Journal of Contemporary Islamic Law

No eISSN: 0127-788X
I

2021 6(2)

15 DECEMBER 2021

Isu-isu Syariah bagi Aplikasi Modal Teroka di dalam Koperasi

Shariah Issues on The Application of Venture Capital in Cooperative

Khairul Fatihin Saedal Atas, p90074@siswa.ukm.edu.my
Postgraduate Student, Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Azlin Alisa Ahmad, azlinalisa@ukm.edu.my
Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Mohammad Zaini Yahaya, zainiyahya@ukm.edu.my
Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Amir Fazlim Jusoh@Yusoff, amiry@ukm.edu.my
Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Received: 14 September 2021 | Accepted: 30 November 2021 | Published: 15 December 2021

2021, Vol. 6(2), pp. 126-136.  |  PDF

Terdapat cadangan bagi aplikasi modal teroka patuh syariah di dalam koperasi koperasi di Malaysia. Oleh kerana aplikasi ini belum lagi ada di dalam amalan koperasi koperasi di Malaysia, terdapat keperluan menjelaskan apakah dorongan syariah melalui perspektif maqasid syariah serta isu isu syariah yang berpotensi akan muncul. Kajian ini bertujuan untuk menjelaskan isu isu syariah yang akan timbul apabila modal teroka Islam diaplikasikan oleh koperasi. Kajian ini adalah berbentuk tinjauan penerokaan, di mana maklumat maklumat berkenaan pembolehubah pembolehubah yang berkait dengan aplikasi modal teroka dalam koperasi dikumpul dan dikenalpasti. Kajian ini akan menetilti risiko ketidak patuhan syariah dari sudut jalur masa sebelum, semasa dan selepas penawaran modal teroka. Risiko ini dinilai berdasarkan kajian yang telah dijalankan terhadap potensi aplikasi modal teroka di dalam koperasi. Kajian ini akan menggunakan teknik analisis kandungan sama ada dari sumber primer dan sumber sekunder. Hasil kertas kerja ini menjelaskan dorongan syariah menurut perspektif maqasid syariah berkenaan aplikasi modal teroka Islam di dalam koperasi. Dapatan kajian menunjukkan terdapat isu isu syariah pada aplikasi modal teroka di dalam koperasi sepanjang jalur masa pelaburan. Isu isu syariah tersebut adalah berkenaan sumber dana modal teroka, penempatan dana, sumber utama koperasi primer, tanda aras patuh syariah koperasi primer, pemasaran, jalan keluar dalam konteks koperasi, zakat dan penyucian bahagian tidak halal. Oleh itu penglibatan penasihat syariah adalah satu keperluan seawal yang boleh. Implikasi kajian ini adalah ia dapat dijadikan sumber rujukan bagi aplikasi modal teroka Islam di dalam koperasi kelak. Kajian ini juga mencadangkan supaya dijalankan kajian kes terhadap modal teroka yang telah dijalankan di dalam masyarakat koperasi.

Kata kunci: Syariah, modal teroka, koperasi, aplikasi, maqasid Syariah

There is a proposed method for application of shariah-compliant venture capital in cooperative society in Malaysia. As this application is not yet available in the practice of cooperatives in Malaysia, there is a need to explain the impetus of shariah through the perspective of maqasid shariah. Furthermore, the potential shariah issues will be further elaborated. This paper aims to clarify the shariah issues that will arise when islamic venture capital being applied by cooperatives. This is an exploratory study, where information on the variables related to the application of venture capital in cooperatives will be gathered and be identified. This study will raise the risk of shariah non-compliance in terms of time frames before, during and after the venture capital offering. This risk is assessed based on studies that have been conducted on the potential application of venture capital in cooperatives. The results of this paper explain the Shariah motivation according to the perspective of maqasid shariah regarding the application of Islamic venture capital in cooperatives. The study findings indicate the existence of shariah issues in the application of venture capital investment in cooperative throughout investment timeline. The shariah issues are related to the source of venture capital funds, placement of the funds, the main activity of primary cooperatives, shariah-compliant benchmarks of primary cooperatives, marketing issues, exits strategy regarding the context of cooperatives, zakat and purification of non-halal parts. Thus, the involvement of shariah advisors is a requirement as early as possible. The implication of this study is it can be a reference for the application of islamic venture capital in cooperatives in the future. This study also suggests conducting a case study on venture capital that has been conducted in the cooperative community.

Keywords: Syariah, venture capital, cooperatives, applications, maqasid Syariah

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