Design and development of a new Shariah compliant dirham based Islamic market

The return of Islamic currencies consisting of the Dinar and Dirham calls for the return of the Islamic Trade and market. The Islamic Trade represents a frame by which the Islamic currencies operate in accordance to Islamic shariah exemplify by the earlier Muslims. For trades to exist, Islamic mar...

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Main Authors:	Wan Nordin, Mimi Aminah, Aibinu, Abiodun Musa, Arai, Saima
Format:	Conference or Workshop Item
Language:	English
Published:	2010
Subjects:	HG201 Money
Online Access:	http://irep.iium.edu.my/23354/ http://irep.iium.edu.my/23354/1/p48.pdf

id	iium-23354
recordtype	eprints
spelling	iium-233542012-04-10T01:53:05Z http://irep.iium.edu.my/23354/ Design and development of a new Shariah compliant dirham based Islamic market Wan Nordin, Mimi Aminah Aibinu, Abiodun Musa Arai, Saima HG201 Money The return of Islamic currencies consisting of the Dinar and Dirham calls for the return of the Islamic Trade and market. The Islamic Trade represents a frame by which the Islamic currencies operate in accordance to Islamic shariah exemplify by the earlier Muslims. For trades to exist, Islamic markets have got to be established and the characteristics of an Islamic market includes (1) right of place in the market until the completion of transaction, (2) no private ownership of the market place (3) no rent or tax levied on the usage of the market place. A new Islamic trading and market that complies with the aforementioned shariah is hereby proposed. The proposed system consists of integrating a platform of registered sellers to a marketplace in the form of a vending machine. The vending machine is made up of two different modules, namely the seller module and the buyer module. The login information provided for each registered seller is used to configure the unit selling price by the seller and this information is also used for online sales monitoring and alert. The buyer module is made up of an automatic dirham coin sensing device and the product selection switch. Insertion of dirham coin triggered the sensing and detection unit for coin validation. On completion of validation process, the acknowledgement unit reads the status of the products selection switch to detect the selected product. The End point module comprising of the sms gateway, the return unit and the delivery unit handles the completion of the transaction activity. This innovative shariah compliant Islamic market gives any registered user the ability to trade on any of the available e-market space in the vending machine until the transaction completes without being the owner of the machine. 2010 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/23354/1/p48.pdf Wan Nordin, Mimi Aminah and Aibinu, Abiodun Musa and Arai, Saima (2010) Design and development of a new Shariah compliant dirham based Islamic market. In: IIUM Research, Innovation & Invention Exhibition (IRIIE 2010), 26 - 27 January 2010, Kuala Lumpur.
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG201 Money
spellingShingle	HG201 Money Wan Nordin, Mimi Aminah Aibinu, Abiodun Musa Arai, Saima Design and development of a new Shariah compliant dirham based Islamic market
description	The return of Islamic currencies consisting of the Dinar and Dirham calls for the return of the Islamic Trade and market. The Islamic Trade represents a frame by which the Islamic currencies operate in accordance to Islamic shariah exemplify by the earlier Muslims. For trades to exist, Islamic markets have got to be established and the characteristics of an Islamic market includes (1) right of place in the market until the completion of transaction, (2) no private ownership of the market place (3) no rent or tax levied on the usage of the market place. A new Islamic trading and market that complies with the aforementioned shariah is hereby proposed. The proposed system consists of integrating a platform of registered sellers to a marketplace in the form of a vending machine. The vending machine is made up of two different modules, namely the seller module and the buyer module. The login information provided for each registered seller is used to configure the unit selling price by the seller and this information is also used for online sales monitoring and alert. The buyer module is made up of an automatic dirham coin sensing device and the product selection switch. Insertion of dirham coin triggered the sensing and detection unit for coin validation. On completion of validation process, the acknowledgement unit reads the status of the products selection switch to detect the selected product. The End point module comprising of the sms gateway, the return unit and the delivery unit handles the completion of the transaction activity. This innovative shariah compliant Islamic market gives any registered user the ability to trade on any of the available e-market space in the vending machine until the transaction completes without being the owner of the machine.
format	Conference or Workshop Item
author	Wan Nordin, Mimi Aminah Aibinu, Abiodun Musa Arai, Saima
author_facet	Wan Nordin, Mimi Aminah Aibinu, Abiodun Musa Arai, Saima
author_sort	Wan Nordin, Mimi Aminah
title	Design and development of a new Shariah compliant dirham based Islamic market
title_short	Design and development of a new Shariah compliant dirham based Islamic market
title_full	Design and development of a new Shariah compliant dirham based Islamic market
title_fullStr	Design and development of a new Shariah compliant dirham based Islamic market
title_full_unstemmed	Design and development of a new Shariah compliant dirham based Islamic market
title_sort	design and development of a new shariah compliant dirham based islamic market
publishDate	2010
url	http://irep.iium.edu.my/23354/ http://irep.iium.edu.my/23354/1/p48.pdf
first_indexed	2023-09-18T20:35:22Z
last_indexed	2023-09-18T20:35:22Z
_version_	1777409010225381376

Design and development of a new Shariah compliant dirham based Islamic market

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