viable system model – Jurnal Pengurusan

Viability Assessment of Bank-associated Crowdfunding Platform: A Viable System Model Approach

asriwn — Thu, 09 Oct 2025 02:01:35 +0000

This study examines the viability of a bank-associated crowdfunding platform, specifically a form of equity crowdfunding. It diagnoses the platform’s operation and information flow as a complex organization involving multiple agencies, employing the Viable System Model (VSM) framework as a diagnostic tool to assess operations, identify problems, and evaluate viability. Interviews were conducted with small and medium enterprises (SMEs) as platform users, the platform managers, and the banker. The findings demonstrate that the platform possesses elements of viability but lacks a dedicated unit to perform intelligence functions – specifically, the collection of information from the environment for integration into the system. While some information flows from the system to the environment, they are limited. Additionally, there is an absence of information flow between intelligence and control, between intelligence and policymaking, and vice versa. The results also highlight the central role of Islamic banks within the platform. This study contributes to the literature by developing a diagnostic framework that integrates the principles of VSM with those of crowdfunding platforms. The findings highlight the need to institute an integrated platform intelligence function and to ensure effective information flows among system functions in managing environmental variety.

Evolution of the Malaysian Halal Certification System: Viable System Model as the Diagnostic Framework

asriwn — Tue, 31 Jan 2023 07:29:26 +0000

As a Muslim-majority country, Malaysia has a responsibility to fulfil the needs of Muslim citizens to practise their religion. Therefore, the Malaysian halal certification system needs to be viable, that is, to be self-sufficient within its environment. The extant literature has explained the elements of viable systems but placed less emphasis on how systems develop into viability. This study aims to bridge this gap by using the Viable System Model to diagnose the globally recognised Malaysian halal certification system as the system-in-focus. This qualitative study gathered data mainly from interviews with 20 executives from relevant institutions with direct involvement in the system’s implementation. The findings of the study provide insights into the development milestones of a system with elements of viability. Among others, this development was found to happen in stages that are marked by crises and corresponding actions by the respective authorities. Suggestions for the system’s viability are provided.

Diagnosing the Halal Industry of Taiwan: A Viable System Model Approach

Amirulilul — Mon, 10 Oct 2022 01:57:55 +0000

The global halal industry is currently a trillion dollar industry. Businesses around the world are upbeat to get a piece of this lucrative market, including those operating within Muslim-minority contexts. To leverage on this opportunity, there is a need for emerging players to understand the current situation, with the purpose of planning and implementing strategies for the industry’s growth. This study examined the Muslim-minority context of Taiwan and utilized the Viable System Model (VSM) as the framework to diagnose the current state of Taiwan’s halal industry. Data for the diagnosis were collected mainly through interviews with the relevant agencies, managers or entrepreneurs of halal businesses as well as the consumers of Taiwan’s halal products and services. The analysis found that the halal industry in Taiwan already has several implementation units including the Taiwan Halal Center in support of halal business promotion and growth. Taiwan’s halal industry has multiple certification bodies co-existing, with several being business-oriented, while the others community-based. The findings also revealed the central role of local-born Muslims and the mosques in facilitating halal certification practices in this Muslim-minority society, indicating a strong foundation in its environment to support the rapid growth of halal industry. Malaysian authority’s endorsement of Taiwan’s certification bodies is deemed as a crucial support mechanism for their global entry into the halal market. On the whole, the halal industry in Taiwan lacks a formalized halal industry development policy, hence the absence of the functions of policymaking, intelligence, control and coordination in support of a viable halal industry ecosystem. Moving forward, Taiwan needs to institute an integrated halal industry development policy and to fill the missing functions while ensuring cohesions among the functions to manage varieties both in its local as well as in the global environment.