Property / wealth Property / wealth is one of the essentials of Al-Daruriyyat. Property, which is in Arabic is Al-Maal derived from the word maala which means to digress or to turn away as the heart is easily to turned away or deviated by it. Property is an essential commodity for people to live and survive. The property should be maintained and protected. To maintain the property, there are few ways that can be done. i-
Encouragement
of trade and investment
Wealth, and property are given by Allah to do good deeds, and as prove that He is AlRazzaq. In order to keep the economy of a society flourishing, the wealth needs to be kept in circulation, passing from the hands of those who have it to those who need it in exchange for goods, services or profit. Trade refers to a direct exchange of goods and services, by bartering or by a medium of exchange, i.e. money. Investment on the other hand refers to the taking takin g of risk for the hope h ope of some future gain, whether this th is is through the production of goods for use or sale or the lending of money for a share of the profits returned ii-
Permissibility of Private Ownership Islamic principles of economics allow for individuals to acquire and own their own private property. The Shariah acknowledges the very human desire to enjoy the fruits of ones labour labou r and this is appreciated and respe respected ctedCharity (Sadaqah). (Sada qah). The concept of private ownership in the Islamic worldview is radically different in that it is deemed to be temporal and ultimately a trust from God for the duration of our lives. In addition there are many checks and balances to ensure that while entrepreneurism is encouraged, wealth is not hoarded and the means of production are not monopolised
iii-
Charity Zakat is one of the five pillars of Islamic practice and mandatory on every Muslim who possesses wealth above a predetermined threshold called the nisab. In addition to this charity (sadaqah) is strongly recommended and encouraged as a means of gaining the pleasure of God and at the same time helping those less fortunate. As everything is a trust from God, we are only giving out from He has bestowed upon us. The Quran strongly emphasises the giving of charity as one of the characteristics of a true believer. Charity therefore, is another way in which money can be kept circulating, getting to those that need it most, the annual collection and transfer of the 2.5% Zakat is evidence of this
Things that threatens thepermissible growth of property / wealth i-
Prohibition of Usury (Riba)
ii-
Prohibition of Theft with its associated Punishment
iii-
Legislation of Compensation in the event of Vandalism / Accidental or Criminal Damage
iv-
Looking After The Wealth of Certain Categories of People
v-
Prohibition of Extravagance / Spendthriftness and Wastefulness
vi-
Prohibition of Hoarding and Miserliness
Case Study Findings and Analysis
No
Picture
1
Warta Superstore
PKNS Complex
Findings and Analysis Encouragement of Trade and Investment - Trade - There two types of trade Activity in Bandar Baru Bangi that are Shopping Centre and Services. - Shopping Centre is the building that comprises few trading activities such as food court, retails, etc. - There are 2 main shopping centre existed in Bandar Baru Bangi that are Bandar Baru Bangi PK NS Complex, and Warta Superstore. - The function of the shopping centre is to generate the economy of Bandar Baru Bangi through supplying needs of the people, where there happens exchange of money and goods, as in the same time encourage various form of muamalat and transaction - As for the services that contribute to money exchange between people are hotel, workshop, - Investment - There are two types of investment that existed in Bandar Baru Bangi, that are financial centre for investment and industry investment. - The bank investment activities is mostly located at section 7,8, and 9. - The industry investment is emphasis at the Bandar Baru Bangi Indutrial Zone. The industries investment at the zone
Amani Hotel
are:
MICHELIN Tyre Workshop -
i- Sony
ii -
Hitachi
iii- Upha
iv-
Sapura
v-
vi-
Onkyo
Datapos
vii- Denso
viii- Permanis (Pepsi)
ix- Sadoshima
x-
Ryoka
xi- Okumura xii- Taisho (Livita) Financial Centre functions as place for people to manage their financial activities especially in investment. There are few types of banks that contribute to financial activities that are: i- Bank Simpanan Nasional ii- Bank Muamalat iii- Maybank iv- CIMB Bank v- RHB Bank
Bank Muamalat
RHB Islamic Bank -
Permissibility of Private Ownership - Private ownership is the property owned by a person. It is important in developing an area as ownership represents the standard of living as well as demand and supply of a
property. This is due to the higher demand of a property the better standard of living of an area.