let talk about ASB

recently, a letter from SC saying that ASB is not shariah compliant is widely spread through the internet.. why and how this happen? what should we do and what is the alternative? this is my findings and i'll try to summarise it as short as i can..

let first understand how the Shariah Advisory Council did the screening process of shariah-compliant.. (the followings are the guideline of SAC of BNM, i'm not sure if the SAC of SC is using the same guidelines..)

the stock/shares considered non-shariah if the companies involved in any of the following core activities:
1-financial services based on interest (riba)
2-gambling and gaming
3-manufacture or sale of non-halal and related products
4-conventional insurance
5-entertainment activities that is non-permissible according to shariah
6-manufacture or sale of tobacco-based and related products
7-stockbroking or share trading in non-shariah securities
8-other activities deemed non-permissible according to shariah

and for companies with mixed activities to be shariah compliant:
1-the public perception or image of the company must be good
2-the core activities are important and considered maslahah to the ummah and country
3-the non-permissible element is in tolerable level and involves matter such as umum balwa (common plight and difficult to avoid), 'uruf (custom) and the right of the non-muslim community which are accepted by Islam

tolerable level benchmark based on ijtihad:

1-the 5% benchmark
mixed contribution from the activities that are clearly prohibited, such as riba, gambling, liquor and pork

2-the 10% benchmark
mixed contribution from the activities that involve the element of umum balwa which is a prohibited element affecting most people and difficult to avoid, such as interest income and tobacco-related activities

3-the 20% benchmark
mixed contribution from mixed rental payment from Shariah non-compliant activities, such as rental payment from premises used in gambling, sale of liquor, disco, etc.

4-the 25% benchmark
mixed contribution from the activities that are generally permissible according to shariah and have element of maslahah, but the are other elements that may affect the shariah status of this activities, such as hotel and resort operations, share trading, stock broking and others

the issue:

• SAC will declare the shariah status of the investment in every 6-months period
• the share can be changed between non-shariah and shariah compliant from time to time depending on the activities and investment of the company
• the company may be declared shariah by the time the investor bought the share but ended non-shariah after 6 months, which resulted the income of the share in those period is non-shariah

what have gone wrong with ASB?

• ASB holds 75% investment on maybank
• maybank is a non-shariah company
• the fatwa harus was based on maslahah

what should we do (cleansing procedure)?

• regarding the shares that been declared non-shariah compliance, the investor permissible to keep and take the profit up to their initial capital used to bought the shares, and only the profit beyond that amount is considered non-shariah.. but since the price per unit is fixed then this procedure is not applicable for ASB..
• some ulama believe that all the profit is non-shariah and should be giveaway to charity

tabung haji as alternative to ASB

• invest only in shariah compliant companies/activities
• last year dividend announce at around 7% same as ASB
• zakat already deducted from the profit, hence the dividend in totally shariah compliant

wish list, hope and action:

• knowing PNB as a bumiputera company and ASB is only open for bumiputera, as the fund manager of ASB, PNB could be more sensitive on the shariah-compliant issue
• understanding Maybank as a bumiputera own, the BoD could re-direct the whole Maybank operation towards Islamic banking completely
• investor should take out their investment from PNB to push PNB to be shariah compliant
• PNB should take out their investment from Maybank to push Maybank to be an Islamic bank

wallahualam..



[origin : Am I wrong? ]

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harta dan pengurusan cara Islam

"manusia nih pelik kan.. dia suka benda yg bukan dia punya.."

"nih ko nak konar kemana lak nih?"

"contoh macam harta kita nih laa.. nih semua bukan milik kita tapi amanah daripada Allah swt.. ko ingat hadis psal pahala selepas mati.. anak yg soleh, harta dijalan kebaikan dan ilmu yg bermanfaat.. dan harta nih juga antara soalan utama bila kita disoal kat akhirat nanti, kemana kamu belanjakan.."

"betul tuh.. org tak pasan harta nih lebih banyak pahala kita dapat masa kita spend.. bukan masa kita earn.. cari nafkah nih pahala.. makna masa kita kumpul harta nih dapatlah pahala usaha, harta tuh takder pahala utk kita.. yg paling penting ialah apa yg kita buat dengan harta yg kita kumpul tuh.. how we redistribute wealth.. bila kita spend baru lagi banyak pahala kita dapat.. sedekah org miskin.. waqaf anak yatim.."

"Islam condemn harta yg disimpan statik.. sebab tuh kalo simpan saja tak buat apa2, kena bayar zakat.."

"tau apa beza antara sedekah dengan hadiah? sedekah tuh beri untuk org yg kita nak tolong.. hadiah tuh beri pada org yg kita nak muliakan.."

"banyak instrumen pengagihan harta sebenarnya dalam Islam.. zakat, sedeqah, hadiah, waqf, wasiyyah, hibah.."

"tapi mana ada org yg suka2 bagi kat org.. dia mesti kira apa yg untuk dia dulu.."

"ini yg org tak paham.. kalo org paham konsep harta dalam Islam nih, org takkan sayang nak simpan harta.. dia akan cari harta dan beri untuk Islam.."

"cari harta tak salah.. yg jadi persoalannya ialah bagaimana kita menguruskan harta.. bila citer menguruskan harta, kita citer tentang pengagihan harta.. bukan nak agih2 antara keluarga saja tapi juga untuk jemaah.."

"nak tinggalkan utk keluarga pun tak cukup, camna nak beri kat org pulak?"

"ini penting kita merancang.. konsep merancang harta nih patutnya bukan setakat merancang macammana kita nak dapat kumpul harta utk kita anak-beranak tapi juga merancang bagaimana kita boleh cari modal untuk buat sesuatu demi kepentingan jemaah.."

"kita sorg jer buat mana aci.."

"nih masalahnya.. kalau semua org dok sebut macam tuh, sapa yg nak mula? sampai kesudah pun tak selesai masalah.."

"tapi yg org dok sibuk citer skrg nih psal hak.. berebut warisan lah, harta sepencarian lah.."

"nih nak kena sebut jugak nih.. harta sepencarian nih takder dalam Islam.. benda nih hanya adat org melayu yg dah dianggap sebagai undang2 Islam.. takder nas"

"cuma kena anggap macam nih.. tugas seorg isteri tuh layan suami.. tuh jer keje isteri.. jadi bila isteri masak, kemas rumah, basuh baju, jaga anak.. suami nih kira berhutang dengan isteri.. hehe"

"yang jadi complicated ialah bila suami bagi kebenaran isteri keluar bekerja.. duit yg isteri dapat tuh siapa yg berhak?"

"ini org pompuan selalu sebut.. duit laki duit isteri, duit isteri duit isteri.. hahaha"

"sebenarnya betul.. kalo suami tak bagi syarat psal pendapatan isteri.. kecuali kalau suami kata awal pergi keje dan dapat duit itu utk keluarga.. bila macam nih maka suami pun boleh tuntut harta sepencarian dari harta isteri.."

"marah org pompuan dengar tuh.. hahahhaaa"

"benda nih jadi lagi complicated bila isteri gaji lebih besar dari suami.. lagi haru kes house-husband.. bini keje laki duk umah.. sebab tuh penting merancang.."

"pendapat aku, harta sepencarian nih penting kena declare terutama utk org yg berpoligami.. sebelum kawin satu lagi, declare dulu bahagian harta sepencarian utk isteri yg ada, baru laa yg mati tuh tak rasa nak hidup balik.. hehe"

"kita tahu bila kita mati harta freeze kan? kurang2 6 bulan baru settle.. nih asas kenapa kena ada cash buffer 6 bulan.. tapi rasanya berapa ramai org pasan kalau kita disahkan mental tak sihat cam nyanyuk atau gila dan juga dalam kondisi kritikal cam koma pun semua harta kita akan freeze.."

"haa.. habis tuh apa jadi? camna nak buat?"

"ada laa cara.. cuma yg aku nak emphasized kalau kita nih merancang dari awal, takder laa menyusahkan org2 yg kita sayang.."

"masalahnya benda2 camnih ramai org tak tahu.."

"aku tau org melayu mmg tak penah diajar psal pengurusan harta.. sebab tuh ramai yg tak tau.. yg tau pun tak buat apa2 sebab org lain tak komplen.. nak komplen camna kalo tak tahu.. haha"



[origin : Am I wrong? ]

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perancangan harta utk akhirat

"org kita nih bila sebut wasiat jer citer harta.."

"habis tuh? apa yg ko maksudkan dengan wasiat? bukan wasiat tuh peninggalan 1/3 harta utk bukan waris ker?"

"haa.. betul laa tuh.. what i mean is the whole estate planning exercise.. kita anggap laa yg kita sebut wasiat nih adalah perancangan harta dan hutang setelah mati.."

"hutang pun masuk gak?"

"ye laa.. yg penting bagi kita bila kita mati ialah hutang, bukan harta yg kita tinggalkan.. tapi siapa yg akan pastikan hutang2 kita dibayar.. hutang bank takpa diorg akan amik terus dari freeze estate.. hutang yg lain? hutang dengan org, hutang dengan Tuhan.."

"freeze? maksud ko?"

"bila kita mati, semua harta atas nama kita akan freeze.. takleh akses.. malah rumah yg keluarga kita tinggal pun sebenarnya freeze cuma kerajaan bagi duduk sementara nak settlekan semua tuh.."

"kan ada amanah raya?"


"amanah raya tuh administrator jer.. basically dia hanya uruskan faraidh jer.."

"tak paham aku.. apa yg perlu sangat buat wasiat? kan ada faraidh?"

"mungkin kalo ko ada anak lelaki atau bapa atau isteri satu benda nih tak masalah sangat.. tapi camna kalo ko takder anak lelaki, bapak dah meninggal, isteri lebih dari satu, byk benda yg jadi kelam-kabut psal byk yg berhak untuk menuntut.. sama juga kalo org yg jenis harta letak nama bini.. tup-tup bini yg mati dulu, jgn hingat dia dapat semua harta tuh.."

"oo.. complicated nyer?"

"simple jer.. contoh aku bagitau kalo ko mati isteri ko dapat berapa dari harta ko? bahagian dia 1/6 kan? tapi katakan ko ada mak bapak dan dua anak, satu lelaki satu perempuan.. bahagian sebenar isteri hanya 9/72 tau.. kalau jumlah harta ko 72k, bini ko cuma dapat 9k jer.. tuh belum kira kalau nenek atau datuk ko hidup lagi.. diorg pun silap2 ada hak atas harta ko.."

"kalau semua ok tak masalah.. cuma nih perancangan mati.. utk akhirat.. kena betul2.. macam kat isteri, camna kita nak tinggalkan lebih kat isteri? ada cara.. camna kalo kita nak bagi lebih kat anak kita yg cacat? ada kaedah.."

"tapi yg aku nak citer kat sini ialah perancangan yg perlu utk kita yg mati nih.."

"harta bukan boleh bawak mati.."

"sebab tuh kena rancang harta sblm mati.. org melayu nih diajar cari harta.. belajar pandai2 nanti dapat keje bagus.. amalan macam2 nak bagi jadi kaya.. tapi kita tak diajar cara sebenar mengurus kekayaan.. yg kita diajar cuma sedekah kat masjid, anak yatim, bayar zakat.. bila mati harta pusaka jadi harta puaka.. keluarga rosak psal harta yg kita tinggalkan.. masalahnya bukan harta tapi kita tak buat perancangan utk diorg.. main tinggal wasiat pun tak betul.. tak ikut syariah dan tak valid dlm mahkamah.."

"maksud ko camna tuh?"

"bila kita mati yg paling penting apa? hutang kan? hutang kena bayar, tak bayar di dunia kita kena tanggung kat akhirat.. hutang bank takpa dah clear, camna hutang dgn org, haji yg belum kita buat, fidyah yg belum kita bayar.. waris kita tahu tak semua nih? sebab tuh dlm wasiat kena mention semua hutang2 nih.."

"oo macam tuh ker? barulaa mati dalam imaaann.. hehe"

"ko kena ingat Nabi saw dah sebut.. tidak akan berlalu 2 malam seorg muslim tidak menulis wasiat.. ko dah tulis wasiat blum?"

"aiseh.. wasiat aku penuh hutang jer laa.. hehe"

"tuh yg elok.. bagi peringatan kat kita yg kena bayar hutang cepat masa hidup nih.. blum tentu esok kita leh bangun.."

"emm... nih yg ko sebut merancang harta utk akhirat?"

"supaya nanti kat padang mahsyar taklaa kita huru-hara cari org nak bayar hutang.. masa tuh nak bayar pakai apa? habis pahala yg ciput tuh kena bayar hutang dunia.."

"masuk akal.. masuk akal.. aku setuju dgn ko kali nih"


[origin : Am I wrong? ]

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