Assessing Item Validity and Reliability of Shariah Compliant Gold Investment (SCGI) Instrument Using Rasch Measurement Model

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.


The Development Of Shariah-Compliant Gold Investment (SCGI) Instrument: An Analysis Of A Delphi Process

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.


Application of the Delphi Technique in the Formation of Shariah-Compliant Gold Instrument (SCGI)

Abstract: The Delphi technique is a method used in order to get a unanimous decision from a group of experts regarding a certain issue. This technique was created as an effort in order to facilitate the formation of a joint decision among a group of experts in resolving a problem. This paper will establish the formation of Shariah-Compliant Gold Instrument (SCGI) by using this particular technique. A total of 13 experts in Mualamat were selected as participants and a total of three rounds were done in order to obtain their agreement. An open-ended questionnaire method and a close-ended questionnaire method were used during the first round whereas the 4-Point Likert Scale questionnaire was used during the second round and for the third round, the Delphi technique was utilized to obtain the relevant data’s. Analysis of the questionnaire was done at every stage and a unanimous agreement by the experts were obtained by the third round as the item received a 70% level of agreement or a median frequency of at least 3.25. As a result, this study has obtained 43 items SCGI instruments which is embedded in four dimensions namely, (i) investor and investment institutions; (ii) products and prices; (iii) the contract deal; and (iv) secondary contract. In conclusion, this research has successfully created the SCGI instrument that can be used by Islamic Financial Institutions (IFI) to create new products or an audit of the existing Shariah gold investment in order to ensure it complies with Muamalat.


Shariah Compliant Multi Level Marketing: Issues And Recommendations

Abstract: Multi Level Marketing (MLM) is a new concept in Islamic transaction. However, from the aspect of consumerism, various issues have arisen. Hence, there is a need of requiring correct approaches and immediate solutions to resolve these issues. Be that as it may, Islam as a comprehensive religion has the solution on all aspects of life, including matters of MLM. This paper will focus on controversial syariah issues regarding MLM such as having two akads in one transaction, excessive pricing, bonus and others. It would also provide guidelines on contemporary Islamic muamalat system, thus assisting future Muslim consumers in differentiating, as well as choosing MLM products that are shariah compliant. Recommendations of a Shariah compliant MLM model would also be included in this paper.

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