In this decade, the entire world realized that a healthy environment is needed for mitigating catastrophic issues created by the nature. Thus, the green bond was introduced in 2007, and the green Sukuk was issued in 2017. Malaysia took the pioneering role for issuing green Sukuk and issued ten green Sukuk within 2020. Furthermore, Indonesia has taken initiative for issuing five green Sukuk in 2018. Besides that, Saudi Arabia issued two green Sukuk and the United Arab Emirates also issued two green Sukuk in 2019. As the green Sukuk was issued in various sectors which created a curiosity to know, what are the policies were created, how did they apply and how do they impact on the environment. Accordingly, the study aims to find out implemented policies to mitigate challenges for issuing all green Sukuk in four nations. So, this study was conducted through case studies on green Sukuk by analysing available data from the green Sukuk issuers, ministries, published literature and others. The study found that green Sukuk issuers were implemented the same policies that applied to issue green bonds and still remain a great challenge. It is because, every nation has a different geographical atmosphere, culture, religion and human behaviours. In addition, the study also found that all of the green Sukuk-issued projects were selected to reduce air pollution. Therefore, further research is needed on policy and project creation according to the nation for controlling other factors, such as; pollution (water, land, and sound), deforestation, and others.
Qarinah is a kind of evidence which could be tendered in syariah courts' during trials. Syariah scholars and academicians have long acknowledged and recognized the unique and important role played by qarinah in syariah court proceedings. General acceptance, relevancy and admissibility of qarinah evidence have become the catalyst for admissibility on DNA evidence within the syariah legal fraternity. Amidst the relevancy and admissibility of DNA evidence under the current syariah legal provisions, ongoing debates on its application are brewing among contemporary academicians. Indeed, these debates stems from current legal provisions which are still underdeveloped. This article examines the admissibility of qarinah as well as DNA evidence in the light of the relevant provisions under the Malaysian Syariah Court Evidence Enactment. The research on which this article is based is qualitative and doctrinal in nature. All materials and information are analyzed through methodologies of content analysis and critical analysis. The article then looks into lacunas and gaps in the Malaysian Syariah Court Evidence Enactments as well as the Syariah Criminal Procedures Enactments and suggests on how to improve them.
Equity crowdfunding (ECF) emerged as an alternative for Small and Medium Enterprises as well as start-ups (Issuer) to raise funds by selling securities to the public by using online portal-based platform (ECF Platform). Individuals who invest in the company are called equity-holder (Investor). Since the introduction of regulatory framework of ECF by Securities Commission in 2015, the number of funds raised through ECF platform has increased each year and so do issuers who have successfully reached the fundraising target. However, the funds raised declined in 2018. This happened due to among others, the presence of challenges faced by parties in ECF transaction which are investor, issuer and ECF platform operator. Hence, besides analyzing the concept of ECF, this study highlighting some of legal and potential Sharia challenges surrounding its application. This qualitative research utilizes primary and secondary data gained from scientific database analysis and library research including guidelines, statutes, books, articles, reports and precedents on ECF. The method of data analysis are jurisprudence and comparative assessment. The finding shows that the risk of loss, fraud and liquidity are common concern. Perhaps less obvious, but nevertheless present, are Sharia challenges due to indefinite power of Sharia Adviser and the differing thoughts on the structure of equity. The article concludes by stressing on the need to find the right balance between protecting investors and facilitating access to financing that can reduce the financial constraints on entrepreneurs. Failing which drive funders out of market. Contribution/ Originality:This study is one of very few studies which have investigated legal and potential Sharia challenges of equity crowdfunding (ECF) faced by parties to the transaction namely investor, issuer and ECF platform operator. The challenges require attention from Securities Commission to ensure its sustainability given the benefits it may bring to society.
Equity Crowdfunding is a novel method for small and medium enterprises to raise fund from the public through an Internet platform operated by a third-party intermediary or platform operator. As an advanced equity Crowdfunding market in the world, United Kingdom regulation on equity crowdfunding is frequently used as a significant ingredient in its development, so it functions as a model for other legislations. Despite there is positive sign of equity crowdfunding market in Malaysia in terms of funds raised by platform operator, still the performance is pale in comparison with the achievement done by United Kingdom. This article analyses the approaches to ECF adopted in United Kingdom and Malaysia in light of the potential for cross-jurisdictional use of the framework. This qualitative research utilizes the secondary data gained from scientific database analysis and library research including documents and precedents on equity crowdfunding and analysed this data by legal interpretation and comparative assessment. The study finds key features of each jurisdiction as well as notable similarities and differences in terms of the obligations of platform operator, issuer and investor. This article recommends for issuer in Malaysia which requires small amount of funds to be exempted on the disclosure requirements and to provide tax incentive for retail investors in order to encourage public to utilize equity crowdfunding.
The Faculty of Law at Universiti Kebangsaan Malaysia (herein after referred to as UKM) has always aspired to produce law graduates who are able to serve both the civil as well as the shariah legal fraternities. The shariah legal industry was equally critical on these new law graduates as the quality of new shariah lawyers came under scrutiny. Such developments have further driven the Law Faculty of UKM to further improve the teaching and learning aspects of these shariah courses. This has of course triggered a revamp in the teaching and learning of the course of Muamalat at the Law Faculty. The aim of this paper is to explain the importance of diversified teaching method in Muamalat Courses. Survey method were adopted in analysing the effectiveness of the diversified method. The findings of the surveys showed that diversified method is relevant in teaching and learning Muamalat combining lectures, tutorials as well as Muamalat Interactive Game (MIG) in ensuring the understanding of the muamalat principles to the students.
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