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? ]

read more...

mengenali Amanah Saham RM1.00/unit

Amanah Saham Wawasan 2020 (ASW 2020) adalah salah satu dari 4 produk [selain Amanah Sham Bumiputera (ASB), Amanah Saham Malaysia (ASM) dan Amanah Saham Didik (ASD)] yg diurus oleh Amanah Saham Nasional Bhd (ASNB), yg dimiliki oleh Perbadanan Nasional Berhad (PNB), yg dijual pada harga tetap RM1.00 dan dibuka pada pelabur yang berumur 6 bulan ke atas..

ASW 2020 dilancarkan pada 28/8/96 dengan saiz 3 billion unit memperlihatkan kouta bukan bumiputera habis terjual dalam masa 27 minit.. pada 2007 terdapat dua kali penambahan saiz dana, pada bulan september sebanyak 2 billion unit dengan had pelaburan 20k per pelabur dan pada bulan mac sebanyak 1 billion dengan had pelaburan 50k per pelabur.. menjadikan jumlah dana sebanyak 9.42 billion.. purata pendapatan sejak dilancarkan ialah 7.74 sen per unit..

pada 27/11/08, PNB menambah dana tersebut sebanyak 1 billion dengan kouta 51:49 dan had pelaburan 10k per pelabur.. dan 490jt unit kouta non-bumiputera habis terjual dalam masa 6jam 10minit.. menjadikan total akaun pelabur non-bumiputera meningkat kepada 70,713 dengan 27,479 akaun baru dibuka semalam..

fenomena yg sama berlaku ketika penambahan dana ASD yg terakhir sebanyak 488jt unit dan dijangka mendapat sambutan yang sama apabila dana ASM ditambah sebanyak 1 billion unit pada 1/12/08 akan datang.. penambahan dana ASM itu merupakan pertambahan ke 5 sejak 20/4/2000 yang kan menjadikan jumlah dana menjadi 7.2 billion unit.. had pelaburan maksimum sebanyak 10k unit akan dikenakan bagi setiap akaun dalam tempoh tawaran antara 1/12/08 hingga 7/12/08, dan selepas tempoh itu had pelaburan maksimum akan dihapuskan..

ASM juga telah mencatat rekod pada penambahan terakhir pada julai 2007 dimana 500 jt unit habis dalam masa 39 minit.. pada waktu pelancarannya, 2 billion unit habis terjual dlm masa 21 hari dan pada jun 2000, 1 billion unit tambahannya habis terjual dalam masa 4 bulan.. purata pendapatan ASM sejak pelancarannya ialah 7.12 sen per unit..

PNB ditubuhkan sebagai satu badan yg ditubuhkan oleh kerajaan untuk mempromosikan pelaburan di kalangan bumiputera, dengan melancarkan Amanah Saham Nasional (ASN) dan Amanah Saham Bumiputera (ASB) sebagai produk awalnya.. ASW 2020 dan ASM dilancarkan sebagai memenuhi permintaan kaum bukan bumiputera, atau mungkinkah untuk bersaing mengimbangi kelambanan pertumbuhan dana yg khusus untuk bumiputera?

berikut adalah beberapa maklumat mengikut master propektus 2007 (sehingga 31/5/2007) untuk sama2 mengenali dana yg berharga tetap ini:


Dana: Amanah Saham Bumiputera
Tarikh dilancar: 02 Januari 1990
Syarat: Warganegara Malaysia (Bumiputera sahaja)
Akaun Dewasa: 18 tahun ke atas
Akaun Remaja: 12 tahun ke atas
Pelaburan max: 200,000 (akaun remaja 10,000)
Jumlah dilanggan: 53.53 billion
Jumlah dijual: unlimited
Purata pendapatan selama 5 tahun (2002-2006): 7.21 (bonus:1.80)


Dana: Amanah Saham Wawasan 2020
Tarikh dilancar: 28 Ogos 1996
Syarat: Warganegara Malaysia
Akaun Dewasa: 18 tahun ke atas
Akaun Remaja: 6 bulan ke atas
Pelaburan max: bergantung pada jumlah dana dijual
Jumlah dilanggan: 5.12 billion
Jumlah dijual: 7.35 billion
Purata pendapatan selama 5 tahun (2002-2006): 6.95


Dana: Amanah Saham Malaysia
Tarikh dilancar: 20 April 2000
Syarat: Warganegara Malaysia
Akaun Dewasa: 18 tahun ke atas
Akaun Bijak: 6 bulan ke atas
Pelaburan max: bergantung pada jumlah dana yg dijual
Jumlah dilanggan: 5.28 billion
Jumlah dijual: 7.7 billion
Purata pendapatan selama 5 tahun (2002-2006): 6.87


Dana: Amanah Saham Didik
Tarikh dilancar: 20 Januari 2001
Syarat: Warganegara Malaysia (Bumiputera sahaja)
Akaun Dewasa: 18 tahun ke atas
Akaun Bijak: 6 bulan ke atas
Pelaburan max: bergantung pada jumlah dana yg dijual
Jumlah dilanggan: 1.58 billion
Jumlah dijual: 3 billion
Purata pendapatan selama 5 tahun (2002-2006): 7.16 (dividen istimewa:0.4)



[origin : Am I wrong? ]

read more...