The Muamalat Newsletter Vol. 2 2023

FEM eNewsletter | Dec 2023 56 & Hackett, 2017). As for Malaysia, DOSM (2020) reported that the Muslim population accounted for approximately 20.6 million individuals, representing approximately 63.5% of the total population. With the increase of Muslims around the world, there is growing awareness of the importance of consuming only halal products and experiencing halal services has prompted the need to look for healthcare services that are tailored to the religious beliefs and values and in compliance with Shariah law (Jamaludin et al., 2019; Shariff et al., 2018; Zuraina et al., 2015; Rahim et al., 2015). This demand is particularly evident in Malaysia, where there has been a growing number of Shariah- compliant companies listed on the Malaysian Stock Exchange. Bakar & Rosbi (2017) highlighted in their study that there was increasing presence of Shariah-compliant companies in the Malaysian market, with over 600 listed on the Shariah board of the Malaysian Stock Exchange as of 2017. As of May 2023, there are 802 of Shariah-compliant companies as reported by Securities Commission Malaysia. Meanwhile, in the field of healthcare services, there are 26 companies listed as Shariah- compliant companies. Among those companies listed are KPJ Healthcare, IHH Healthcare, Nova Wellness Group and Pharmaniaga. This clearly demonstrates the growing importance of Shariah- compliant companies in Malaysia, with a significant presence in the healthcare industry. This growth has also brought with it a need to understand the fundamentals that hold the Shariah-compliant healthcare foundation and the challenges that should be navigated. Unlocking the Shariah Compass Let us take a momentary pause to explore the fundamentals that constitute the intricate fabric of Shariah compliance in the sphere of healthcare. It’s like looking at a mosaic of values - ethical treatment as a cornerstone, transparency lighting up the path, and a resolute prohibition of interest and prohibited substances. It is imperative for organizations or businesses to refrain from engaging in activities that are prohibited in Islam, such as dealing with non-Halal products or engaging in practices that are not permissible according to Shariah law (Yahaya, 2018). The rise of Shariah-compliant healthcare is not only reflected in the financial sector but also extends its influence to the core of healthcare services, particularly in the establishment of Shariah- compliant hospitals. It emerges as beacons of both medical proficiency and spiritual solace. These institutions, crafted at the intersection of meticulous medical standards and Islamic principles, stand tall in response to the growing need for healthcare that resonates with religious beliefs. Back in 2005, Malaysia’s leading certification body, SIRIM QAS International, introduced a captivating initiative that has since shaped the global business landscape. Enter the MS1900 Shariah-based Quality Management System, known as the world’s first Islamic Quality Management System. Supervised by the Shariah Advisory Council (SAC), this framework has evolved into a comprehensive management system applicable to companies of all sizes and industries. By seamlessly integrating ISO 9001 requirements with universal principles, MS 1900 ensures the delivery of high-quality products and services that align with Shariah, regulatory bodies, and customer expectations. The system weaves Shariah principles like aqidah (belief system), akhlaq (morality), and fiqh (interaction with people, the environment, and religious observance) into the fabric of fundamental management procedures. This strategic approach not only differentiates products and services but also enhances market acceptance while catering to the needs of Muslim consumers, investors, and stakeholders. Organizations aspiring to implement a Shariah- based quality management system can obtain the coveted MS 1900 certification. This standard not only outlines specifications for a Shariah- compliant quality management system but also ensures that hospital procedures embrace widely recognized values, covering halal aspects of product and service delivery. Distinctive features like the Shariah Advisory Committee (SAC), Shariah officer (ShO), organization Core Values (CV), and Shariah Critical Control Point (SCCP) set MS 1900 apart from other standards (SIRIM, 2023), with three key objectives: inculcate Shariah requirements into quality management practices, enhance effectiveness through universal good conduct, and boost Shariah compliance and confidence amongMuslims and stakeholders. This narrative unfolds a fascinating chapter where principles meet proficiency, and ethical governance takes centre stage in the