Utilising Economic Transformation Programme (ETP) through Islamic Finance: Generating Income for Malaysian Prison Department

Abstract

Economic Transformation Programme (ETP) is where the Human Capital and resources are fully utilized. Prison Department is an avenue where most of the human capital available. The pressing issue is without the transformation, the prison department left as giant dummy without profiting the country and cost millions to the tax payers annually. Index crimes comprise 13 different categories, and are deemed to be serious offences occurring with sufficient regularity to serve as a measure of the overall crime situation in the country. An attempt is made to dwell on the subject with an aim to clarify the rationale of having a transformation within the Prison Department leveraging on various products and alternatives under Islamic Finance. The objective of the paper is to address the significant impact behind the idea of having the transformation utilising the Economic Transformation Programme (ETP). The positive impacts cover the inmates, victims of crime, government and the society at large. It is timely to transform the prison system since it involves tripartite relationship under the criminal justice system that needs special attention to be redressed and addressed. ETP looks into the humanity approaches, rights of crime victim, governments cost saved and society’s pledged secured are incorporated into this paper. The paper claims that in ever increasing global market and interest in Islamic finance from all over the globe, the prison department should grab the chance of being part of it. Transformation is a must to reduce crime for a better world.