Journal of Contemporary Islamic Law

No eISSN: 0127-788X
I

2019 4(2)

15 DECEMBER 2019

Prospek Aplikasi Modal Teroka Islam dalam Koperasi di Malaysia: Satu Tinjauan Literatur

Prospects of Islamic Venture Capital Application in Cooperatives in Malaysia: A Literature Review

Azlin Alisa Ahmad, azlinalisa@ukm.edu.my
Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Khairul Fatihin, kfatihin@gmail.com
Postgraduate Student, Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Received: 05 April 2019 | Accepted: 10 October 2019 | Published: 15 December 2019

2019, Vol. 4(2), pp. 22-33.  |  PDF

Modal teroka terbukti memberikan kesan positif kepada perkembangan ekonomi negara kelas pertama. Namun di Malaysia, aplikasi modal teroka masih ketinggalan berbanding negara maju seperti Amerika Syarikat dan Jepun. Artikel ini mengkaji alternatif lain bagi aplikasi modal teroka Islam selain dari aplikasi sedia ada melalui syarikat modal teroka dan syarikat pengurusan modal teroka. Kajian ini akan melihat apakah prospek yang terdapat dalam koperasi koperasi di Malaysia bagi aplikasi Modal teroka Islam. Teori Pretorius & Schutte digunakan sebagai rujukan di mana konsep koperasi primer dan koperasi sekunder diperkenalkan. Prospek ini juga dapat diteliti dengan melihat lanskap sedia ada koperasi – koperasi di Malaysia. Terdapat dua pilihan bagi aplikasi kepatuhan Syariah dalam aplikasi modal teroka Islam sama ada menggunakan konsep sedia ada yang ditetapkan oleh pihak Suruhanjaya Koperasi Malaysia (SKM) ataupun melalui pilihan lain selain dari yang ditetapkan oleh SKM. Metode yang digunakan adalah analisis kandungan. Akhirnya, kajian mendapati terdapat peluang yang besar bagi aplikasi modal teroka Islam dalam koperasi di Malaysia. Kajian juga melihat terdapat persoalan persoalan penting yang perlu dirungkai bagi aplikasi modal teroka Islam di dalam koperasi di Malaysia.

Kata kunci: Prospek, Modal teroka, Koperasi, Koperasi Primer, Koperasi Sekunder

Venture capital is proven as contributed to a positive impact on the development of economy of the first lass country. However, in Malaysia, the application of the venture capital is still left behind compared to other developed countries like US and Japan. This article examines the other alternatives to the application of Islamic venture capital, besides the existing applications through the venture capital firms and venture capital management companies. This study will analyze the prospects of co-operatives in Malaysia for Islamic venture capital application. Pretorius & Schutte’s theory is used as a reference in which the concept of primary and secondary cooperatives is introduced. This prospect can also be explored by analyzing at the existing landscape of Malaysian cooperatives. There are two options of Shariah-compliant applications in Islamic venture capital either using the existing concepts set up by the Malaysian Cooperative Commission (MCMC) or through other options than prescribed by the MCMC. The method used for this study is content analysis method. Finally, the study found that there is a great opportunity for Islamic venture capital applications in co-operatives in Malaysia. The study also found that there are important questions that need to be discovered in order to apply the Islamic venture capital in co-operatives in Malaysia.

Keywords: Prospect, Venture Capital, Co-operative, Primer Cooperative, Seconder Cooperative.

Abdullah Jalil. 2005. Modal teroka sebagai pemangkin keusahawananumat Islam: Peluang dan cabarannya di Malaysia. 1–15.

Ahmad Hidayat Buang. 2004. Koperasi secara Islam dalam kerangka perundangan Malaysia. Jurnal Syariah 12: 1–24.

Ahmad Lutfi Abdull Mutalip. 2000. Islamic venture capital and private equity: legal issues and challenges. AZMI & Associates Advocates & Soicitors, 1–36.

Al-Suwailem, S. 1998. Venture Capital: A Potential Model of Musharakah. Journal of King Abdulaziz University-Islamic Economics 10 (1), 3–21. https://doi.org/10.4197/islec.10-1.1

Andri Soemitra. 2010. Bank dan Lembaga Keuangan Syaria’h. ed.1., cet.2. Jakarta: Kencana.

Bascha, A. & U. Walz. 2002. Convertible Securities and Optimal Exit Decisions In Venture Capital Finance. Journal of Corporate Finance 7: 285–306.

Chung, E. & Wessel, M. 2012. The Distruption of Venture Capital. Havard Business Review https://hbr.org/2012/01/the-disruption-of-venture-capi [30 September 2019]

Cizakca, M. 2010. Introducing venture capital to Islamic countries. The Third Islamic Venture Capital and Private Equity Conference, Kuala Lumpur. 28-29 September.

Dar, H. a, & Presley, J. R. 2000. Lack of Profit Loss Sharing in Islamic Banking: Management and Control Imbalances. International Journal of Islamic Financial Services 2(00): 9–12.

Elsiefy, E. 2014. Fundamental Requirements for Building an Islamic Venture Capital Model. Accounting and Finance Research 3(1), 55–66. https://doi.org/10.5430/afr.v3n1p55.

Feng, H. 2018. Two-Way Selection of Venture Capital and P2P Platform. Technology and Investment 09(01): 80–89. https://doi.org/10.4236/ti.2018.91006.

Gompers, P.A. & J. Lerner. 1998. What drives venture capital fund-raising? brookings papers on economic activity and microeconomics 1998:149–204.

Gompers, P.A. & J. Lerner. 1999. What drives venture capital fundraising? NBER Working Paper 6906. https://www.nber.org/papers/w6906.

Gompers, P. A., & Lerner, J. 2001. The venture capital revolution. Journal of Economic Perspectives 15(2):145-168.

Itam@Ismail, M. I., Hasan, R., & Alhabshi, S. M. 2016. Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia. Intellectual Discourse, 4878(Special Issue: Islamic Banking and Finance): 477–500.

Kamus Dewan. 2010. Edisi Baru. Kuala Lumpur: Dewan Bahasa dan Pustaka.

Malaysia. 1958. Akta Bank Negara 1958. Akta 519. (dimansuhkan)

Malaysia. 1993. Akta Koperasi 1993. Akta 502.

Malaysia. 2007. Akta Koperasi 1993. (Pindaan 2007). Akta 502.

Malaysia. 2007. Akta Suruhanjaya Koperasi Malaysia 2007. Akta 665.

Malaysia. 2009. Akta Bank Negara 2009. Akta 701.

Malaysia. 2013. Akta Perkhidmatan Kewangan Islam 2013. Akta 759.

Malaysia. 2015. Akta Pasaran Modal dan Perkhidmatan 2007 (Pindaaan 2015). Akta 671.

Mohd Mazli Mohd Aini, Salmy Edawati Yaacob & Ahmad Dahlan Salleh. 2016. Koperasi kredit menurut perspektif syariah: tinjauan dari sudut sejarah dan pandangan ulamak terhadapnya. Buku Konvensyen Kebangsaan Koperasi Patuh Syriah ANGKASA & UKM (KONSIS) 2016: 44–62.

Muhammad Issyam Itam, Rusni bt Hasan, & Syed Musa Alhabshi. 2016. Shariah Governance Framework For Islamic Co-Operatives As An Integral Social Insitution In Malaysia. Intellectual Discourse, 24. https://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/930 [30 September 2019].

Narayanasamy, C.& Hashemoghli, A. & Mohd-Rashid, Rasidah. 2012. Venture Capital Pre-Investment Decision Making Process: An Exploratory Study in Malaysia. Global Journal of Business Reseach 6 (5), 49–64.

Noor Azura Shahril, 2019. Sc Kaji Cadangan Icmr Pacu Sinergi Ekosistem Modal Teroka. Bisnes Sinar: https://www.bisnessinar.com/sc-kaji-cadangan-icmr-pacu-sinergi-ekosistem-modal-teroka/ [30 September 2019].

Nurul Huda & Mohammad Heykal. 2010. Lembaga Keuangan Islam: Tinjauan Teoritis dan Praktis. Jakarta: Kencana.

Pretorius, M. A., & Schutte, C. S. L. 2015. Cooperative Venture Capital Model: Engineering an Innovation Pipeline. Iamot, 1325–1347.

Recklies, Dogmar & Recklies, Oliver. 2000. The Venture Capital Industry: Analysis and Future Development. https://www.themanager.org/pdf/vc.pdf [30 September 2019].

Rusni Hasan. 2013. The evolution of islamic venture capital in malaysia: an expository study. Malaysian Court Practice Bulletin.

Samad, R. R., & Shafii, Z. 2016. Adoption of Shari’ah governance in cooperative sector in cooperative sector in Malaysia: case of cooperative banks and credit unions. 1–21.

SKM. 2009. GP7: Garis Panduan Mengenai Pembiayaan Islam Oleh Koperasi. 1-31. https://www.skm.gov.my/images/images/Garis-Panduan/GP07.pdf [30 September 2019]

SKM. 2011. GP20: Garis Panduan Mengenai Federasi Koperasi Kredit. 1-19. https://www.skm.gov.my/images/images/Garis-Panduan/GP20-Garis-Panduan-Mengenai-Federasi-Koperasi-Kredit.pdf [30 September 2019].

SKM. 2013. GP25: Garis panduan aktiviti pajak gadai Islam (ar-rahnu). 1-37. https://www.skm.gov.my/images/images/Garis-Panduan/Arrahnu.pdf. [30 September 2019].

SKM. 2015a. GP7B: Garis panduan pemberian ibra’ (rebat) bagi pembiayaan islam berasaskan jual beli. 1-12. https://www.skm.gov.my/images/images/Garis-Panduan/GP7B-Garis-Panduan-Pemberian-Ibra-Rebat-Bagi-Pembiayaan-Islam-Berasaskan-Jual-Beli.pdf [30 September 2019].

SKM. (2015b) GP28: Garis panduan tadbir urus Syariah. 1-45. https://www.skm.gov.my/images/images/Garis-Panduan/GP28-Garis-Panduan-Tadbir-Urus-Syariah.pdf [30 September 2019].

Startuprangking.com. 2019. Top – Malaysia. https://www.startupranking.com/top/malaysia [30 September 2019].

Syahida Abdullah. 2014. Peranan kewangan Islam dalam industri halal. Muzakarah ahli majlis penasihat syariah institusi kewangan di Malaysia kali ke-10.

al-Zuhayli, Wahbah. 1998. Nazariyyah ad-Darurah as-Syarieyyah Muqaranah Ma’ Qanun Wadie’. Ed. Ke-5. Beirut: Muassasah ar-Risalah.