Islamic Finance Practice: Expanding Beyond Shariah Compliance – Challenges and Opportunities

Islamic Finance Practice: Expanding Beyond Shariah Compliance – Challenges and Opportunities

Intan A’thirah Binti Mohd A’kashalf¹, Nur ‘Izzati Athirah Binti Mohamad Rosli¹, Nur Arina Nadiyah Binti Yusri¹, Tuan Nurizzul Najian Binti Tuan Ismail¹, Wan Nur Fathiah Nabihah Binti Wan Razali¹, Salsabila Binti Abd Rahim²

¹Student, Faculty of Accountancy, Universiti Teknologi MARA, Puncak Alam, Selangor

²Senior Lecturer, Faculty of Accountancy, Universiti Teknologi MARA, Puncak Alam Selangor

DOI: https://dx.doi.org/10.47772/IJRISS.2024.8100210

Received: 10 October 2024; Accepted: 15 October 2024; Published: 16 November 2024

ABSTRACT

The Islamic financial services industry (IFSI) reached a global valuation of $2.88 trillion by the end of 2019, with projections indicating growth to $3.69 trillion by 2024. Despite this growth, the industry currently accounts for less than 1% of global financial assets. As the sector evolves, there is an urgent need to transcend mere Shariah compliance and focus on delivering genuine value to customers and society. This paper proposes a forward-looking framework that emphasizes the principles of Maqasid al-Shariah (the higher objectives of Islamic law) rather than solely adhering to traditional compliance. The framework is built on three foundational pillars: (1) value-based intermediation, which aligns financial activities with the real economy and fosters sustainable development; (2) ethical governance, which ensures that decision-making is rooted in Islamic ethical standards; and (3) social impact, which evaluates and reports on the industry’s contributions to social and environmental well-being. By embracing this framework, Islamic financial institutions can distinguish themselves from conventional finance, cultivate trust among customers, and promote a more just and equitable economic system. The paper then discuss the challenges and opportunities related to the implementation of this framework and advocates for a collaborative approach among industry stakeholders to facilitate the transformation of Islamic finance. Additionally, it explores the potential for innovative financial solutions that not only comply with Islamic principles but also address broader ethical, social, and environmental issues, thereby identifying new avenues for Islamic finance to support sustainable development and ethical investing.

Keywords: Islamic Finance, Shariah Compliance, Good Governance, Ethical Economy

INTRODUCTION

In an era where ethical considerations and sustainable development are becoming paramount, the financial sector is under increasing pressure to align its operations with these global priorities. This demand is especially significant within the Islamic finance sector, which has historically focused on Shariah compliance as a means of ensuring ethical financial practices. Nevertheless, the changing market landscape necessitates that Islamic finance expand its focus beyond mere compliance to encompass wider ethical issues.

Islamic finance emerged as a response to the demand for financial practices that are consistent with Islamic ethical principles. Pioneering scholars such as Siddiqi (1981) and Chapra (1985) established the theoretical foundation for a financial system devoid of riba (interest), highlighting profit-and-loss sharing mechanisms such as Mudarabah (profit-sharing) and Musharakah (joint venture). Over time, these foundational principles were translated into financial products like Murabahah (cost-plus financing) and Ijarah (leasing), which have become integral to contemporary Islamic finance (Usmani, 2021). However, despite these advancements, Islamic finance has faced criticism for mirroring conventional financial frameworks without fully integrating the ethical and social dimensions inherent in Islamic teachings (El-Gamal, 2006). The increasing global focus on sustainability and ethical investing offers Islamic finance a significant opportunity to redefine its identity by incorporating Environmental, Social, and Governance (ESG) criteria, thus addressing broader ethical issues that extend beyond traditional Shariah compliance.

Shariah compliance in finance refers to following Islamic law, which forbids riba (interest), maysir (gambling), and gharar (extreme uncertainty) in financial transactions. This assures ethical financial activities by encouraging risk sharing, transparency, and fairness. Shariah-compliant financial solutions are intended to avoid these banned aspects while offering halal (permissible) options for investment and financing. Key principles include avoiding interest-based transactions, excluding speculative behaviors such as gambling, and ensuring contractual terms are clear and consistent.

This article examines the potential for Islamic finance to go beyond typical Shariah-compliant products by incorporating ESG criteria. The goal is to discover new ways for Islamic financial institutions to support sustainable development and ethical investing. This will include a review of the existing landscape of Islamic financial products to better understand their ethical foundations, an analysis of how global trends in ethical and sustainable finance can be aligned with Islamic finance principles, and an examination of case studies from leading Islamic financial institutions to demonstrate best practices in ESG integration. Furthermore, the article provides practical solutions for Islamic financial organizations to adopt broader ethical norms.

By moving beyond Shariah compliance and embracing ESG concepts, Islamic finance may help to promote sustainable development and meet the growing need for responsible investment solutions. This article aims to add to the discussion of ethical finance by emphasizing the synergies between Islamic finance and ESG criteria, ultimately calling for a more holistic approach to ethical investing in the Islamic finance industry.

LITERATURE REVIEW

Malaysia’s economic development is at a critical point, particularly in terms of Islamic financing. A number of significant obstacles and opportunities are shaping the nation’s attempts to improve the already robust Islamic financial ecosystem. The purpose of these efforts is not just to adhere to Shariah-compliant principles, but also to grow closer to a system that actively supports ethical, social and economic development. The development in Islamic Finance such as value-based finance innovation, conducive regulatory and shariah environment, and global and domestic market help to further boost the financial sector as the main competitor for conventional financing.

Value-Based Finance Innovation

In the Islamic finance sector, value-based finance innovation is becoming increasingly important. This strategy blends Shariah concepts into financial solutions that support sustainable development goals while adhering to Islamic law. The significance of this issue was highlighted at the 15th International Conference on Islamic Economics and Finance (ICIEF) on February 21, 2024, in Kuala Lumpur, Malaysia. The United Nations Development Programme (UNDP) collaborated with the Islamic Development Bank (IsDB) to create the paper “Case Studies on Innovations in Islamic Finance.” Prof. Dato’ Dr. Mustafa Mohd Hanefah, a well-known Shariah governance expert, underlined the importance of Value-Based Intermediation (VBI) in achieving sustainable development and inclusive growth. He highlighted the adoption of VBI by many Muslim countries, which has had a significant impact on sectors such as palm oil and manufacturing. This has also served to nurture collaborations that prioritize societal benefit over profit (UNDP Malaysia, 2024).

One notable effort that addresses this requirement is the Sukuk Prihatin, a retail Shari’ah debt instrument that was released in August 2020 (IsDB & UNDP, 2023). This initiative was implemented to mobilize public resources to assist in the national COVID-19 response and rebuilding efforts in the face of restricted financial circumstances resulting from reduced global oil prices. These developments in Islamic finance illustrate the potential of integrating Shariah principles with sustainable development objectives, thereby illustrating how Islamic financial products can address broader societal requirements. By adopting value-based finance, Islamic finance has the potential to significantly contribute to the advancement of environmental sustainability, social equity, and economic stability.

Conducive Regulatory and Shariah Environment

The establishment of a Shariah-compliant and regulatory environment is essential in the advancement of Islamic finance. The objective of regulatory reforms that require the separation of Shariah business units from conventional banking units is to promote market development by guaranteeing the transparency, compliance, and reliability of Islamic financial products and services. The Islamic banking market’s growth and development can be expedited by this regulatory specialization, which can foster trust and confidence among consumers who prioritize religious alignment. Increasing the market’s appeal to consumers and investors, the alignment of regulatory frameworks with market requirements supports both commercial viability and religious adherence (Hisham, 2024).

For instance, the Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) has been instrumental in resolving Shariah-related concerns, clarifying the permissibility of novel Islamic financial transactions and arrangements. BNM collaborated with key stakeholders in 2023 to develop strategies for enhancing the Shariah talent ecosystem. The objective was to strengthen the leadership pipeline for the SAC and Shariah committees and to expand the talent pool (The Star, 2024). Furthermore, the completion of BNM’s Responsibility Mapping Policy in 2023 provides obligations for financial institutions to improve individual accountability at the senior level (Morse, 2024). This policy is a part of a more comprehensive initiative to guarantee that financial institutions effectively manage their business risks and compliance throughout the organization, thus encouraging a more stable and reliable Islamic finance sector.

Global and Domestic Market Opportunities

Malaysia’s Islamic finance landscape must be improved in order to capitalize on global opportunities and expand its domestic market. Maintaining its position as the world’s leading Islamic financial institution calls for constant strategic refinement. In order to accomplish this, it is necessary to not only acquire the expertise needed to manage operations effectively, but also to guarantee a competitive position in the international market while simultaneously expanding the influence of Islamic finance within the domestic market. Governor Ghaffour of Bank Negara Malaysia pointed out the significance of strong leadership and effective decision-making in financial institutions. He also emphasized the necessity of the development of policies for Islamic financial institutions that effectively navigate strategic thinking (Hisham, 2024). Therefore, any talent gap and operational inefficiencies might hinder the ability to strengthen Malaysia’s position. It is necessary to pursue strategies that will propel Malaysia as an international gateway for Islamic finance, such as the development of Islamic financial markets and international connections.

An illustration of such initiatives is the Global Forum of Islamic Economics and Finance (GFIEF), which was arranged by the Ministry of Finance (MoF) and BNM in May 2024. This event includes a variety of presentations, panel discussions, and fireside conversations that cover a wide range of topics, such as global cooperation, transitioning to net zero, and navigating post-pandemic times. The forum also offers business opportunities for international and local exhibitors, such as regulators, ministries, and the financial services industry (The Star, 2024). Such initiatives can fortify Malaysia’s global market position and stimulate the expansion of its domestic Islamic financial sector by promoting global cooperation and demonstrating Malaysia’s dedication to the advancement of Islamic finance. However, the development of Islamic Finance as a way forward does come with several issues and challenges. The next section will discuss the challenges related to Islamic Finance practicing beyond Shariah requirement. After that, a number of opportunities are presented to encounter the challenges.

METHODOLOGY

This study employs a qualitative literature review methodology to explore the practice of Islamic finance beyond mere Shariah compliance. The aim is to identify both the challenges and opportunities faced within this sector. The methodology involves the following steps:

Literature Selection: A systematic search was conducted using academic databases such as JSTOR, Google Scholar, and Scopus. Keywords such as “Islamic finance,” “Shariah compliance,” “Opportunities in Islamic finance,” and “Challenges in Islamic finance” were used to identify relevant scholarly articles, books, and conference papers published in the last five years. This timeframe was chosen to capture the most recent developments and discussions in the field.

Inclusion Criteria: The literature included in this review was selected based on its relevance to the core themes of Islamic finance practices beyond Shariah compliance. Studies that provided empirical data, theoretical frameworks, or comprehensive reviews of the Islamic finance landscape were prioritized. Articles published in peer-reviewed journals and recognized industry reports were also considered to ensure credibility and depth.

Data Extraction and Analysis: Key themes were extracted from the selected literature, focusing on identified opportunities such as market growth, financial inclusion, and ethical investments. Concurrently, challenges such as regulatory issues, standardization, and misconceptions about Islamic finance were analyzed. A thematic analysis approach was used to categorize findings and draw connections between various studies, allowing for a comprehensive understanding of the landscape.

Synthesis of Findings: The insights gained from the literature review were synthesized to provide a holistic view of Islamic finance practices. Opportunities and challenges were discussed in relation to the broader economic and social contexts, highlighting how they impact the efficacy and acceptance of Islamic financial products and services.

DISCUSSION

Operating within Islamic finance and going beyond Shariah compliance is indeed challenging. These challenges encompass addressing the evolving needs of an established regulatory framework, lack of expertise and talent shortages, and limited range of financial instruments and innovation. Moreover, balancing innovation with traditional and shariah principles requires a nuanced approach to avoid potential conflicts while fostering growth and inclusivity.

Limited Range of Financial Instruments and Innovation

Despite its growth, Malaysia’s Islamic capital market remains comparatively underdeveloped when compared to its conventional counterpart. The Islamic capital market’s limited range of financial instruments and innovation leads to a lower market depth and liquidity. Investors often find it difficult to buy and sell Shariah-compliant assets without significantly affecting their prices. This issue is particularly pronounced for sukuk (Islamic bonds), investment funds, and takaful (Islamic insurance), which lack sufficient liquidity. A shallow market with low liquidity can deter both domestic and international investors. Without the ability to easily enter and exit positions, investors may opt for more liquid conventional markets, resulting in reduced investment inflows into the Islamic capital market. This deterrence occurs because investors might perceive the market as less attractive, less profitable, or more risky compared to other available investment options. The lack of product diversity is evidenced by the dominance of a few key sukuk structures in the market. For example, the top three sukuk structures of Murabahah, Wakalah, and Ijarah, which accounted for over 90% of total sukuk issuance in Malaysia in 2020, highlights a lack of diversity in investment products. This concentration risk makes it difficult for investors to diversify their portfolios effectively. Investors adhering to Shariah principles face challenges in spreading their risk, leading to higher risk concentrations. This lack of diversification can result in potentially lower returns and increased vulnerability to market volatility.

Furthermore, the development of new financial products and services in the Islamic capital market is progressing slowly. There are not enough diverse financial products being created to meet the different needs and preferences of investors. Investors have varying levels of risk tolerance and different goals for their investments. The lack of innovative products means there are fewer options available that align with these diverse requirements. The market heavily depends on established and conventional types of sukuk without introducing other new types or structures. The dependence on traditional products and the slow innovation process hinder the market from evolving, expanding and to adapt to new trend and demands making it less competitive

Absence of Established Regulations

Besides, the regulatory framework for Islamic banking is still evolving, which can lead to uncertainty and concerns for financial organizations. Maintaining Shariah compliance is challenging, as Islamic banking is deeply rooted in Islamic rules and values. The absence of established regulations for digital currencies such as cryptocurrency, exemplifies the challenges faced by the industry. As new financial instruments and technology arise, regulatory bodies must constantly update and develop their frameworks to ensure that these innovations comply with existing legal and ethical guidelines. Ensuring Shariah compliance is an important part of Islamic finance. However, the lack of specific restrictions on digital currencies could result in difficulty for Islamic institutions to determine their Shariah status. Islamic finance principles restrict particular financial instruments such as those involving interest or uncertainty.

For example, cryptocurrencies are known for their price volatility which can be unfavorable from a Shariah perspective as it is subject to uncertainty. This is contrary to islamic finance principle whereby it emphasizes stability and risk-sharing, resulting in difficulty to combine these values with the inherent risks of cryptocurrencies. Moreover, this digital currency is still a relatively new phenomenon that is not fully regulated. This creates confusion for Islamic institutions, who must assess if these currencies comply with Shariah. This can lead to a loss of confidence among clients and investors, which can have an adverse effect on Islamic banking’s growth. The Shariah status of digital currencies is complex and influenced by a variety of circumstances, including the underlying technology, the transaction procedure, and parties involved. Consequently, the industry has to resolve these legal uncertainties while adhering to the fundamental principles of Islamic finance, ensuring that compliance and innovation can coexist.

Lack of Expertise and Talent Shortages

Moreover, lack of expertise and talent shortages is one of the challenges to grow and meet the demands of global markets. The Islamic finance industry faces a persistent shortage of qualified professionals who possess both a deep understanding of Shariah principles and the technical skills required for modern financial practices. This shortage is a critical bottleneck in the industry’s efforts to innovate and expand beyond traditional Shariah-compliant products. Industry reports frequently highlight the talent gap. This can be shown in the AIF report surveyed 3,292 finance professionals and found that almost 8 in 10 financial institutions in Malaysia lamented a lack of talent. This shortage is seen as a major challenge for the industry. Another comprehensive survey by Deloitte reveals similar findings. The findings indicated that a majority of Islamic financial institutions face difficulties in recruiting and retaining talent with the necessary qualifications. The survey identifies a specific deficiency in mid- to senior-level personnel, impeding the industry’s ability to lead and innovate.

The lack of qualified talent in Islamic financial institutions has significant implications for both global and domestic markets. Operational inefficiencies due to insufficient expertise can lead to higher costs and delays in responding to market changes, negatively impacting institutional growth and consumer satisfaction. Globally, these inefficiencies make Islamic financial institutions less competitive compared to their conventional counterparts, while domestically, they can reduce profitability and hinder economic development. Furthermore, poor risk management resulting from inadequate understanding of Shariah-compliant transactions increases financial vulnerability and compliance issues, threatening market stability and investor confidence both locally and internationally.

Innovation and product development are also severely hampered by the talent gap. On a global scale, the inability to develop sophisticated Islamic financial products and integrate fintech solutions limits the industry’s competitiveness and growth potential. Domestically, the reliance on basic products like murabaha and ijara restricts market expansion and consumer choice. Without the necessary expertise in both conventional financial engineering and Islamic principles, institutions struggle to offer diversified and competitive financial solutions, ultimately impacting their relevance and sustainability in both global and domestic financial markets.

It is essential for the Islamic finance sector to adopt a proactive and multi-faceted approach to combat the mentioned challenges above. Some approaches that may be useful is by diversifying financial instruments and foster innovation, establishing a clear regulatory framework and conducting specialized training for potential candidates entering in the Islamic finance industry.

Diversify Financial Instruments and Foster Innovation

To tackle the problem of the limited range of financial instruments and innovation in Malaysia’s capital market, it is essential to broaden the spectrum of available Shariah-compliant financial products. One of them is by diversifying financial instruments such as sukuk structures and Islamic Real Estate Investment Trusts (REITs) to meet various investors preferences. Malaysia has been a pioneer in developing innovative financial products with notable examples include the issuance of green sukuk like Tadau Energy’s in 2017 which financed large-scale solar projects and the social impact sukuk issued by Khazanah Nasional Berhad in 2018 to finance educational programs. Additionally, Malaysia boasts a relatively well-developed market for Islamic investment funds including unit trusts and Exchange-Traded Funds (ETFs) like the Al-Salam REIT and Axis REIT. However, despite these advancements, the market is still dominated by conventional funds. There remains significant potential to further diversify and expand the range of sukuk and Islamic REITs available which is necessary to enhance market depth, liquidity, and attractiveness to investors.

Given Malaysia’s leadership in the Islamic finance sector, it is well-positioned to explore and potentially issue blue sukuk in the future. Blue sukuk is an innovative financial instrument designed to fund projects related to the conservation and sustainable use of ocean and marine resources. Malaysia can issue a blue sukuk to fund the development of environmentally friendly and sustainable aquaculture practices. For example, Malaysia can issue blue sukuk to establish aquaculture zones in areas like Langkawi which is known for its rich marine biodiversity to ensure the farms enhance rather than deplete local seagrass beds or to develop fish farms that use sustainable feed and breeding techniques to minimize environmental impact in regions such as Sabah. As for the Islamic REITs, Malaysia can establish sector-specific funds targeting high-growth areas such as technology, biotechnology, and green energy. These funds could be marketed to investors looking to capitalize on emerging market trends and technological advancements while still adhering to Shariah. Diversified financial instruments can appeal to a wider range of investors with different risk appetites, investment goals and preferences. By offering a variety of products such as blue sukuk, hybrid sukuk, iREITs, ETFs and derivatives, the market can attract both retail and institutional investors. This influx of different types of investors can increase trading activity and overall market participation, leading to greater market depth and liquidity.

Establish Clear Regulatory Framework

To address the challenges associated with the absence of established regulations for digital currencies, it is crucial for Malaysia to develop clear regulatory frameworks that are specifically tailored for digital currencies. Governments and regulatory bodies should establish clear and comprehensive regulations for digital currencies to ensure consistency and standardization across the industry. Clear regulations not only foster trust among investors, businesses and the general public but also encourage greater participation in the digital currency market as well as preventing systemic risks and maintaining stability of the financial system. While Malaysia has taken several initiatives towards developing the regulatory framework such as established guidelines for digital asset exchanges by the Securities Commision Malaysia (SCM), the regulatory frameworks are still evolving and need further refinement. To add, these guidelines are not enforceable and thus, create uncertainty to investors.

To expedite this process, collaboration among regulatory bodies, financial institutions and industry experts to share knowledge and best practices in regulating digital currencies is essential. This collaboration can be between countries that have already established regulatory frameworks for digital currencies as well as between countries that are still developing their frameworks. For instance, the Malaysian government can work with our neighboring country, Singapore, who already has established a comprehensive regulatory framework for digital currencies under the oversight of the Monetary Authority of Singapore (MAS) which regulates digital payment tokens (cryptocurrencies) under the Payment Services Act to mitigate money laundering and terrorist financing risks while fostering innovation through a regulatory sandbox approach. By collaborating and sharing knowledge among the countries, Malaysia can learn from established regulatory frameworks and adopt these best practices to meet our specific needs. This will enable the development of a robust regulatory environment for digital currencies that aligns with Shariah principles and suits our national context in the future.

Specialized Training and Incentive

Furthermore, to address the talent shortage in Islamic finance, it is crucial to develop specialized training and certification programs that integrate comprehensive education in Shariah principles with advanced financial and technical skills, complemented by attractive incentive packages. Universities and academic institutions, particularly those with a strong focus on finance and Islamic studies should take the lead in establishing these specialized programs. For instance, Islamic University Malaysia (IIUM) could expand its curriculum to encompass both theoretical and practical aspects of Islamic finance including risk management, financial engineering, and fintech to ensure graduates are equipped to meet current market demands. IIUM can further enhance student employability by facilitating internships and practical training at institutions compliant with Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards.

Additionally, reputable bodies such as IFSB and AAOIFI should endorse continuous professional development (CPD) programs to keep existing professionals abreast of the latest advancements in the field. By equipping graduates and current professionals with advanced skills in Shariah principles, financial engineering, and fintech, Malaysia can cultivate a skilled workforce capable of driving innovation and expanding the scope of Shariah-compliant financial products. These initiatives are pivotal in enhancing Malaysia’s competitiveness in the global Islamic finance market, ensuring sustained growth and leadership. Graduates and professionals trained under these programs will play a crucial role in advancing Malaysia’s economic agenda, contributing their expertise to further develop and consolidate Malaysia’s prominent position in the global Islamic finance industry.

To further retain these qualified professionals, it is essential to offer attractive incentive packages such as competitive salaries, comprehensive career development opportunities, and benefits that align with Islamic finance principles. Islamic financial institutions should benchmark their compensation packages against conventional institutions to ensure competitiveness while maintaining adherence to Shariah principles. Clear pathways for career development, flexible working hours, health and wellness programs, and opportunities for international assignments also play a significant role in retaining talent. For example, employees with flexible working hours may find it easier to maintain a healthy work-life balance, fostering long-term commitment to the industry.

By considering these recommendations, it will enable the Islamic finance industry to navigate the complexities of the digital age and capitalize on the opportunities presented and ultimately strengthen Malaysia’s position as a leader in the global financial landscape.

CONCLUSION

In summary, the growth of the Islamic financial services industry indicates significant potential for the sector to advance beyond Shariah compliance. This growth is a reflection of the market’s need for Shariah-compliant products, as well as the industry’s ability to adapt and innovate. However, as the business evolves, it becomes increasingly important to prioritize value creation for both customers and society as a whole. By prioritizing value creation, Islamic financial institutions can develop products and services that not only meet the religious and ethical requirements of their clients but also address broader social and economic challenges. Moreover, the industry can become more significant and influential in the global financial environment by moving from a compliance-only approach to a more holistic strategy grounded in the principle of Maqasid al-Shariah.However, a few challenges have been identified, and addressing these issues requires a concerted effort from all stakeholders in this industry. For instance, ensure regulatory bodies work closely with Shariah scholars, financial institutions and industry experts to align regulations with evolving consumer preferences and technology advances. This collaboration is essential to drive innovation, ensure Shariah compliance and promote social responsibility within Islamic finance ecosystem. Nevertheless, by focusing on providing true value based on Maqasid al-Shariah, the Islamic financial industry may realize its full potential and become a key player in global finance. As it focuses on welfare, fairness and the prevention of harm which provides a robust foundation for ethical and sustainable practices. This will not only enhance the industry’s competitiveness but also ensures its contributions to social progress and economic transformation, thereby ensuring its relevance and sustainability in the long term.

ACKNOWLEDGEMENT

This paper would like to express heartfelt gratitude to the fellow students in the course MAF663 Islamic Finance for their collaborative efforts in completing this group assignment report. This course is taken by the students of University Technology MARA, Puncak Alam Campus. Special thanks to the group members, Intan A’thirah Binti Mohd A’kashalf, Nur ‘Izzati Athirah Binti Mohamad Rosli, Nur Arina Nadiyah Binti Yusri, Tuan Nurizzul Najian Binti Tuan Ismail and Wan Nur Fathiah Nabihah Binti Wan Razali, whose research skills greatly enhanced the understanding of Islamic financial principles. The paper also appreciate the support and guidance from the course instructor, Dr. Salsabila Binti Abd Rahim, whose insights and feedback were invaluable throughout the process.

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