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 How Islamic is the economic practice in Malaysia?

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1016179



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Join date : 2010-12-31

How Islamic is the economic practice in Malaysia? Empty
PostSubject: How Islamic is the economic practice in Malaysia?   How Islamic is the economic practice in Malaysia? Icon_minitimeWed Jan 12, 2011 12:21 am

The economy in Malaysia is doing quite well and at a steady increasing pace.This is due to the success of the modernization by the government and people.In terms of projects,investments,and imports/exports we are doing quite well.So the wealth of this country is not a problem plus the natural wealth resources we have,two major ones are rubber and oil.
The question here is how Islamic actually the practices of economy in Malaysia.First is banking.We are all aware that now Islamic banking practices is on the rise.But there is still a problem.An example is ASNB(Amanah Saham Nasional Berhad),one of the major bank in Malaysia which is exclusively for bumiputeras,it means that 90% of the user of ASNB are Muslims.But why is it that ASNB invest in many companies that are practicing Riba'?.
Second is the Government projects to accelerate the economy in Malaysia.The latest of project is ETP(Economic Transformation Program).It is a good economic program which will help to boost the economic sector in Malaysia.But I don"t think it will 'boost' the social sector in Malaysia.Some of the mini-projects are to boost the tourism sector in Malaysia.And some will in the future 'boost' the 'nightlife' sector in Malaysia.The future is bright for the economy(in terms of material),but not so bright for our social future.
This post is not to attack the government but to re-think on some of the economic practice going on in our country that is not align with the Islamic injunctions.
Salam

...Allah s.w.t knows best...
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aida nesa



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Join date : 2011-01-06

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PostSubject: Re: How Islamic is the economic practice in Malaysia?   How Islamic is the economic practice in Malaysia? Icon_minitimeThu Jan 13, 2011 1:19 pm

i agree with you.

yes, it can be see now malaysia's economy is heading towards better now. but i really do not agree with some implementation from the government- to make malaysia is one of the entertainment hub (or what so called hub hiburan) at the night to attract visitors from other country visiting malaysia. this is too much worst because Malaysia is to be known as islamic country, but making our country like that is mean we are following the city such as Las Vegas, Miami, or any other country which do not live according to islamic way. this also promotes the problems of moral issues. if this happen, prostitution, gambling, drinking alcoholic beverage is going to be happen everyday...and become worse and worse.
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PostSubject: Re: How Islamic is the economic practice in Malaysia?   How Islamic is the economic practice in Malaysia? Icon_minitimeThu Jan 13, 2011 2:04 pm

i do agree with u.
there are so many things that the government should think in investing in order to improve our economic. they should actually focus on research and developement program which ensure long lasting effect.

Most obvious way I can think of is to develop the country's infrastructure, and bring in foreign direct investment.

By developing the country's infrastructure; facilities, factories telecommunications, and distribution routes can be built to make the country's resources more accessible and/or usable, and attract FDI (foreign direct investment).

By attracting FDI into the country, foreign companies can invest in local workers. Foreign companies can help train and educate the local labour force and hire them. Thus creating employment and bringing in more money into the country's economy.

However this approach must be control and limited to investment that are not in contradict with economic/social/political and most importantly religious(in malaysia case is Islam) state of our country.
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Al Muazzim (1010473)



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PostSubject: Re: How Islamic is the economic practice in Malaysia?   How Islamic is the economic practice in Malaysia? Icon_minitimeThu Jan 13, 2011 2:08 pm

i do agree with u.
and i just like to add..
there are so many things that the government should think in investing in order to improve our economic. they should actually focus on research and developement program which ensure long lasting effect.

Most obvious way I can think of is to develop the country's infrastructure, and bring in foreign direct investment.

By developing the country's infrastructure; facilities, factories telecommunications, and distribution routes can be built to make the country's resources more accessible and/or usable, and attract FDI (foreign direct investment).

By attracting FDI into the country, foreign companies can invest in local workers. Foreign companies can help train and educate the local labour force and hire them. Thus creating employment and bringing in more money into the country's economy.

However this approach must be control and limited to investment that are not in contradict with economic/social/political and most importantly religious(in malaysia case is Islam) state of our country.
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1019367



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PostSubject: Re: How Islamic is the economic practice in Malaysia?   How Islamic is the economic practice in Malaysia? Icon_minitimeThu Jan 13, 2011 11:39 pm

Yup.. I agree with all of the opinions about Malaysia’s economic performance. Government strongly announce to us about our current increasing economic development, but do they care about our social problems too? They are too concern about the material and wealthy life compare to spiritual, mental and behaviour of their nation. I am not opposing the government or support the opposition ( they are both same I think) but in reality, our life had been influenced by the Westerns, throughout their propaganda and ways of life. They are living as the world is their eternal life, not thinking about spirits, souls and ethics. Their only goal nowadays is to gain pride, wealth and glorification from the others, so does our country as well as other Islamic countries. Try to think about Burj Dubai, what is their main intention to build that highest building?
Just an example above, it is a great move for the government to create ETP (Economic Transformation Program) but in the other way, they must not ignore about our social problems. Crimes like rape, bribery, fraudulence, embezzlement must be treated equally like they solve economic recession last 2008. Yes, I am not denying that it is important for us to go out from that recession but if we live in harmony and palmy society, it supposedly will be better. For sure, the current Muslim must live as what had proposed by Al-Quran and Sunnah, not the way as the Westerns had led us presently. And if you aware, the Westerns use this great opportunity ( their conquest of the world ) to lead us to the wrong path, the path that oppose with Islam.
Salam..
ALLAH SWT knows best
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