Fatwa 

Investing in 

ASB & ASN

A case study on Amanah

Saham Berhad and Amanah
Saham Nasional.
    Why ASB and ASN is permisible?
Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam Malaysia

●
If Permodalan Nasional Berhad (PNB) release the stake in
Maybank = affect Muslim shareholders and have a
significant impact on the economic situation of the country
●

●
Mixed investments halal and haram issue:
-
- PNB does not invest in sectors related to alcohol and
gambling .
-
- occurs only in the financial sector (70 % of investment to
sharia, 30% is still not considered to comply with sharia)
●
–
●

●
Most of the jurists of the Hanafi , Maliki , Shafi'i and Hanbali:
The approach towards Muslims invest in stocks of companies (mix
of clean & unclean) were justified .
This is because the jurists' venerated to not prohibit such
companies when assessing the status of the company's shared by
Muslims and non-Muslims
●

●
Shari’ah panel exist in PNB institution :
to ensure the decrease in the percentage of the unlawful
investment.
●
 Fatwa given in states

Permissible Prohibited
●
Terengganu ●
Pahang
●
Negeri Sembilan ●
Pulau Pinang
●
WP Kuala Lumpur ●
Selangor
●
Kelantan
 TERRENGGANU
– The management of ASN & ASB explained : the concept of investment, any related transactions,
the involvement of bank and insurance is inevitable
because it is an institution that helps all bank transactions and played a huge role in the economy
countries.

– Muamalah with the bank or the financial sector where financial dealings involved a mix between
HALAL and HARAM.
All jurists(fuqaha) have explained concerning laws discuss in monetary transaction(muamalat) that
mix with halal and haram:
In Kitab Al-Fatawa Kubra Fiqhiah LiIbnu Hajar Al-Haitami : Dealing with people who are mostly
wealth forbidden is abominable(makruh) not haram.
in Kitab Ihya' Ulumud Din : those who know that the wealth of the
world has been mixed with things that are forbidden (haram) is not
obliged for them to leave, because that as such become difficulty.

According to the texts of the jurists "Islam as quoted and listed it as

well as socio-economic conditions of Muslims in this country as well
as methods and institutional investment as practiced by ASN / ASB
found no real place illegitimate except in financial institutions that
are considered to have syubahah in the Islamic fatwa Committee
believes invest in the ASN/ ASB is not illegal
 Kelantan
–
●
It is lawful because the economy of malay as a whole in
this country which is deemed to be in the state of
emergency (darurat).
●

●
The scheme investment in lawful sector > prohibited
sector.
Thus, Laws dealing with people who have lawful property
more than illegal is a permisssible.
●

●
 Negeri Sembilan
–
●
There is a Shari’ah panel in PNB institution that is responsible to
ensure to decrease the percentage of the prohibited investment
●

●
The decision of fatwa should be referred to public benefits, maqasid
syarak and current reality.
●

●
Khilaf appears in this issue to ease the restricted law (hukum). Thus,
it is permissible.
 Why is ASB and ASN prohibited?

Pahang
–

●
It is prohibited until ASN in the banking operation meets the
requirement of shariah-compliance investment as specified by
Syariah Suruhanjaya Security committee.
●

–
–
–

PULAU PINANG
–
–
When the sources of income is identified as Syubhah or Haram, it should
belong to Baitul Mal.
●
(Refer to kitab al-Imam Yusuf al- Qaradhawi, page 411 & 412)
●

●
Riba or Interest is prohibited for the person who invested in the
investment (that include riba).
●
(Refer to kitab al-Imam Yusuf al- Qaradhawi, page 410)
●

●
The profit or dividend given by ASN or ASB is haram because it invest its
capital in conventional bank.
●

●
 SELANGOR

●
ASN and ASB is classified as a non shariah-compliance unit trust funds by
Majlis Penasihat Syariah Suruhanjaya Sekuriti

due to the involvement in non approved-shariah investment in the

conventional bank which is interest-based through Maybank and money
market

Thus, it is prohibited to invest in ASB and ASN

●

–
●
The investment of ASB and ASN that involved in
conventional-based companies as below
●

a. Malayan Banking Berhad 28.49%

b. Fraser & Neave Holdings Berhad 0.95%
c. PNB Structured Investment Fund 0.87%
d. British American Tobacco (Malaysia Berhad) 0.78%
 References

§ http://www.e-fatwa.gov.my/fatwa-negeri/permasalahan-mengenai-wang-shubhah-haram-asn
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§ https://www.facebook.com/permalink.php?story_fbid=180955878706137&id=229642547070382
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§ 1.bp.blogspot.com/_ScCQP38N_8s/SaaC0dNnKzI/AAAAAAAAAGY/90eEs82YdRs/s1600-h/
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§ https://www.facebook.com/syapik.hassan/posts/589721647743451
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