1. ECONOMIC PERSPECTIVES
1.1. CONVENTIONAL
1.1.1. MATERIALISM - Materialistic in nature
1.2. ISLAMIC
1.2.1. ISLAMIC BELIEFS - according to Al-Quran and Sunnah
2. ECONOMIC GROWTH
2.1. FACTOR CONTRIBUTING
2.1.1. ABUNDANT NATURAL RESOURCES - vast natural that are available in our Malaysia country such as petroleum,natural gas and copper
2.1.2. NEWLY-INDUSTRIALIZED AND DIVERSE MARKET ECONOMY - moving to high technology output and have entrepreneurs in the small@medium size
2.1.3. YOUNG,EDUCATED & SKILLFULL LABOR FORCE - increase the literacy rate bexause they have better education and skill labor in various fields such as ICT
2.1.4. INFRASTRUCTURE AND EFFICIENT ECONOMIC ORGANIZATION - have better public transport @ communication system
2.1.5. LABOR MOBILITY - workers move from agriculture (unproductive sector) to manufacturing & services (productive sector)
2.1.6. INWARD INVESTMENT LEVEL - positive flow of FDI to increases export
2.1.7. SAVING LEVELS - higher in saving can create an increase in investments
2.1.8. POLITICAL AND SOCIAL STABILITY - have stable politic and social environment
2.1.9. CORRUPTION LEVELS - the higher corruption,the higher the public spending and tax rate
3. ISLAMIC ECONOMIC GROWTH
3.1. DETERMINANT OF ECONOMIC GROWTH IN ISLAMIC PERSPECTIVE
3.1.1. Human Resources
3.1.1.1. human have 2 basic needs: spiritual (belief in Allah) & physical (optimize resurces)
3.1.1.2. efficient workforce with professional competence, skills & morals
3.1.2. Investible Resources
3.1.2.1. Internal capital sources - include zakat ,voluntary savings in the Employees Provident Fund(EPF)
3.1.2.2. External capital sources - refer to interest-free debt. Prohibition of interest is practiced in Islam
3.1.3. Entrepreneurship
3.1.3.1. refer to business leader and innovators of new ideas and business processes
3.1.3.2. all economic activities must be halal (permissible)
3.1.3.3. classification of goods in Islam: Dharuriyyah (basic goods) ,Hajiyyah (comfort goods) & Kamaliyyah/Tahnisiyyah (luxury goods)
3.1.4. Technological Changes
3.1.4.1. Involve both product and process innovations
3.1.4.2. consist of sustainable socio-economic growth in both quantitative (physical and environmental) & qualitative (spiritual, moral and ethical aspect)
4. MALAYSIAN ECONOMIC STRUCTURE
4.1. PRIMARY
4.1.1. Agriculture
4.1.1.1. A Industrial Commodities
4.1.1.1.1. Rubber
4.1.1.1.2. Oil Palm
4.1.1.1.3. Cocoa
4.1.1.2. Food Commodities
4.1.1.3. Paddy
4.1.1.4. Livestock
4.1.1.5. Fisheries
4.1.2. Mining & Quarrying
4.1.2.1. Petroleum & Natural Gas
4.1.2.2. Tin
4.2. SECONDARY
4.2.1. Manufacturing
4.2.1.1. Light Industries
4.2.1.1.1. Food & Beverage
4.2.1.2. Medium Industries
4.2.1.2.1. Wood products
4.2.1.3. Heavy Industries
4.2.1.3.1. Transport
4.2.1.3.2. Equipment
4.2.2. Construction
4.2.2.1. A Infrastructure
4.2.2.1.1. Industrial Areas
4.2.2.1.2. Residential Areas
4.2.2.1.3. Town Areas
4.3. TERTIARY
4.3.1. Public Services
4.3.1.1. Government
4.3.2. Private Services
4.3.2.1. Transport, communication
4.3.2.2. Financial & Banking, Insurance
4.3.2.3. Wholesale, retail
4.3.2.4. Hotel, Restaurant
4.4. FACTORS CONTRIBUTING
4.4.1. Availability of Resources for Industrial Sector
4.4.1.1. vast natural resources - inputs to industries at cheaper costs such as latex from rubber trees can be used to manufacture tyres and shoes
4.4.2. Change in Economic Policy & Development
4.4.2.1. more focused on the industrial sector, as evidenced in industrial development policies and plans
4.4.2.2. developments in education have created more middle class groups
4.4.3. Unstable Agricultural Prices in International Market
4.4.3.1. natural factors - climate change, demand and supply of inelastic agricultural commodities - affect productivity & price stability of agricultural goods
4.4.4. Industrial Sector Ability to Absorb Manpower & Solve Unemployment
4.4.4.1. industrial & services sectors produce high productivity will produce high profits and can indirectly increase recruitment with good salary offers
4.5. STRUCTURAL CHANGE IMPLICATION
4.5.1. Increased in GDP & Reduced Poverty Level
4.5.1.1. the increase in GDP encourages more domestic investment & FDI, increased employment rates, increased income, improved living standards & reduced poverty
4.5.2. Reduce Dependency on Primary Sector
4.5.2.1. Unstable income from primary sector due to climate change, pests and competition in domestic and international markets for agricultural goods
4.5.3. Migration from Rural to Urban Area
4.5.3.1. youths prefer to work in the industry & services sector, increasing the migration of job seekers from rural to urban areas
4.5.4. Change in Country's Foreign Sector
4.5.4.1. the export industry exports their products to other countries and will earn higher export earnings as well as be able to increase the trading period
5. ECONOMIC DEVELOPMENT
5.1. POSITIVES CHANGES
5.1.1. SOCIO-ECONOMIC CHANGES
5.1.1.1. Human Capital Development
5.1.1.2. Infrastructure Development
5.1.1.3. Regional Competitiveness
5.1.1.4. Environmental Sustainability
5.1.1.5. Poverty Reduction
5.1.1.6. Equitable Income Distribution
5.1.1.7. Enhanced Healthcare
5.1.1.8. Improved Safety
5.1.1.9. Literacy Development
5.1.1.10. Social Amenities - such as electricity,water and housing
5.1.2. TECHNICAL CHANGES
5.1.2.1. Technological Development
5.1.2.2. Innovation
5.1.2.3. Research
5.1.2.4. Other initiatives
5.2. ECONOMIC GROWTH
5.2.1. QUANTITATIVE
5.3. ECONOMIC DEVELOPMENT GOALS
5.3.1. Improved in Per Capita Income
5.3.1.1. Poverty Reduction
5.3.1.2. Income Distribution Equality
5.3.2. Quality of Life Improvement
5.3.3. Reduced Imbalance in Regions Development
5.3.4. Improved Basic Needs
5.3.4.1. Food
5.3.4.2. Clothing
5.3.4.3. Shelter
5.3.5. Solved Environmental Problems
5.4. INDICATORS OF ECONOMIC DEVELOPMENT
5.4.1. Rise in Standard of Living
5.4.1.1. Improved Social & Economic Condition
5.4.1.2. Improved Employment Opportunities
5.4.1.3. Rise in Productivity
5.4.1.4. Acquisition of Knowledge
5.4.2. Improvement in GDP per capita
5.4.3. Increase in Literacy Rate
5.4.4. Improved Healthcare
5.4.4.1. Longer Life Expectancy
5.4.4.2. Health Service Improvement
5.4.5. Sustainable Development
5.4.5.1. Environmental Conservation
5.4.5.2. Resources Preservations for Future
5.4.5.3. Abundance Future Resources
5.4.6. Balanced Development
5.4.6.1. Better Income Distribution
5.4.6.2. Poverty Reduction
5.4.6.3. Balanced Peninsular & East Malaysia Development
5.5. IMPACT OF ECONOMIC DEVELOPMENT
5.5.1. Economic Problems - such as inflation and can be cost hike(healthcare,education and other necessities)
5.5.2. Long Term Environmental Implications - instability of eco system
5.5.3. Income Inequality - occurs between rich and poor as well as urban and rural people
5.5.4. Social Problems - occurs family disruption, youngsters moral decay and runaway children
5.6. MEASURES : HUMAN DEVELOPMENT INDEX
5.6.1. Component of HDI
5.6.1.1. DIMENSIONS
5.6.1.1.1. Long and Healthy Life
5.6.1.2. INDICATORS
5.6.1.2.1. Life Expectancy at birth
5.6.1.3. DIMENSIONS INDEX
5.6.1.3.1. Life Expectancy Index
6. ISLAMIC ECONOMIC DEVELOPMENT
6.1. OBJECTIVES
6.1.1. Achieve Falah
6.1.1.1. more than merely material prosperity
6.1.1.2. all economic activity must be directed moral
6.1.1.3. all activity economic must be halal(permissible)
6.1.1.4. must avoid haram(non-permissible) such as riba (interest) and gharar (uncertainties) in economic activities
6.1.2. Equal Opportunities
6.1.2.1. distribute wealth through zakat
6.1.2.2. acquisition of the same knowledge regardless of gender, gender, descent, caste, color and social status
6.2. ASPECTS
6.2.1. The Divine and Its Creation
6.2.1.1. relate to human welfare in line with the basic of Shari'ah (Islam jurisprudence)
6.2.1.2. social and welfare interest should be first prioritised before private interest
6.2.2. The Material and Spiritual Need of Human Being
6.2.2.1. the well-being and justice of each individual must be considered during the development process: equal rights to resources
6.2.2.2. moderation in consumption ; follow hierachy of goods
6.2.2.2.1. Dharuriyyah (Basic goods)
6.2.2.2.2. Hajiyyah (Comfort goods)
6.2.2.2.3. Kamaliyyah/Tahsiniyyah (Luxury goods)
6.3. CONCEPTS
6.3.1. Tauhid
6.3.1.1. worship one GOD
6.3.1.2. Habluminallah
6.3.1.3. Hambluminannas
6.3.2. Rububiyyah
6.3.2.1. Achieve Falah
6.3.2.2. Allah most powerful creator
6.3.3. Khalifah
6.3.3.1. leader of caliphate
6.3.3.2. ensure prosperity set by Shari'ah
6.4. DIMENSIONS
6.4.1. Spiritual
6.4.2. Environmental & Physical
6.4.3. Social
6.4.4. Technological Dimension
6.4.5. Moral & Ethical
6.5. NEGATIVE IMPACTS
6.5.1. Environmental Degradation
6.5.1.1. deforestation
6.5.1.2. loss of biodiversity and instability ecosystem
6.5.1.3. pollution - air ,water
6.5.1.4. global warming
6.5.2. Moral & Social Problems
6.5.2.1. declining moral values such as deceit,corruption
6.5.2.2. social such as suicide ,baby dumping,theft and gangsterism
6.5.3. Poverty & Unequal Income Distribution
6.5.3.1. higher gap between rich and poor person