz institutions.

Investigating the Compliance of Non-Muslim Production Workers on Halal Requirements in a Halal-Certified Food Company: A Case Study

2024-11-20T10:59:23+08:00

Malaysia has become a country where most of the population is Muslim and has contributed to a significant role to halal matters. As a country with many races, ethnicities and religions, Malaysia does not prevent non-Muslim from working in any sector in a manufacturing company that holds halal certification either in production, administration, or operation. In fact, lack of information and knowledge capacity on halal requirements is also considered as one of the most challenges part in implementing halal management system. This study aims to determine the understanding level of non-Muslim production workers on the halal standards and requirements; and to investigate the challenges faced in implementing daily practices in the production area. The data was collected using interviews and analysed by thematic analysis using NVivo. A total of five informants were selected by a combination of purposive sampling and snowball sampling technique among the non-Muslim production workers. The result shows that the non-Muslim production workers understood halal standards and requirements despite their limited knowledge. They also claimed that they faced no challenges while working in a halal manufacturing company. Hence, the significant of this study provides information to enhance customers' trust, provides a better insight to the understanding of the non-Muslim production workers for the industry players.

Exploring the Correlation Between ESG Performance and Firm Value in Indonesia Shariah-Compliant Companies

2024-08-20T10:26:17+08:00

Corporate Social Responsibilities (CSR) has become essential to contemporary business operations, highlighting a company’s dedication to ethical, social, and environmental obligations. This study examines the relationship between Environmental, Social, and Governance (ESG) scores and the firm value of Indonesia Shariah-compliant companies. The data is attracted from the Refinitiv database, and all the companies in this study have ESG reporting from 2012 to 2022, with a total data collection of 117. The STATA version 16 software was used to analyze the data for the study. This study employed unbalanced panel data regression analysis with two measures as dependent variables ROE and stock price. Independent variables in this study are return on equity (ROE) and stock price, while control variables are firm age, firm size, and leverage. The findings show varied outcomes regarding the impact of ESG initiatives on financial performance. While ESG initiatives were found to have a significant and strong relationship with overall financial performance, the results were divergent for ROE and stock price. The regression model indicates that ESG initiatives negatively influenced ROE, whereas they positively correlated with increases in stock price. The study is based on secondary data from Shariah-compliant companies in Indonesia, including the ESG disclosure for the company’s performance. Policymakers should promote balanced, tailored ESG initiatives with strong reporting standards, encourage long-term value creation, provide sector-specific support, and enhance investor attraction through education and incentives to optimize financial performance and sustainability in Indonesia's Shariah-compliant companies.

Exploring the Muslim-Friendly Hotel Concept in Malaysia Based on Maqasid Shariah Perspective

2024-10-10T12:00:19+08:00

Muslim-friendly hotel services are essential to meet the needs of tourists, especially local and foreign Muslim tourists from Middle Eastern countries. Muslim-friendly hotels are one of the Islamic tourism products that are expected to have the potential to be highlighted. However, most of the hotels that are implemented are not entirely Shariah-compliant. As a Muslim country, Malaysia should implement Muslim-friendly hotels because it is one of the requirements for Muslim tourists. Thus, this article aims to identify and analyze the concept and characteristics of Muslim-friendly hotels based on the perspective of Maqasid Shariah and the implication of Maqasid Shariah implementation in hotel operations. The methodology of this study is a qualitative approach with a document analysis design. The results of this study explain the concept and characteristics that need to be practiced in the Muslim-friendly hotel industry based on Maqasid Shariah. Integrating Maqasid Shariah principles while being “Muslim-friendly” will help Malaysia offer adequate services for both Muslim and non-Muslim tourists, contributing to cultural diversity. Such a pre-emptive measure will enhance Malaysia’s overall economic prospects and future benefits and its status as a country that embraces inter-ethnic and inter-religious coexistence. Therefore, the Muslim-friendly hotel is an ideal platform to promote Malaysia as a Muslim-friendly destination and an effective strategy for Visit Malaysia Year 2026.