PROPOSED METHODOLOGY FOR THE DEVELOPMENT OF SHARIAH COMPLIANT FINANCIAL REMEDY FOR
Phase 3: Survey
Finally, the third phase of this research is to answer Objective 6. This process is similar to al- Ifta‟ in the Istinbat process. The method used is in the form of survey using the penultimate framework (F2) as the instrument. The survey is intended to analyse the acceptance of the key stakeholders in the Malaysian construction industry towards the proposed framework. The Shariah compliant concept is believed to be compatible for Muslim and non-Muslim alike due to its fundamental principles of justice, accountability and transparency (Siti Nora Abdullah Habib and Khairuddin Abdul Rashid, 2008). As the Malaysian key industry stakeholders are made up of various ethnicities and religions, the survey will enable the researcher to gauge the readiness and keenness of these stakeholders to substitute the use of interest as a financial remedy for late interim payment with the proposed Shariah compliant framework. The analysis for the survey is using descriptive statistics analysis. Eventually, final framework (F3) will be develop using comments derived from the survey for it to be market ready.
CONCLUSION
It has been established that the Islamic research adopt a different paradigm and philosophies. These will ultimately affect the choices of methodologies being carried out in the research. In an interdisciplinary research, the view of the Shariah as well as the conventional practices need to be taken into consideration. This paper has presented the proposed research model that emulates the process of Istinbat commonly used for Islamic research with the conventional research methodologies.
It is believed that the proposed model is more comprehensive by applying the views of both domains.
The research is limited with the constraints that the authors have not possessed the essential skills in Shariah to deduce sanctions (hukm) thus requires assistance from people who are experts in construction, construction law and fiqh mu‟amalat. The authors call for comments in order to further improve the methodology.
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Figure 2: Research Model
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