Seminar on Awareness of Quran Preservation and Rasm Uthmani

(Informal) Visit to Baitulmal

As our college will be upgraded into university college, the research work must be developed to give back to Ummah and contributing to society. We had an informal visit to Baitulmal to discuss possible future research and collaboration to engage in scholarly work and to propose several topics. 

Among the topic we proposed are the Muamalat module for mosque's tazkirah, hibah and endowment, apps for micro-crowdfunding, and the study of waqf ahli. 

It seems that the issue of hibah received positive response due to its urgency in Muslim society. Furthermore, both parties have expertise in the issue of hibah. 

We hope it goes well. InShaAllah.

Farewell Luncheon

Our lecturer, Ms Khairun Nisaq Taslim has resigned from Department of Muamalat KPIJ MARSAH for furthering her PhD studies in Portugal in PhD in Economics. From Department of Muamalat, we wish you Best of Luck for your future undertakings. We hope to collaborate in the future projects and academics works as parts of being in academic lines. May Allah ease everything for you. 

We let the celebrated person chose and we love the selection. We had a farewell luncheon for her at Zaytuna Restaurant, Johor Bahru. The dishes are scrumptious. 

We also wish good luck for your PhD studies and becomes the great scholar contributing to Ummah.

From MARSAH to UMK

We are very proud of our first graduates from Department of Muamalat whom just admitted as new students of Universiti Malaysia Kelantan (UMK) to pursue their studies in bachelor degree.

UMK is one of the strategic partners of KPI MARSAH which offering diversity of programmers to acommodate its graduates int the job market. Our Registrar Ustaz Sanusi, Head of Department DOM Ustaz Hafiz and En Khairy had go long way from the very south of Johor to the state of Cik Siti Wan Kembang to collaborate with Faculty of Business and Entrepreneurship UMK to provide fast lane to graduates of DOM KPIJ MARSAH  to pursue their study here.

The faculty welcome our graduates as their students as the program offered in DOM KPIJ MARSAH has proves its quality and standards accordingly. From Department of Muamalat, we wish three of you congratulations and good luck in your new journey.

SQL Accounting & Payroll Training

July 29-30, 2018 -- SQL Accounting and Payroll Training.

The training is aim to expose to the sudents, staff and academicians of accounting and payroll software. SQL has been used by more than 180,000 companies and it become of one of the demand and requirement from private sector employers.

The training is organozed by Estream, Department of Muamalat, and the Centre of Islamic Thoughts and Professionalism (PTP), Kolej Pengajian Islam Johor (MARSAH). 

The training was participated by administration staff, finance division, academicians of DOM and students from Semester 5 and Semester 3.

Registration

Sorting out the filings, handouts and brochure

Among the participants

The trainers of SQL from Estream

End of Day 1

The second day is continued with the hands-on of SQL and we are given exercise and assignment to be completed. The trainers were so helpful of guiding us on the rising matters and we found some talents from our students.

End of 2nd day

Alhamdulillah we successfully underwent the training. We also received positive reviews from the program. In order to be certified in SQL, we were given a test to be completed and we submitted the assignment a week later. 

We congratulate to all the staff and students of Department of Muamala for successfully participate and undergone the training. This is one of the effort from the Department (i.e. Ms Khairun Nisaq Taslim) to add value for your portfolio. We aware that today's world is challenging and changing fast and we must emulate to be the best of our field of interest. We wish you all the best.

UPDATE: We are certified!

Istiadat Konvokesyen ke-18, KPIJ MARSAH

"O you who believe! When it is said to you, make room in your (assemblies), then make ample room, Allah will give you ample, and when it is said, "Rise up, then rise up. Allah will exalt those of you who believe, and those who are given knowledge, in high degrees, and Allah is aware of what you do" (Al-Mujadalah: 11)

Istiadat Konvokesyen ke-18 Kolej Pengajian Islam Johor (MARSAH) has been held at Main Hall Pusat Islam Iskandar, Johor Bahru, in 23rd July 2018 (10 Zulkaedah 1439H). 

We are honored to have YB Tuan Haji Aminolhuda bin Haji Hassan, Pengerusi Jawatankuasa Agama and Pendidikan Negeri Johor , also Chief, Board of Directors MARSAH Sdn Bhd to award the graduates of KPIJ Marsah of their respective diplomas. 

This convocation is such a meaningful moment for our department, as this is our first batch from Diploma in Islamic Finance and Diploma in Islamic Banking. All of them had underwent all the core courses and industrial training at various organisations as part of the requirement to be awarded of the diploma. 

The graduates of Department of Muamalat, KPIJ MARSAH are:

• Fatin Hanisah binti Abdul Latif
• Nurafiqah Izzati binti Mohamad Solih
• Nur Suaidah binti Marsim
• Azlin Nadiah binti Omar
• Farah Syahirah binti Ishak
• Siti Fatimah Azzahra binti Mad Fuad
• Nur Izati binit Mazlan

We also wish our heartiest congratulation to Fatin Hanisah binti Abdul Latif, who is awarded with Anugerah Ketua Jabatan Muamalat and Anugerah Ketua Pegawai Eksekutif Majlis Agama Islam Johor. 

From Department of Muamalat, we wish all of our graduates thousand congratulations! We also wish good luck for your future undertaking. We are very proud with all of you.

Lining up to be awarded. Congratulation!

Post-convocation of graduates with HOD and academicians

The recent graduates and future graduands of DOM

Post-convocation in Pusat Islam Iskandar

Graduates of DOM with Head of Department and lecturers

Graduates with Mdm Siti Aishah Kasmon

Roundtable Discussion -- Cryptocurrency: Issues and Solution

On April 16, 2018 - Department of Muamalat KPIJ Marsah, represented by Mdm Siti Aishah Kasmon and Mdm Norafni @ Farlina Rahim has attended the Roundtable Discussion on Cryptocurrency: Issues & Solutions which was held at International Islamic University College of Selangor (KUIS, Bandar Seri Putera, Kajang, Selangor).

The first session was held at Auditorium Dr Zainuddin Jaafar, while the second session was held at Senate Hall of KUIS.

In between of the first and second session of Roundtable Discussion, the MOU has been signed between IRCIEF-KUIS and ISRA.

Among the notable points from the discussion are:

🖊 Cryptocurrency can be defined as a non-tangible digital "asset" and perceived to have value.

🖊 The discussion suggest that there are 4 types of cryptocurrency which are as follows:-
1) Backed by commodity (e.g.: backed by gold)
2) Issued by government/authority (e.g.: Dubai and Venezuela soon to issue their own cryptocurrency)
3) Not backed by commodity nor issued by authority (e.g.: bitcoin)
4) Equity-based cryptocurrency (e.g: security token commodity)

* no 3 was highlighted to be discussed

🖊 Cryptocurrency is community based commodity and it's not issued by central bank. So, it rely on the criteria such as strength of technology system, popularity, rules and regulatory and so on to be acceptable.

🖊 There are two purposes why people engaging with cryptocurrency:-
1) Medium of settlement
2) Investment

🖊 Cryptocurrency can become an alternative to bridge the issue of SRR by central bank in fiat money.

🖊 If the cryptocurrency come with high technology and solid system, then it is acceptable and still working until now. However, for those come with less technology system, then they cannot survive.

🖊 It is to be noted that the blockchain in cryptocurrency is a strong system and it is almost impossible to be hacked by people.

🖊 Cryptocurrency is not stand alone money. It still backed to fiat money.

🖊 It still difficult to determine in shariah point of view whether it is halal or haram. It depends on intention to deal with cryptocurrency. When "taradhi" is there, it can be consider as halal.

Among the issue raised in the roundtable discussion are:

• The issue of Blockchain - considered among the technology driven which is currently not hackable. Blockchain is the digital ledger, sort of database that records the transaction.

• There are two types of Blockchain - public Blockchain and private blockchain. The differences between two is based on protocols. Public blockchain is open to public while private blockchain verify only few people

• Blockchain accommodating smart contract whereas fullnodes download the history of the transaction

Prof Dr Rahim from USIM also raising the questions on
1) Is the cryptocurrency is safe and protected?
2) Is Blockchain system is fully-secured?
3) Is there any super-technology can supervise the whole system of cryptocurrency and blockchain?

There is also the issue of security of the whole system considering 1500 types of cryptocurrency. The hacking is not the Blockchain system but the system surrounding that.

Dr Arfah has also presenting how the fiat money and whole current economy system are creating money with money by reserve system.

Dr Azrul from USIM has raised the issue if cryptocurrency can be considered as real money, based on two issues:
1) That currency need to be stable
2) Currency are free from monopoly

However, cryptocurrency is not abide from the above rule.

Ustaz Mohd Noor also raising issue why we should move away from the real money as stated in Holy Quran - Gold and Silver? He stated that gold and silver never crashed, while other currency had crashed before. He also questioned if cryptocurrency have any warranty of not going to crash. The issue of rawaj of cryptocurrency - (means the circulation of the currency among people) also being raised.

There was also issue on the identity of the Bitcoin inventor, Satoshi Nakamoto as he is still remain anonymous. 

The experts has agreed that this issue - hackablity and crash is based on how proper is the design of the system.

The chaiperson Dr Asyraf has asked the audiences if anyone has experiencing the trade of Bitcoin and cryptocurrencies.

Dr Azrul has a slight experience and according to him, the trade of Bitcoin is purely speculative.

Ustaz Maiz has argued that we tend to define Bitcoin as cryptocurrency as we define it technically. If we look into Shariah analysis, it doesn't escalate as currency. The people tend to call Bitcoin as currency in technical terms. Furthermore, cryptocurrency doesn't have intrinsic value. 

If to put the issue of cryptocurrency is Shariah and fiqh perspective, the system need to retain strong demand, strong algorithm and strong support system. 

Prof Kameel from IIUM on the other side, fully support the cryptocurrency and he is okay using cryptocurrency as currency.  He support cryptocurrency as long as it is commodity-based such as oil or rice, and issued by government to ensure its regulation. However, the issue behind it is Muslim government can take wealth from people like in fiat money system?

Dr Farrukh on the other hand mentioned we define money based on the creation in economy as most of economist agree that the characteristic of money is medium of exchange. And we cannot deny that cryptocurrency is efficient. 

Prof Kameel agreed that cryptocurency is similar as electronic money. He argued that in literature review he read, he not found any literature mentioning Bitcoin and other cryptocurrency having legal tender.

The discussion also noted that Japan is one of the country that recognize Bitcoin and regulate it as medium of settlement. 

However, it raise the issue if the Bitcoin is used as medium of investment -- as it exposed to the speculation and price volatility. 

Thus, legal tender give more stability and less price volatility. 

There are many issues raised in this roundtable discussion. The discussion conclude that there are different types of cryptocurrencies. Currently, there are news stated that Dubai and Venezuala will issued cryptocurrency. The roundtable discussion has agreed that Japan is one of the countries that regulate and accept Bitcoin, as many supermarkets accept Bitcoin as medium of exchange. Anyway, Bitcoin is still backed by fiat money and its value is still on fiat-money based.