Intention and Investment Selections in Amanah Saham Bumiputera (ASB): Evidence from Kelantan

Zahri, Fatin ‘Alia; Zahri, Mohd ‘Adli; Radin Badaruddin, Radin Firdaus; Hamat, Zahri; Muhd Adnan, Nurul Ilyana

doi:10.22373/j52g8065

Akses terbuka Jurnal

Intention and Investment Selections in Amanah Saham Bumiputera (ASB): Evidence from Kelantan

Samarah: Jurnal Hukum Keluarga dan Hukum Islam · Vol. 9 No. 2 (2025) · hlm. 870–895

DOI: 10.22373/j52g8065
ISSN: 2549-3167, 2549-3132
Terbit: 2025-07-31
Penerbit: Islamic Family Law Department, Sharia and Law Faculty, Universitas Islam Negeri Ar-Raniry
Bahasa: eng
Lisensi: creativecommons.org/licenses/by-sa/4.0

Abstrak

This study investigates the impact of intrinsic, extrinsic, and religiosity factors on investment selections in Amanah Saham Bumiputera (ASB) among investors in Kelantan, focusing on the mediating role of intention. A survey was conducted with 300 ASB investors, and data analysis was performed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that extrinsic factors, such as marketing, and religiosity significantly influence ASB investment selections, with intention acting as a mediator. In contrast, intrinsic factors, such as the understanding of ASB, exhibit a weaker relationship with investment selections. The findings underscore the importance of offering Shariah-compliant investment products to meet the religious needs of investors. Additionally, enhancing financial education is vital to ensuring that investment choices align with ethical and social responsibility standards. Stakeholders are encouraged to collaborate with religious bodies to develop Shariah-aligned policies, thereby enhancing the acceptance and effectiveness of investment products in Kelantan.

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Universiti Sains Malaysia
University College Bestari
National University of Malaysia
Universiti Muhammadiyah Malaysia
Universitas Muhammadiyah Sumatera Utara
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Rekan penulis	Organisasi	Artikel bersama
Faisal Husen Ismail	Universiti Sains Malaysia	3
Azlinah Ambak	University College Bestari	3
Nurul Ilyana Muhd Adnan	National University of Malaysia	1
Irfan Irfan	Universitas Muhammadiyah Sumatera Utara	1
Mohd Izhar Ariff Mohd Kashim	National University of Malaysia	1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://jurnal.ar-raniry.ac.id/index.php/samarah/oai, pertama di-harvest 7 Nov 2026, terakhir terlihat 7 Nov 2026.

Metadata asli (oai_dc)

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	<dc:title xml:lang="en">Intention and Investment Selections in Amanah Saham Bumiputera (ASB): Evidence from Kelantan</dc:title>
	<dc:creator xml:lang="en">Zahri, Fatin ‘Alia</dc:creator>
	<dc:creator xml:lang="en">Zahri, Mohd ‘Adli</dc:creator>
	<dc:creator xml:lang="en">Radin Badaruddin, Radin Firdaus</dc:creator>
	<dc:creator xml:lang="en">Hamat, Zahri</dc:creator>
	<dc:creator xml:lang="en">Muhd Adnan, Nurul Ilyana</dc:creator>
	<dc:subject xml:lang="en">ASB investments</dc:subject>
	<dc:subject xml:lang="en">intrinsic factors</dc:subject>
	<dc:subject xml:lang="en">extrinsic factors</dc:subject>
	<dc:subject xml:lang="en">religiosity</dc:subject>
	<dc:subject xml:lang="en">Shariah compliance</dc:subject>
	<dc:description xml:lang="en">This study investigates the impact of intrinsic, extrinsic, and religiosity factors on investment selections in Amanah Saham Bumiputera (ASB) among investors in Kelantan, focusing on the mediating role of intention. A survey was conducted with 300 ASB investors, and data analysis was performed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that extrinsic factors, such as marketing, and religiosity significantly influence ASB investment selections, with intention acting as a mediator. In contrast, intrinsic factors, such as the understanding of ASB, exhibit a weaker relationship with investment selections. The findings underscore the importance of offering Shariah-compliant investment products to meet the religious needs of investors. Additionally, enhancing financial education is vital to ensuring that investment choices align with ethical and social responsibility standards. Stakeholders are encouraged to collaborate with religious bodies to develop Shariah-aligned policies, thereby enhancing the acceptance and effectiveness of investment products in Kelantan.</dc:description>
	<dc:publisher xml:lang="en">Islamic Family Law Department, Sharia and Law Faculty, Universitas Islam Negeri Ar-Raniry</dc:publisher>
	<dc:date>2025-07-31</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
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	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://jurnal.ar-raniry.ac.id/index.php/samarah/article/view/26736</dc:identifier>
	<dc:identifier>10.22373/j52g8065</dc:identifier>
	<dc:source xml:lang="en">Samarah: Jurnal Hukum Keluarga dan Hukum Islam; Vol. 9 No. 2 (2025): Samarah: Jurnal Hukum Keluarga dan Hukum Islam; 870 -895</dc:source>
	<dc:source>2549-3167</dc:source>
	<dc:source>2549-3132</dc:source>
	<dc:source>10.22373/5mv1xz30</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://jurnal.ar-raniry.ac.id/index.php/samarah/article/view/26736/pdf</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Fatin ‘Alia Zahri, Mohd ‘Adli Zahri, Radin Firdaus Radin Badaruddin, Zahri Hamat, Nurul Ilyana Muhd Adnan</dc:rights>
	<dc:rights xml:lang="en">http://creativecommons.org/licenses/by-sa/4.0</dc:rights>
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