This document appears to be a thesis submitted for a Doctor of Philosophy in Islamic Banking and Finance. It examines integrating the Maqasid al-Shariah (objectives of Shariah) with strategic management theory and assessing the financial viability of a municipal solid waste business venture when incorporating the Maqasid al-Shariah. The study aims to develop an integrated model of the Maqasid al-Shariah and strategic management, assess its applicability, and determine if a municipal solid waste recycling business aligned with this model would be financially viable. It utilizes both qualitative and quantitative research methods, including content analysis of texts on the Maqasid al-Shariah and strategic management, statistical

1. INTEGRATED MODEL OF THE MAQASID AL-
SHARIAH WITH STRATEGIC MANAGEMENT,
ITS APPLICABILITY AND FINANCIAL
VIABILITY IN MUNICIPAL SOLID WASTE
BUSINESS.
FULL NAME OF STUDENT
STUDENT REGISTRATION NUMBER
Thesis Submitted to
Universiti Islam Antarabangsa Sultan Abdul Halim Mu’adzam
Shah (UniSHAMS),
in Fulfilment of the Requirement for the Doctor of Philosophy in
Islamic Banking and Finance

2. TABLE OF CONTENTS
APPROVAL PAGE .......................................................Error! Bookmark not defined.
DECLARATION............................................................Error! Bookmark not defined.
ACKNOWLEDGEMENT.............................................Error! Bookmark not defined.
ABSTRACT....................................................................Error! Bookmark not defined.
ABSTRAK ......................................................................Error! Bookmark not defined.
TABLE OF CONTENTS ............................................................................................1
LIST OF TABLES.........................................................Error! Bookmark not defined.
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LIST OF APPENDICES ...............................................Error! Bookmark not defined.
LIST OF ABBREVIATIONS .......................................Error! Bookmark not defined.
CHAPTER 1 INTRODUCTION..................................Error! Bookmark not defined.
1.1 PREAMBLE Error! Bookmark not defined.
1.2 BACKGROUND OF THE STUDY Error! Bookmark not defined.
1.3 ISSUES AND PROBLEM STATEMENT Error! Bookmark not defined.
1.3.1 ISSUE 1: PERCEPTION OF THE MAQASID AL-SHARIAH
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1.3.2 ISSUE 2: DICHOTOMY OF KNOWLEDGE BETWEEN
SHARIAH AND STRATEGIC MANAGEMENTError! Bookmark
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1.3.3 ISSUE 3: INCREASE IN GENERATION OF MSW AND
TURNING IT INTO VIABLE BUSSINEES OPPORTUNITY
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1.3.4 PROBLEM STATEMENT.............Error! Bookmark not defined.
1.4 RESEARCH OBJECTIVES Error! Bookmark not defined.
1.4.1 Research Objective 1.......................Error! Bookmark not defined.
1.4.2 Research Objective 2.......................Error! Bookmark not defined.
1.4.3 Research Objective 3.......................Error! Bookmark not defined.
1.5 RESEARCH QUESTIONS Error! Bookmark not defined.
1.5.1 Research Question 1........................Error! Bookmark not defined.
1.5.2 Research Question 2........................Error! Bookmark not defined.
1.5.3 Research Question 3........................Error! Bookmark not defined.
1.6 SCOPE AND OUTLINE OF RESEARCH Error! Bookmark not defined.
1.6.1 Scope of Assessing the Perception Relating to the Maqasid Al-
Shariah............................................Error! Bookmark not defined.
1.6.2 Scope of Developing the Integrated Model ...Error! Bookmark not
defined.

3. 1.6.3 Scope of Assessing Financial Viability of a MSW Business When
the Maqasid Al-Shariah is incorporated in the Integrated Model.
.........................................................Error! Bookmark not defined.
1.7 DEFINITION OF TERMS Error! Bookmark not defined.
1.7.1 Shariah.............................................Error! Bookmark not defined.
1.7.2 Maqasid Al-Shariah ........................Error! Bookmark not defined.
1.7.3 Corporate Strategy ..........................Error! Bookmark not defined.
1.7.4 Corporate Objective ........................Error! Bookmark not defined.
1.7.5 Strategic Management.....................Error! Bookmark not defined.
1.7.6 Applicability....................................Error! Bookmark not defined.
1.7.7 Financial Viability...........................Error! Bookmark not defined.
1.7.8 Municipal ........................................Error! Bookmark not defined.
1.7.9 Municipal Solid Waste....................Error! Bookmark not defined.
1.7.10 Recycling.........................................Error! Bookmark not defined.
1.7.11 Integrated Model.............................Error! Bookmark not defined.
1.8 STRUCTURE OF THE STUDY Error! Bookmark not defined.
CHAPTER 2 LITERATURE REVIEWS....................Error! Bookmark not defined.
2.1 PREAMBLE Error! Bookmark not defined.
2.2 FINANCIAL VIABILITY Error! Bookmark not defined.
2.2.1 Introduction.....................................Error! Bookmark not defined.
2.2.2 Definition and Principles.................Error! Bookmark not defined.
2.2.3 Organization’s Strategy, Economic, and Social be Included in
Assessing Viability .........................Error! Bookmark not defined.
2.2.4 Islamic Method of Assessing Financial Viability.Error! Bookmark
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2.2.5 Summary .........................................Error! Bookmark not defined.
2.3 THE MAQASID AL-SHARIAH Error! Bookmark not defined.
2.3.1 Introduction.....................................Error! Bookmark not defined.
2.3.2 Definition and Principles.................Error! Bookmark not defined.
2.3.3 Scope of Development of Maqasid Al Shariah.... Error! Bookmark
not defined.
2.4 ISLAMIC MANAGEMENT Error! Bookmark not defined.
2.4.1 Introduction.....................................Error! Bookmark not defined.
2.4.2 Definition and Principles.................Error! Bookmark not defined.
2.4.3 Development of Islamic Management in Malaysia .................Error!
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2.4.4 Integration of Shariah in Management Process ... Error! Bookmark
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2.4.5 Summary .........................................Error! Bookmark not defined.

4. 2.5 THE MAQASID AL-SHARIAH AS CORPORATE STRATEGYError! Bookmark
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2.5.1 Introduction.....................................Error! Bookmark not defined.
2.5.2 Definitions and Principles...............Error! Bookmark not defined.
2.5.3 Strategy Creating Growth in International Trade. Error! Bookmark
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2.5.4 Competitive Strategies for Superior Business Financial Performance
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2.5.5 Blue Ocean Strategy Makes Competition Irrelevant. ..............Error!
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2.5.6 Competitive Advantage Through Global Strategy...................Error!
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2.5.7 The Maqasid Al-Shariah As Corporate Strategy . Error! Bookmark
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2.5.8 The Maqasid Al Shariah Creating New Mainstream of Islamic
Economy .........................................Error! Bookmark not defined.
2.5.9 Summary .........................................Error! Bookmark not defined.
2.6 MUNICIPAL SOLID WASTE (MSW) Error! Bookmark not defined.
2.6.1 Introduction.....................................Error! Bookmark not defined.
2.6.2 Definition and Principles in Municipal Solid Waste (MSW)
Business ..........................................Error! Bookmark not defined.
2.6.3 Various Methods of Disposal of Solid Wastes Worldwide. ....Error!
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2.6.3.1 Source and Composition of Municipal Solid WasteError! Bookmark not
defined.
2.6.3.2 Open Dumping................................Error! Bookmark not defined.
2.6.3.3 Sanitary Landfill..............................Error! Bookmark not defined.
2.6.3.4 Incineration .....................................Error! Bookmark not defined.
2.6.3.5 Recycling.........................................Error! Bookmark not defined.
2.6.4 Problems in Municipal Solid Waste (MSW) Management......Error!
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2.6.4.1 International Trend..........................Error! Bookmark not defined.
2.6.4.2 Situation in EAST ASIA.................Error! Bookmark not defined.
2.6.5 Trend and Strategy ..........................Error! Bookmark not defined.
2.6.6 Summary .........................................Error! Bookmark not defined.
2.7 INTEGRATING MAQASID AL-SHARIAH WITH STRATEGIC MANAGEMENT
THEORY Error! Bookmark not defined.
2.7.1 Strategic Management Theory........Error! Bookmark not defined.
2.7.2 Propose Integrated Model ...............Error! Bookmark not defined.
2.8 STUDY FRAME WORK AND HYPOTHESISError! Bookmark not defined.

5. 2.9 CHAPTER SUMMARY AND CONCLUSIONError! Bookmark not defined.
CHAPTER 3 RESEARCH METHODOLOGY..........Error! Bookmark not defined.
3.1 PREAMBLE Error! Bookmark not defined.
3.2 PROCESS OF FORMULATING RESEARCH QUESTIONS AND OBJECTIVES
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3.3 RESEARCH APPROACH Error! Bookmark not defined.
3.4 RESEARCH METHODS AND SCOPE Error! Bookmark not defined.
3.5 QUALITATIVE RESEARCH DESIGN FOR APPLICABILITY OF THE MAQASID
AL-SHARIAH AS CORPORATE STRATEGY Error! Bookmark not defined.
3.5.1 Qualitative Thematic Analysis........Error! Bookmark not defined.
3.5.2 Qualitative Content Analysis ..........Error! Bookmark not defined.
3.5.3 Qualitative Content Analysis to Generate Ideas for the Applicability
of The Maqasid Al-Shariah in Strategic Management ............Error!
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3.5.3.1 Source of Text Data for Qualitative Content AnalysisError! Bookmark
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3.5.3.2 Analysis of Text Data......................Error! Bookmark not defined.
3.6 QUANTITATIVE RESEARCH DESIGN IN ASSESING THE FINANCIAL
VIABILITY OF MSW BUSINESS. Error! Bookmark not defined.
3.6.1 Design Strategy...............................Error! Bookmark not defined.
3.6.2 Data Collection Design ...................Error! Bookmark not defined.
3.6.3 Sampling Design.............................Error! Bookmark not defined.
3.6.3.1 Probability Cluster Systematic Sampling DesignError! Bookmark not
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3.6.3.2 Non-Probability Quota Sampling DesignError! Bookmark not defined.
3.6.4 Methods of Analysis .......................Error! Bookmark not defined.
3.6.4.1 Methods of Statistical Analysis.......Error! Bookmark not defined.
3.6.4.2 Methods of Financial Analysis .......Error! Bookmark not defined.
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CHAPTER 4 DATA ANALYSIS AND RESULTS ....Error! Bookmark not defined.
4.1 PREAMBLE Error! Bookmark not defined.
4.2 TEXT DATA ANALYSIS FROM QUALITATIVE RESEARCH ON MAQASID AL-
SHARIAH PERCEPTION Error! Bookmark not defined.
4.2.1 Analysis and Result of Text Data from Primary Source..........Error!
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4.2.2 Analysis and Result of Text Data from Secondary Source......Error!
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4.2.3 Conclusive Inference made from Text Analysis.. Error! Bookmark
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6. 4.3 STATISTICAL ANALYSIS OF MSW COMPOSITION FROM FIELD SAMPLE
SURVEY Error! Bookmark not defined.
4.3.1 Descriptive Statistics of Composition of MSY from Probability
Cluster Systematic Sampling Survey.............Error! Bookmark not
defined.
4.3.2 Statistical Tests on Composition of MSW Data .. Error! Bookmark
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4.3.3 Production of Recycled Products from Analysis of Composition of
MSW obtained from Kuching Landfill..........Error! Bookmark not
defined.
4.3.3.1 Compost Organic Fertilizer Production Line PlantError! Bookmark not
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4.3.3.2 Recycled Plastic Production Line PlantError! Bookmark not defined.
4.3.3.3 Pyrolysis and Power Generation PlantError! Bookmark not defined.
4.4 STATISTICAL ANALYSIS OF MSW PRICES OF RECYCLABLE PRODUCTS
FROM MARKET SURVEY Error! Bookmark not defined.
4.4.1 Price and Demand for Recycled Plastics .......Error! Bookmark not
defined.
4.4.2 Price and Demand for Compost Organic Fertilizers................Error!
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4.4.3 Price and Demand for Other Recycled Products.. Error! Bookmark
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4.5 FINANCIAL ANALYSIS OF MSW RECYCLE BUSINESS VIABILITYError!
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4.5.1 Potential Avenues for Revenues Generation..Error! Bookmark not
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4.5.2 Financial Assumptions....................Error! Bookmark not defined.
4.5.3 Financial Results.............................Error! Bookmark not defined.
4.5.3.1 Profit & Loss (P&L) .......................Error! Bookmark not defined.
4.5.3.2 Net Present Value (NPV)................Error! Bookmark not defined.
4.5.3.3 Internal Rate of Return (IRR) .........Error! Bookmark not defined.
4.5.3.4 Pay Back Period (PBP) ...................Error! Bookmark not defined.
4.6 CHAPTER SUMMARY AND CONCLUSIONError! Bookmark not defined.
CHAPTER 5 RESEARCH FINDINGS AND CONCLUSIONError! Bookmark not
defined.
5.1 PREAMBLE Error! Bookmark not defined.
5.2 THE MAQASID AL-SHARIAH IS APPLICABILE AS CORPORATE STRATEGY
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5.3 RECYCLING MSW BUSINESS IS IN LINE WITH THE MAQASID AL-SHARIAH
STRATEGY Error! Bookmark not defined.

7. 5.4 THE MAQASID AL-SHARIAH AS CORPORATE STRATEGY IS SUPPORTIVE
TO THE FINANCIAL VIABILITY OF RECYCLING MSW BUSSINESS VENTURE
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5.5 CONTRIBUTION OF DEVELOPMENT OF NEW KNOWLEDGE IN ISLAMIC
BUSINESS AND MANAGEMENT Error! Bookmark not defined.
5.6 CONTRIBUTION IN DEVELOPMENT OF PRACTICAL APPLICATION OF
ISLAMIC PRINCIPLES IN MANAGING A BUSINESS.Error! Bookmark not defined.
5.7 CONTRIBUTION IN THE ASSEMENT METHOD OF BUSINESS VIABILITY
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5.7.1 Creating an Islamic Management Model .......Error! Bookmark not
defined.
5.7.2 Creating New development of Qualitative Analysis Methodology
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5.8 CONCLUSION Error! Bookmark not defined.
REFERENCES...............................................................Error! Bookmark not defined.