Ahmed Digale, Abdi Aziz
(2009)
Factors Influencing The Capital Structure Of Shari'ah Compliant Public Listed Companies In The Kuala Lumpur Stock Exchange (KLSE).
Masters thesis, Universiti Sains Malaysia.
Abstract
Kefahaman mengenai prinsip-prinsip Shari'ah adalah salah satu isu penting yang perlu
dipelajari dan diamalkan dengan syarat-syarat dan perundangan dalam amalan Syari'ah.
Shari'ah adalah merupakan sesuatu yang sejagat boleh menyelesaikan permasalahan
berkaitan dengan pemiagaan atau perkara-perkara lain. Syari'ah dibina atas dua prinsip
asas, menghindari kepayahan dan menghapuskan yang haram (Rosly, 2005). Ini adalah
seperti yang dinyatakan dalam al-Quran bahawa "Tuhan tidak menjadikan agama sesuatu
yang menyusahkan" (Surah 22: Ayat 78). Objektif utama kajian ini adalah untuk
mengkaji samada syarikat-syarikat yang tennasuk dalam kategori mematuhi Shari'ah dan
tersenarai mematuhi prinsip-prinsip Shar'iah dengan menganalisis kepatuhan terhadap
criteria yang ditetapkan. Ia dilihat samada faktor-faktor sepetii kegiatan perniagaan, jenis
perniagaan, Pengerusi Syarikat, peratus pemilikan saham oleh golongan Muslim serta
kewujudan Majlis Penyeliaan Shati'ah dan mengk~i perbezaan antara syarikat-syarikat
ini berhubung dengan kriteria pematuhan. Daripada sebanyak 506 syarikat tersenarai di
Papan Utama KLSE, sampel berjumlah 218 dipi1ih secara strata. Sebanyak 218 1aporan
tahunan 2007 digunakan dan data dianalisis menggunakan SPSS. Adalah didapati bahawa
Pengerusi syarikat mempunyai kesan yang signifikan terhadap pematuhan kriteria yang
dikenakan.
The understanding of the Shari'ah principles is one of the most important issues that
companies must learn and train their employee to be clear towards the rules and
regulations of Shari'ah to practice as its is. Hence the Shari'ah is universal for all
humankind, its settles all the issues that human beings face in this world whether its
business or other things. The Shari'ah is built on two basic principles, namely: removal of
hardship(ra J alharaj) and the prevention of haram ( daf' a!darar) (Rosly 2005). This has
direct bearing to the Qur 'anic verse that "God never intended to make religion a means
of inflicting hardship" (22:78) and "God intends to make easy for you" ( 4:28). The
primary objective of this study is to examine the public listed companies which are under
Shari'ah compliance category are fulfilling the Shari'ah principals, by analyzing the
difference of compliance Criteria in tenns of Business Activities, Type of the Business,
President of the Company, The Percentage of Muslim Shareholders and Shari'ah
Supervisory Board, and also to investigate the difference between these companies in
terms of compliance criteria, and what are the factors affecting the adaptation of Shari' ah
compliance? A total of 506 companies listed in the Main Board of KLSE Malaysia were
selected a sample of 218 using stratified sampling method. 218 annual repots were
collected as cross-sectional year 2007 and analyzed using the SPSS Program. The results
revealed that President of the Company (POC) has significant influence on the
compliance criteria. Implications, limitations, and recommendations for future research
will be presented in this study.
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