Abstract: This paper describes the process of assessing the validity and reliability of a new instrument namely Shariah Compliant Gold Investment (SCGI). The instrument consists of 33 items that are embedded in three dimensions and was administered to 27 Malaysian investors and investment institutions. The Rasch model was used to examine the validity of items by two criteria; (1) point measure correlation (PTMEA CORR) and (2) fit statistics (infit/outfit MNSQ and z-std). The findings indicated that the reliability index for the respondents and items are high with (r=0.91) and (r=0.81) respectively with Cronbach alpha 0.93. At the same time, the item separation is 2.07 while the person separation is a value of 3.15. From the aspect of the item polarity, most of the item contributed to the measurement as all of the PTMEA CORR values are positive values between +0.44logit to +1.66logit except for the A03 item (0.17logit). The fit item testing indicated that the value of the sum of the mean of infit MNSQ and SD was between +0.68logit to +1.30logit. Only one item, A03, falls in the range of elimination due to negative value of PTMEA CORR and z-std>2.0. The results suggested the item to be removed, retaining the balance 32 items.

Abstract: This paper provides the analysis of a Delphi process for develop Shariah-Compliant Gold Investment (SCGI) instrument. A 2-round Delphi technique was employed to achieve consensus among participants for the items of SCGI. The participant comprised of 13 persons who are expert in Islamic muamalat, while the 4-point Likert Scale questionnaire was used on every round in order to obtain their agreement. The results indicated that the total of experts agreed for 33 items SCGI instrument which is embedded in three dimensions: (i) investor and investment institutions; (ii) products and prices; and (iii) the contract offer. The items were obtained showing high consensus and accepted frequency (IQR=0 or 1; mdn=4.00). The findings also showed that the Delphi was an efficient method to achive agreement of expert opinion on the SCGI instrument.