1.1 INTRODUCTION

The  paper is divided into two parts. Part one will give a brief explanation about the status of Islamic banking in Malaysia and more specifically the current performance of Bank Islam Malaysia Berhad (BIMB) and how the proposed model fits into this. While, part two will mainly focus about the proposal for integrated Musharakah Marketing Model to help disadvantaged fishing people in Malaysia.

The Islamic Banking Act 1983 came into effect on March 11, 1983 which modelled on the existing Act 1973. It paved the way for the establishment of banks based on Islamic principles to fill the void in the existing banking system: to meet the banking and credit needs of the Muslim population in Malaysia in accordance to the rules of Shariah which prohibits riba (interest).

Bank Islam Malaysia Bhd (BIHB), was incorporated on March 1983 and commenced operations on July 1, 1983 with a branch in Kuala Lumpur. Subsequently, 28 branches were opened throughout Malaysia, bringing the total number to 29 at the end of December 1991. To date, BIMB has three subsidiaries and 33 branches located mainly in the urban areas throughout Malaysia.

The mission of the bank is to operate as a commercial bank functioning on the basis of Islamic principles, providing banking facilities and services to Muslims and the whole population of Malaysia, with viability and capability to sustain itself and grow in the process. Its objectives are as follows:

a. To provide its customers with Islamic banking facilities and services of the highest possible quality.

b. To attain viability and sufficient level of profitability to sustain growth.

c. To develop and foster a competent and innovative management imbibed with high standard of integrity and Islamic banking professionalism.

d. To develop a motivated work-force inculcated with the appropriate ethics, fully committed to the bank and providing efficient and courteous service to the customers.

e. To constantly strive to protect ots shareholders’ interest.

f. To be always conscious of its responsibilities and duties as an Islamic corporate citizen.

What we are interesting here is to see how BIMB uses its fund. Therefore, the applications of fund as follows:

(1) Equity Financing

a. Mudarabah (Trustee Profit Sharing); and

b. Musharakah (Joint-Venture Profit Sharing).

(2) Term Financing

Bai Bithaman Ajil (Deferred Installment Sale).

(3) Trade Financing

a. Letters of credit Wakalah (Agency);

b. Letters of credit Murabaha (Deferred Lump Sum Sale);

c. Letters of credit Musharakah (Joint-Venture Profit Sharing);

d. Murabaha Working Capital Financing (Deferred Lump-Sum Sale);

e. Islamic Accepted Bill;

f. Islamic Credit Refinancing;

g. Investment; and

i. Musharakah (Joint-Venture Profit Sharing).

Modes of Financing

Generally speaking, the modes of financing of Bank Islam Malaysia’s, is important to the researcher because it will give a picture how BIMB has utilized its resources to generate rvenues. Al—Harran argues that current Islamic banks have no problems in terms of mobilization of resources but the real test n the eyes of the public, is the utilization. Its five most important mode of financing are Bithaman Ajil, Murabaha, Ijarah, Mudarabah and Musharakah.

Bai Bithaman Ajil (BBA) claimed the highest share of total financing. It increased from 49.1 per cent in 1984 to 78.7 percent in 1987 and decreased slightly to 73.7 per cent in 1991 (Table 1). This is followed by murabaha, although it had declined from 37.2 per cent to 15.0 per cent, that is by 13 per cent over the same period.

TABLE 1

Bank Islam Malaysia Bank:

Modes of Financing (% to Total Financing)

BBA (Bai-Bithamafl Ajil): QH (Qard aI-Hasanah).

Sources: BIMB Annual ReporLS. 1984-1991

Bai Bithaman Ajil and Murabaha are similar in terms of its operations with the exception that the former recognizes payments in instalments. These modes of financing are criticized because of the resemblance of their profit margins to interest. Some Islamic bankers agreed that Bai Bithaman Ajil and murabaha should be phased out and be replaced by other financial instruments which are more equitable to both the borrowers and the lenders (1).

Chapra argues that murabaha is an easy way out for Islamic banks interested in abolishing riba, but it puts the entire risk of financing onto the borrowers( 2). Therefore, this mode of financing should be played down in favour of other modes of financing like mudarabah and musharakah.

During the 1984—1991 period, Ijarah (leasing) became more significant in the later years. Starting at 9.3 per cent in 1984, it decreased drastically to 2.9 per cent in 1988 but increased significantly to 13.0 per cent in 1991.

Mudarabah financing represents less than 1 per cent throughout the 1985—1991 period with only once at 3.1 per cent in 1984.

Similarly, musharakah financing was at 1.2 per cent in 1984 to 2.2 per cent in 1986 and since then declined to 0.01 per cent in 1991.

Mudarabah and musharakah financing are not popular to BIMB’s due to the following three main reasons:

a. There is a lack of honest and trustworthy entrepreneurs: BIMB had been cheated by some of its customers in the past. Some of them did not declare their profits while others did not possess the skill to participate in business.

b. There is a lack of medium— and long term funds which is one of the conditions for mudarabah and musharakah financing. The major portion of BIMB’s funds are in the short term with the remainder at best in the medium term.

c. Long—term financings involve higher risks and there is a lack of qualified personnel to undertake the operations. Therefore, BIMB is partial towards short-term investment financing. To overcome this problem, Al—Harran has suggested the setting up of an Islamic investment company and an Islamic consultancy house. These companies will first identify the potential sectors such as the manufacturing, constructions, services and small— and medium sized industries. They will then evaluate the individual project based on its economic and financial viability and propose it to the bank for fund (3).

From the above brief assessment, many criticism were made by large number of professionals that BIMB’s after thirteen years of experience has not succeeded to create a niche in the Malaysian market( 4). Even if one look at the profitability of the bank in terms of returns to shareholders. One can realize that dividends are paid by BIMB’s to shareholders (after making provision for taxes, zakat and statutory reserve funds) is considered to be low (4 percent) in contrast to those paid by Malayan Banking Bhd. (9 percent) and Public Bank Bhd. (6 percent) in 1990.

The main issue to be addressed here that BIMB would have to devise financing instruments which are more just to cater not only for the rich industrialists but also for the majority of small Muslim entrepreneurs in the urban areas, the farmers and the fishermen in the rural areas as well as the other middle and low income earners.

Therefore, the author has felt that there is a need to undertake an applied research and select a relevant topic where Islamic financing based on Musharakah could be introduced and that is the problem of marketing of fish in Malaysia.

1.2 HISTORICAL BACKGROUND MALAYSIAN FISHERIES INDUSTRY

The problem of marketing in Malaysia fishing industry is not merely the problem of marketing in its narrow definition. The problems of distribution and marketing, weak social structures, negative attitude of fishing people and ineffectiveness of government programmes cannot be isolated from each other. They are actually interlinked. Thus, the solution does not lie merely in economic and commercial spheres but more significantly, it must foster socio—economic strength, install spiritual values and sense of purposeness in the fishermen. In short, the solutions are geared towards social reformation and reconstruction leading to material and spiritual betterment for the society as a whole.

The fishing industry in Malaysia is small but remains an important sector of the national economy. It has always been connected with low productivity, a high number of labour utilization and poverty. The causes were related to persistence of traditional and relatively unproductive technology in certain areas, and the relative occupational and geographical immobility of fishermen compared to other occupations.

Therefore there is an urgent need to bring a real socio—economic changes in the status of disadvantaged fishing people in Malaysia by introducing a new integrated marketing model of Musharaka financing. Undoubtedly, if the proposed model is properly implemented it can play an important role to uplifting the Standard of living of the fishermen. With reasonable income, they will be able to give their children better education, nutrition, Shelter and so on.

1.3 CASE STUDY

Mengabang  Lekar and Pengkalan Atap Villages, North Terengganu

Tile district of Batu Rakit has a population of about 35,000. The district is comprised of several fishing villages which include the two villages where the field study is conducted at i.e., pengkalan Atap and Mengabang Lekar. Both these villages cover an area of approximately 10 km. per Square metres each. The distance from these villages to the capital town kuala Terengganu is about 18 miles and the distance to Pulau Kambing is about 17 miles.

1.3.1 RESEARCH METHODOLOGY

This research is done by a team of 23 undergraduate students of International Islamic University, Malaysia. Number of Fishermen in Terengganu total labour or fishermen registered is 9800 persons in the industry. Total fishermen villages in Terengganu is twenty three. Fishing zones are on shore zone (more than 5 miles), off shore zone (5—30 miles) and deep sea (up to economic zone).

The villages for the study is chosen based on the first research which is done on 9 February 1992. Two out of the 4 kampungs visited before were selected, i.e., Atap and Kampung Mengabang Lekar. The respondents (200 out of 220) are randomly selected in these two’ areas.’

Primary data is collected from fishermen on social-economic background and elements which contributed towards the problem of marketing in Malaysian fishing industry. The sample was taken from fishermen of two villages: Pengkalan Atap Village and Mengabang Lekar Village as micro models.

Personal observation was made during the visit and stay at the fishermen villages. Observation was made regarding the work and the lives of the fishermen and his families. The personal interviews are with officers from Fishery Development Authority - of Malaysia (LKIM), Fishermen associations and other related institutions and individuals, fishermen and the middle men as well. The primary data collected were analysed by cross tabulation method and presented using illustrations SPSSPC

1.3.2 WHY MUSHARAKAH FINANCING?

One of the main findings of this applied research apart from others, is that 77.5 per cent of the fishermen corresponded positively to the proposal of Musharakah based marketing  corporation. Most who ,accepted this idea are the younger  fishermen between the age of 20-30(34%).

This generation are still full of spirit and hope to have a better living conditions compared to the elderly ones who may have been discouraged due to the failure of other existing government agencies(6).

Concerning the income, those who earned less than RM350 per month is the prominent group which agrees to the musharakah proposal (60 per cent). They believe that through participating in this musharakah company, their income can be improved thus changing their living standards.

90 per cent of them admitted they need to get advance for the capital or equity participation. Their small income is insufficient to support their family, what more to save or contribute as capital. 90 per cent of those earning less than M350 per month expressed their need for advancement for the capital. Similarly, the RM350—RN550 and above RM550 monthly income group also expressed their need for advancement if they were to participate in the proposed musharakah corporation.

From the above finding, it was found that the problems faced by the fishermen are quite crucial while others have given us some valuable suggestions, that is important to be taken into consideration. The paper has put forward some foresights regarding the implementation of a Musharakah financing model as an integrated development approach with special reference to Batu Rakit fishing settlement.

1.4 INTEGRATED KUSHARAKAH MARKETING MODEL

The objective is to lay down the Musharakah model designed not only for material betterment but also spiritual upliftment. The proposed model will became an institution for socio—economic reformation and reconstruction and simultaneously help eradicate poverty among the fishermen. The success of any development model is directly correlated with the degree of participation of the grassroots in the development process. Hence, this model is integrated in approach by combining the economic as well as social activities. The model also serves to facilitate the transfer of financial resources from surplus units of community to deficit units. Before, the poor sector have been independent materially and mentally to the capitalists sector.

1.4.1 THE PHILOSOPHICAL FOUNDATION

The Musharakah marketing model should bring a socio—economic change to the fishermen community. The programme should provide a definite outlook on life. It must be action—oriented and Comprehensive in order to be effective for social reconstruction.

The project should manifest that man is an active agent of change who will be responsible to act according to the frame work of the divine arrangement. Change consists in environmental change and change within the heart and soul of man -attitudes, motivation and commitment for the fulfillment of objectives. Life is a network of inter—relationships and there should be no social disruption and disequilibrium within man and in society.

1.4.2 THE OBJECTIVES

The model has following objectives:

(i) To provide opportunities and facilities for the poor fishermen mostly in the rural to participate in the economy in order to ensure self dependence.

(ii) To eradicate poverty in the rural area by ensuring each and every individuals will be able to fulfill their basic needs of foods, clothings and shelter with sound health and minimum education requirement.

(iii) To encourage and generate savings from the poor and rural sector as to protect social security and ensure for better future generation together with better social environment and social order.

(iv) To lay the foundation towards a more disciplined and responsible nation in order to protect national security and stability.

1.4.3 SCOPE OF ACTIVITIES

(i) To provide capital to the fishermen to purchase boat, fishing equipments, net and also to provide operation fund.

(ii) To provide capital to the fishermen or fishermen family to set up small business based on handicraft and cottage industry or fisheries products. (iii) To organize course and training and provide advisory services to the fishermen. (iv) To promote and encourage saving by the fishermen.

1.4.4 THE MARKETING MODEL

The research team propose that the model should incorporate all the parties involve in Malaysian fishing industry. The model can be diagrammatically presented as in figure:

The research team propose that the model should incorporate into all the important actors in Malaysian fishing industry namely the fishermen, the wholesaler and the retailer, boat owner and the management team (facilitators). In the Musharakah model, fishermen are viewed as potential assets and as active development agent; unlike in the traditional system where they are assumed as passive, unreliable, lack motivation and are negative—minded.

1.4.5 THE MARKETING SUBSIDIARY COMPANY

The Marketing subsidiary company will take over the function of middlemen in traditional marketing system by giving better price for their catches and at the same time to promote for fishermen involvement in the marketing activities in order to make fishermen self—reliant and independent. The marketing subsidiary company is able to offer higher prices to the fishermen because it sells the fish directly to its retailers and wholesalers without going through the various middlemen. All the markup will be accrued to the company. The marketing subsidiary is responsible to promote new channels for marketing fish such as through wholesale market or export terminals.

1.4.5.1 Objective of The Marketing Subsidiary

(i) To collect and distribute the fishes to various places within the state or outside the state or to be exported to other countries like Singapore and Thailand.

(ii) To provide the direct link between the producer (fishermen) and the consumer by reducing the role of middlemen.

(iii) To provide an up—to—date information on market price for the fishermen so that the price will not be easily manipulated by irresponsive middleman.

(iv) To encourage the fishermen to be involved in distribution activities as partners or shareholders of the marketing subsidiary.

1.4.6 MODUS OPERANDI

The scope of production process encompasses all aspects related to improving the methods of fishing, providing boats, equipments and facilities such as ice, transportation, storage and so on. The main aim is to reduce wastage and post—harvest losses besides providing enough supply of fish to meet the demand of consumers. The Musharakah Corporation through its marketing Subsidiary will simultaneously function to solve the marketing problem. The objectives of the subsidiary are:

(i) To provide vocational training and education among the members in term of fish marketing.

(ii) To modernize fishing industries, i.e., using appropriate technology.

(iii) To provide and arrange for marketing facilities.

(iv) To promote and give assistance in fish marketing.

(v) To provide channels of distribution for marketing of fishermen products such as from handicrafts, by—product industry and aquaculture industry.

Thus, it is recommended that the Marketing Subsidiary should provide the following facilities:

(a) Transport to all the respective markets

(b) Refrigeration

(c) Warehouse

Even though, the Marketing Subsidiary Company play the role of middlemen, the company does not only became an active competitor in the market but it can stimulate greater participation from the fishermen in marketing activities. Fish will be bought from the fishermen at a relatively higher price and sold at market price at the wholesaler, export markets and to retailers. The profit is arrived at after deducting the cost of the trips and storage and the price of fish bought from the fishermen. Advantages of this system:

(i) It will reduce the transportation cost by not depending on private or commercial transport owners.

(ii) It will increase profit because the mark up profit that previously was taken by different middlemen at every stage of distribution will now be accumulated by the company alone.

(iii) A clear market price will be made known to the fishermen and they will be offered the exact market price if not a higher one. This can be done since the subsidiary company are able to operate in a low-cost manner.

(iv) The function of middlemen will be reduced since only the marketing company will be distributing the fish.

(v) Since the transfer of fish from one hand of middlemen to another middlemen will be eliminated, the quality of fishes will be less at risk.

For a quantitative example of how the subsidiary company may reduce cost and increase profit in the fish market please refer to the figures below:

Figure3a

Model: Case of fish caught and brought to Pulau Kambing Jetty, Kuala Terengganu. Malaysia

Price of fish RM50.00 (per box)

Current price=RM60.00

(who collect the fish and hire transport to send fish to wholesale market)

Trans cost(RM18/box) Current Price= RM 78.00

Current price= RM88.00

Current price= RM100.00

Market price RM10.00/kilo (RM 300.00/box)

Assumption:

1.Bawal fish                                                                        2. 1 box = 30 kilos

3. Consumer’s market price is at RM10.00/kilo (selling price)

so RM10.00x30 kilos = R}f300.00/box

According to this system, the middlemen cannot afford to pay fishermen better prices because they themselves are only able to make small profits individually. Under the present channel of distribution, there are many middlemen. Each will seek to acquire a mark—up profit for themselves.

Figure 3b

Recommended Channel of Distribution

Under the Proposed Marketing Subsidiary system

Price of fishbox is RM80.00

Consumer market price RM10.00/kilo
Revenuesas RM10.00x30kilos = Rm300.00

Costs incurred by the whole process shall include transportation costs, commissions or wages for the subsidiary's workers, retailers, wholesalers and managers. If the fish is still sold at RM10.00 per kilo, the revenue one box of fish will bring is RM300.00. The profit of the company is the balance after deducting the price of fish bought from the fishermen, and the cost of the distributing process (as mentioned above). The calculations are as follows:

RM300.00- RM80.00-RM100.00 = RM120.00

So that will mean that the subsidiary company can offer a higher price for the fish and still attaining a good profit margin while ensuring that the fish are less vulnerable to post—harvest losses. The company on the whole tries to overcome the basic problems of price instability, unnecessary long distribution chains, unscrupulous middlemen, poor quality fish, a high rate of fish wastage and the most importantly is the racial imbalance in fisheries sectors.

1.4.7 INTEGRATED COMMUNITY DEVELOPMENT PROGRAMME

The other main function of the corporation, which is in the area of social development. The programme is called the “Integrated Community Development Programme” (ICDP).

The programme is felt to be of crucial importance as the success of the whole project depends on how the fishermen themselves perceive their standard of living and what is their level of consciousness. Through the process of conscientisation of the fisherfolk only, can the project be sustained. This is hoped to be achieved through the process of adult education and further reinforced through small group discussions held for each members of the Musharakah model.

The fisherman and their wives are encouraged to take up various projects deemed feasible towards generating side—income or just welfare—oriented projects for the benefit of the whole society. More elaborations on ICDP will be provided subsequently,

1.4.7.1 Entrepreneurship activities

Perhaps the role of women as income earners can best be enhanced through these projects. The menfolk who do not go to sea and remain idle at home can also join the projects. The income will help uplift the standard of living. Among areas of potential ventures are:

Figure 4

Integrated Community Development Program (ICDP)

(i) Traditional handicraft: batik, rattan furnitures meng and pandan based industries. (ii) Fish by—product industry: keropok, salted products, crackers, chips, fillets. (iii) Sea—food centres at strategic locations (iv) Aquaculture (v) Fishermen market and night markets (vi) Woodcraft and carpentry.

1.4.7.2 Vocational Training and Education programmes

The programme seeks to improve the level of education among all walks of the society. For the fishermen’s children, the projects suggested are:

1. Pre—school education 2. Tuition classes

3.Study group   4. Local village library

5. Extra curricular activities such as holiday camps, educational visits and others.

With regard to other programmes, the author is of the opinion the above figure (4) is self-explanatory. However, for the Integrated Community Development Programe to be effective, it must closely monitored to ensure its success. The experiences in the developing countries have taught us many lessons, one of them are, the failure of many projects was due to management and poor monitoring and follow up.

1.4.8 PROPOSED FINANCING

Musharakah Corporation Permodalan Nelayan Bumiputera Berhad (PNBB) is a proposed corporation to be established to tackle the task of uplifting the standard of living of the fishermen. PNBB is established as a separate legal entity which means that the liability of individual shareholders is limited to his investment or his share in the organization.

In PNBB, all parties involved are tied into a Musharakah based cooperation where they will directly or indirectly have to be actively involved in the activities of the business to guarantee its success. The distribution of the profit or losses will be based on equity participation of the members in PNBB. The partners in PNBB will consist of the:

(i) fishermen

(ii) retailers

(iii) wholesalers and

(iv) facilitators (management team and workers).

PNBB will actually finance the fishermen from the use of grant from in the form of soft loan from the government bodies (such as Terengganu State Government, National Equity Company, agricultural Bank of Malaysia and Bank Islam Malaysia Berhad) amounting to RM1 million which will be turned into revolving funds of the corporation. PNBB will allocate of shares among its members. The fishermen will get larger percentage of shares compare to others simply because the main objective of the corporation is to improve the living standard of these disadvantaged fishing people. Therefore, the fishermen should get 45 percent (amounting to RM 4500,000), wholesaler 25 percent (amounting to RM 2500,000), workers 15 percent (amounting to RM1500,000) and managers 15 percent (RM1500,000). To enable the fishermen to invest, PNBB will assist them by providing interest free loan. Once his level of income will be improved, he has to repay PNBB. The financing arrangements shall be repaid based on the level of income ranging from 5—10 years.

For the purpose of repayment of the advance for shares in the PNBB, the dividends earned from equity in the Musharakah Corporation should be partly used as repayments. In due course, repayment of the loan will be completed. The Directors of the Company may also use a part of the corporation’s accumulated Profits to invest in additional assets in the hope of generating more profit. The profit reinvested should be used for capital expenditure and additional working capital. However, the decision on the ratio of profit to be distributed as dividends or used for at to the discretion of the Directors, according to the circumstances. The start—up cost of the corporation may be high even if implemented at a small scale. The partners in the company will be allocated a fixed portion of shares respectively as 5 below:

Figure 5

Allocation of Shares among Members of PNBB

Upon full repayment of all the loans by the members, the fund could be used for the corporation’s expansion purposes or for loans to the subsequent batches of fishermen who may wish to join the company but faces capital constraints. The process will be repeated again. It is important that the initial members repay their loans to ensure the continuity of the Musharakah financing for the benefit of the new corners of the fishermen.

Eventually, the company will have plough back the amount equal td the launching loan and the accumulated capital contributions made by the fishermen who repaid their loans. Thus the corporation can further invest in bigger activities that will give higher benefit to the fishermen.

The profit of the company comes from the excess revenue obtained from sale of the fish minus the operating cost including basic pay given to the workers and managers and the price of fish bought from the fishermen. The higher the productivity and reduction of post harvest losses, the higher the profit shall be. Dividends from the profit shall be distributed to shareholders according to their contribution and, other necessary Considerations. Upon the expiry of the partnership, the portion of capital owned by the fishermen is returned (or transferred) to the new fishermen.

The question will be asked how the Musharakah system have actually work to improve the stauts of the disadvantaged fishing people in Malaysia. By allocating large number of shares to fishermen (amounting to 45 percent), PNBB through its implementation of Musharakah financing financing will play vital role to improve the level of income of these people. This should be translated in terms of financial term by receiving a higher price per box of fish as well as moral upliftment.

Undoubtedly, Musharakah financing through its incentive elements will give more hope to young and poor farmers as well as those who are trying to achieve entrepreneurship, to work hard and get on to expand and develop their business. This type of financing can be used successfully to curb rural—urban migration and to encourage young people to involve themselves seriously in rural agriculture. If such financing is widely extended to artisans and those involved in handicrafts, this will promote and modernize industry and may act as a break to the vicious circle of poverty prevailing in most Third World countries.

1.4.9 CONCLUSION

It was felt that to implement the concept at national level is far too ambitious. Thus, we are in agreement that the model has got to be tested at the micro level first, so that our resources are not wasted unnecessarily and better supervision of the project to identify the potential problems can be made, But firstly, a lot of consultation has to be done to derive the best strategies based on the experience in other projects such as those made by:

(a)  Malaysian Entrepreneurial Development Centre (MEDEC)

(b)  Pahang State Economic Planning Unit.

(c) Amanah Ikhtiar Malaysia.

(d) Lembaga Kemajuan Ikan Malaysia.

Perhaps a committee should be formed as advisors to the institution to help in the process of breaking through the social and political barriers existent in the target community. Two particular villages are suggested for the pilot project, namely:

(a) Pengkalan Atap Village

(b) Mengabang Lekar Village

It is only wise to implement a small—scale version of the model first in these two villages. This micro version will need further refinements and modifications for its implementation. The success of the above model depends on the cooperation from all sides engaged in fisheries activities. The responsible association should play their roles effectively and should not overlook the interest of any fishermen. Meanwhile, the fishermen should develop a positive attitude and co—operate with these associations in order to help themselves. In this context, trust among each other should come first because only then, will success be achieved.

REFERENCES

(1)          Sum, W, Choo, “Bank Islam Malaysia: Performance Evaluation 1983-1993” in Al—Harran, S., Leading Issues in Islamic Banking and Finance, Pelanduk Publications, P.95, Malaysia, 1995.

(2) Chapra, M. Umar, He expressed his views in a panel discussion on “Development Financing: Experience of Islamic Financial Institutions” Third International Conference on Islamic Economics, Kuala Lumpur, January 27-30, 1992.

(3) Al-Harran, Saad, “Time for Long—Term Islamic Financing” in Al—Harran S., Leading Issues in Islamic Banking and Finance, Pelanduk Publications, P.31, Malaysia, 1995.

(4) Kader, Radiah, “Bank Islam Malaysia: Market Implications” in Al-Harran, S., Leading Issues in Islamic Banking and Finance, Pelanduk Publications, P.128, Malaysia, 1995.

(5) Annual Reports Fisheries Statistics, Fisheries Department, Ministry of Agriculture, Malaysia, Volume 1 and 2, Malaysia, 1995.

(6)          Al-Harran and  Islamic Marketing Strategy: Eradicating Rural Poverty in Malaysia, P.60, Pelanduk Publications, Malaysia, 1994