Applying the fuzzy delphi method (FDM) to analyze the expert consensus values for instrument of shariah-compliant gold investment

Najahudin Lateh, Salmy Edawati Yaacob, Siti Noobiah Md Rejab

Research output: Contribution to journalArticle

Abstract

The objective of this study is to describe the process of development of Shariah-compliant Gold Investment (SCGI-i) instrument using the Classical Delphi Technique (CDT) and Fuzzy Delphi Method (FDM). The research instrument is based on questionnaire with 4-point Likert scale consisting of three dimensions and 34 items. A total of 13 Islamic Muamalat experts were selected as participants of CDT to obtain consensus. The results showed a high consensus among the participants with a score IQR = 0.00 to 1.00; Mdn = 4.00 to accept these three-dimensional, 32 of the original items and the new item (C11) and rejected two original items (B05; B15). The acceptance score is also supported by the empirical evidence of FDM analysis that shows the value of the threshold (d ≤ 0.2) and the percentage of expert agreement (≥75%). These instruments can be used by Islamic financial institutions to create new products or sharia audit of existing gold investments to comply with the requirements of Islamic Muamalat.

Original languageEnglish
Pages (from-to)165-178
Number of pages14
JournalPertanika Journal of Social Sciences and Humanities
Volume25
Issue numberDecember
Publication statusPublished - 1 Dec 2017

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gold
expert
sharia
Values
audit
acceptance
questionnaire
evidence
Fuzzy
Delphi
Delphi method
Delphi technique

Keywords

  • Delphi
  • Fuzzy delphi
  • Gold investment
  • Shariah-compliant

ASJC Scopus subject areas

  • Business, Management and Accounting(all)
  • Arts and Humanities(all)
  • Social Sciences(all)
  • Economics, Econometrics and Finance(all)

Cite this

Applying the fuzzy delphi method (FDM) to analyze the expert consensus values for instrument of shariah-compliant gold investment. / Lateh, Najahudin; Yaacob, Salmy Edawati; Md Rejab, Siti Noobiah.

In: Pertanika Journal of Social Sciences and Humanities, Vol. 25, No. December, 01.12.2017, p. 165-178.

Research output: Contribution to journalArticle

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