Islamic Management
Definition :
Definition management
“The conventional definition of management is getting work done through people, but real management is developing people through work.”
Characteristic of conventional management :
Examinees each resource sector and environment component in isolation
Examines each resource sector and/or environmental component in isolation (e.g., water, air, forests, fish)
Focuses on biotic components; limited, if any, consideration of ecological processes (e.g., hydrological process)
Targets only specific resources of interest; typically those of commercial value
Conflicting management policies
Comparision Islamic management and conventional management
1.2 CONVENTIONAL AND ISLAMIC UNIT TRUSTS
1.2.1 CONVENTIONAL UNIT TRUSTS
Based on the Guidelines on Unit Trust Funds issued by the Securities Commission in
October 1991, a unit trust fund company can only invest in authorized Malaysian assets, which include listed and unlisted securities of Malaysian companies, Malaysian Government Securities,
Cagamas bonds, bankers’ acceptances, Negotiable Certificates of Deposits, Government
Investment Certificates and cash (Banker’s Journal Malaysia, 1995). However, in March 1994, the Commission has provided a provision by which trust funds can invest (10% of portfolio) in overseas stock. Hence, conventional unit trust funds can invest in any of the above Malaysian assets without any restriction as long as the funds have not reached its maximum approved size.3
1.2.2 ISLAMIC UNIT TRUSTS
The Islamic unit trusts mainly focus on the investments in portfolios of ‘halal’ stocks and bonds complying with the Syariah principles. Such ‘halal’ stocks exclude companies involving in activities, products or services related to conventional banking, insurance and financial services, gambling, alcoholic beverages and non-halal food products and also companies whose products can cause illness, death, disease or even promote social ills
Definition management
“The conventional definition of management is getting work done through people, but real management is developing people through work.”
Characteristic of conventional management :
Examinees each resource sector and environment component in isolation
Examines each resource sector and/or environmental component in isolation (e.g., water, air, forests, fish)
Focuses on biotic components; limited, if any, consideration of ecological processes (e.g., hydrological process)
Targets only specific resources of interest; typically those of commercial value
Conflicting management policies
Comparision Islamic management and conventional management
1.2 CONVENTIONAL AND ISLAMIC UNIT TRUSTS
1.2.1 CONVENTIONAL UNIT TRUSTS
Based on the Guidelines on Unit Trust Funds issued by the Securities Commission in
October 1991, a unit trust fund company can only invest in authorized Malaysian assets, which include listed and unlisted securities of Malaysian companies, Malaysian Government Securities,
Cagamas bonds, bankers’ acceptances, Negotiable Certificates of Deposits, Government
Investment Certificates and cash (Banker’s Journal Malaysia, 1995). However, in March 1994, the Commission has provided a provision by which trust funds can invest (10% of portfolio) in overseas stock. Hence, conventional unit trust funds can invest in any of the above Malaysian assets without any restriction as long as the funds have not reached its maximum approved size.3
1.2.2 ISLAMIC UNIT TRUSTS
The Islamic unit trusts mainly focus on the investments in portfolios of ‘halal’ stocks and bonds complying with the Syariah principles. Such ‘halal’ stocks exclude companies involving in activities, products or services related to conventional banking, insurance and financial services, gambling, alcoholic beverages and non-halal food products and also companies whose products can cause illness, death, disease or even promote social ills