Sunday, February 2, 2014

Status of Investment in ASB/ASN - Halal or, Haram?


After Isya' yesterday, had a TTS or in our case a NTS with a Doctor friend in KL.

One of the points of discussion is whether "Investment in ASB/ASN is Halal or, Haram ?".

Initially, there was a fatwa which allowed it on the basis of Public Benefit. However, in 2011 the decision was reversed and instead of calling it "Haram" the Muzakarah used the more 'diplomatic' term i.e. " Tidak Halal ". Read the FATWA which was decided on 12 April 2011, HERE

Hope the above link helps!

>>>>>>>TBC>>>>>>>

My suggested INTERIM SOLUTION:
It is obvious that the reason for the "fatwa reversal" is the fund's investment/shareholding in Riba-based counters i.e. Commercial Banks like Maybank.

Perhaps, one way of resolving this issue in the interim(subject to deliberations by the Syariah Council and/or Muzakarah) is for the Commercial banks respective Islamic Banking subsidiaries to issue shares to PNB in exchange for the "conventional" listed shares which PNB currently holds. Wallahualam.


3 comments:

  1. The information in this blog is extremely useful for the people.
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  2. I would just like to point out that another fatwa was issued after the 2011 fatwa, in 2012. You can see all the fatwas relating to ASB at http://www.e-fatwa.gov.my/fatwa-kebangsaan/pelaburan-dalam-asn-asb-dan-seumpamanya

    In 2012, it was agreed to revert back to the 2008 determination, which is harus.

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  3. Dear Anonymous, Please refer to Al-Baqarah 275-279. The fact that conventional banks shares which are involved in interest(riba') are in the portfolio of ASB/ASN makes it a no-brainer as to the halal status of ASB/ASN.

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