The Malaysian Political Economy: Economic Transformation & the Expansion of Islamic Economics

Authors

  • Abdalrahman Mohamed Migdad Istanbul Zaim University
  • Harun Adams Babngida IZU

DOI:

https://doi.org/10.21111/iej.v8i2.7210

Keywords:

Political Economy, Malaysian Economics, Economic Policy, Islamic Economics.

Abstract

This paper aims to shed light on Malaysian economic development briefly in light of demographics and politics while focusing on economic legislation that had the largest effect on the outlook of the nation known to the world today. Later on, Islamic economics was introduced to the scene and developed wider and faster than most Islamic economies in the world. This paper also explains this rapid development in the context of the nation’s political-economic development.The paper is qualitative and analytical; it addresses developments up to 2017. Although few discussions extend beyond the focused period, they were not significant enough to change the entire perspective. The paper incorporates fieldwork, observations, and interviews that took place in 2017. The paper concludes that certain socio-economic policies need to be updated to suit today's generations and allow for the continuation of development at high rates. Furthermore, the expansion of Islamic economics is beneficial; however, the industry demands detail and procession more than ever, especially in sharia compliance for it to continue developing steadily.  

Author Biographies

Abdalrahman Mohamed Migdad, Istanbul Zaim University

Business Adminitration

Harun Adams Babngida, IZU

Business Administration

References

Alfattani, Wan Sulaiman Bin Wan Yusoff. NA. "Malaysian Expereance on the Development of Islamic Economics, Banking and Finance." Accessed 8 3, 2017. http://www.kantakji.com/media/6282/op61.pdf .ASM. 2017. Malaysia 2050 Smart Communities . Academy of Sciences Malaysia .Bank Negara Malaysia . 2011. Financial Sector Bluprint 2011–2020. Government , Bank Negara Malaysia .Bank Negara Malaysia. 2017. Financial Stability, List of Licensed Financial Institutions. Accessed 8 4, 2017. http://www.bnm.gov.my/index.php?ch=fs&pg=fs_mfs_list&ac=118&lang=en.BNM. 2017. publications . Accessed 8 10, 2017. http://www.bnm.gov.my/index.php?ch=en_publication&pg=en_msb&ac=246&lang=en&uc=2.Buhrawa, Saied, interview by Abdalrahman Migdad. 2017. Head of research Unit at ISRA (5 15).Dahlan, Datuk Zolkopli. NA. "National Development Planning Practices in Malaysiya." Accessed 7 14, 2017. http://www.unosd.org/content/documents/1276Malaysia_PowerPoint%20Silde%20Abu%20Dhabi.pdf.Dawaba, Ashraf, and Abdalrahman Migdad. 2022. "Islamic Banks between the Jurisprudence of Leading Theorists and Application." Islamic Economics Journal 8 (1): 34-56.EPU. 2017. Economic development . 7 13. http://www.epu.gov.my/en/development-policies/new-economic-policy.EPU, B5 & B6. 2004. "Malaysia: 30 Years of Poverty Reduction, Growth and Racial Harmony." Scaling Up Poverty Reduction: A Global Learning Process and Conference . Shanghai: Federal Government Administrative Centre, Malaysia .Hasan, Zulkifli. 2008. "Islamic Law of Property." https://zulkiflihasan.files.wordpress.com/2008/06/administration-of-waqf-in-malaysia.pdf .Hassan, Muhammad Haniff. 2004. ISLAM HADHARI: Abdullah’s vision for Malaysia? Singapore: Institute of Defence and Strategic Studies, Nanyang Technological University .Hoffstaedter, Gerhard. 2009. Islam hadhari: A Malaysian Islamic multiculturalism or another blank banner? Springer Science + Business Media .Ibrahim, Dahlia, and Haslindar Ibrahim. 2013. "Revival of Waqf properties in Malaysia." research Gate 17-18. https://www.researchgate.net/publication/281268791_REVIVAL_OF_WAQF_PROPERTIES_IN_MALAYSIA.Ismail, Che Zuina, Nor Jana Salim, and Nor Jawanees Ahmad Hanafiah. 2015. "Administration and Management of Waqf Land in Malaysia: Issues and Solutions." Mediterranean Journal of Social Sciences 6 (4). http://www.mcser.org/journal/index.php/mjss/article/view/7122 .Ismail, Rahma, and Ferayuliani Yuliyusman. 2014. "Foreign Labour on Malaysian Growth." Journal of Economic Integration. http://e-jei.org/upload/JEI_29_4_657_675_2013600057.pdf.Mahamood, Siti Mashitoh. 2014. "Awqaf Properties in Malaysia." Islamic Finance review, 11.Migdad, Abdalrahman. 2018. "Human Security: An Islamic Worldview." Journal of Human Security Studies 7 (1): 18-36. [PDF] from jst.go.jp.Migdad, Abdalrahman M. 2019. "Managing Zakat Through Institutions: Case of Malaysia." International Journal of Islamic Economics and Finance Studies 28-44. doi:10.25272/ijisef.519228.Mohamad, Mahathir Bin. 1991. "Malaysian : The Way Forward (Vision2020)." Government of Malaysiya National Printing Department 1991 5. http://unpan1.un.org/intradoc/groups/public/documents/APCITY/UNPAN003223.pdf .Muhamad, Mahathir. 1970. The Malay Dilemma.National Economic Advisory Council. 2009. New Economic model for Malaysia. Putrajaya: National Economic Advisory Council, Federal Government Administrative Centre. http://www.epu.gov.my/sites/default/files/nem.pdf.StatsMalaysia. 2016. Statistics Yearbook. Department of Statistics, Malaysia. file:///C:/Users/USER/Downloads/Buku%20Tahunan%20Perangkaan%202016.pdf.Stibbard, Paul, David Russell, and Blake Bromley. 2012. "Understanding the Waqf in the World of the Trust." Trusts &Trustees, 9, 18 ed.: 785-810.Umran, Musim, interview by Abdalrahman Migdad. 2017. PICOM CEO (5 7).Yaacob, Hisham. 2013. "Waqf History and Legislation in Malaysia: a contemporary prospective." Journal of Islamic and Human Advanced Research, 3 ed.

Downloads

Published

2022-12-17

Issue

Section

Articles