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The Relationship between Investor Behaviours with Fatwa Coordination of Amanah Saham Nasional (ASN) and Amanah Saham Bumiputera (ASB)

Samarah: Jurnal Hukum Keluarga dan Hukum Islam · Vol. 7 No. 1 (2023) · pp. 499–521

DOI
10.22373/sjhk.v7i1.16015
ISSN
2549-3167, 2549-3132
Published
2023-03-31
Publisher
Islamic Family Law Department, Sharia and Law Faculty, Universitas Islam Negeri Ar-Raniry
Language
eng

Abstract

The fatwas coordination of Amanah Saham Nasional (ASN) and Amanah Saham Bumiputera (ASB) in 2017 revealed a subsequent growth in the number of ASB shareholders. To the extent that there is a connection between investor behaviors and the coordination of fatwas in making investment decisions. The systematic literature study also proves the inconsistency of fatwa studies, especially concerning human behaviour based on the sharia. Numerous studies have been done on how religion affects conduct, but they do not specifically refer to a fatwa when they address religion. In order to break the current gap, this paper investigates how the coordination of fatwas in Malaysia affects the behavior of Amanah Saham Nasional (ASN) and Amanah Saham Bumiputera (ASB) investors. A total of 452 samples were descriptively and inferentially analyzed using SPSS utilizing a series of questionnaires given through Google Forms to ASN and ASB investors. The findings indicate that the correlation coefficient for behavior variables is 1,000, whereas the correlation value for fatwa variables is 0.460. The Spearmen Table reveals a relatively significant relationship between investor behaviors variables and fatwa variables that correlate linearly. These findings show that ASN and ASB investors consider fatwa variables in their investment decisions, which influences financial service providers, fatwa institutions, and the community, particularly in terms of addressing fatwa inconsistency for the sake of the ummah. The implications of this research focus on showing the beneficial role of religious organizations in the country's economic growth. It also highlights the concern of financial service providers in fulfilling the community's demands in accordance with Islamic law.

Keywords

Collaboration network of the authors

23 authors · 49 co-authorship links

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Muhammadiyah University of Yogyakarta
  • Universitas Islam Negeri Maulana Malik Ibrahim
  • Institut Agama Islam Negeri Kendari
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
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Co-authorOrganisationJoint articles
Mohd Suffian Mohamed EsaAffiliation unknown2
Hairunnizam WahidAffiliation unknown2
Shifa Mohd NorAffiliation unknown1
Aisyah Abdul RahmanAffiliation unknown1
Hafizah ZainalAffiliation unknown1
Azlin Alisa AhmadAffiliation unknown1
Mohamad Bazli Md RadziAffiliation unknown1
Muassomah MuassomahUniversitas Islam Negeri Maulana Malik Ibrahim1
Khairiah KhairiahAffiliation unknown1
Penny Respati YurisaAffiliation unknown1
Demina DeminaAffiliation unknown1
Zuly QodirMuhammadiyah University of Yogyakarta1
Hasse JubbaMuhammadiyah University of Yogyakarta1
Mega HidayatiAffiliation unknown1
Rendy AdiwilagaAffiliation unknown1
Asriaty AsriatyAffiliation unknown1
Zainuddin ZainuddinInstitut Agama Islam Negeri Kendari1
Roni EfendiAffiliation unknown1
Jamal MirdadAffiliation unknown1
Amir Fazlim JusohAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://jurnal.ar-raniry.ac.id/index.php/samarah/oai, first harvested 7 Nov 2026, last seen 7 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">The Relationship between Investor Behaviours with Fatwa  Coordination of Amanah Saham Nasional (ASN) and  Amanah Saham Bumiputera (ASB)</dc:title>
	<dc:creator xml:lang="en">Zamzuri, Zamzuri</dc:creator>
	<dc:creator xml:lang="en">Yaacob, Salmy Edawati</dc:creator>
	<dc:creator xml:lang="en">Mahmud Zuhudi, Nurulashiqin</dc:creator>
	<dc:subject xml:lang="en">Investor behaviours</dc:subject>
	<dc:subject xml:lang="en">fatwa coordination</dc:subject>
	<dc:subject xml:lang="en">Amanah Saham Nasional (ASN) and Amanah Saham Bumiputera (ASB)</dc:subject>
	<dc:subject xml:lang="en">investment</dc:subject>
	<dc:subject xml:lang="en">unit trust</dc:subject>
	<dc:description xml:lang="en">The fatwas coordination of Amanah Saham Nasional (ASN) and Amanah Saham Bumiputera (ASB) in 2017 revealed a subsequent growth in the number of ASB shareholders. To the extent that there is a connection between investor behaviors and the coordination of fatwas in making investment decisions. The systematic literature study also proves the inconsistency of fatwa studies, especially concerning human behaviour based on the sharia. Numerous studies have been done on how religion affects conduct, but they do not specifically refer to a fatwa when they address religion. In order to break the current gap, this paper investigates how the coordination of fatwas in Malaysia affects the behavior of Amanah Saham Nasional (ASN) and Amanah Saham Bumiputera (ASB) investors. A total of 452 samples were descriptively and inferentially analyzed using SPSS utilizing a series of questionnaires given through Google Forms to ASN and ASB investors. The findings indicate that the correlation coefficient for behavior variables is 1,000, whereas the correlation value for fatwa variables is 0.460. The Spearmen Table reveals a relatively significant relationship between investor behaviors variables and fatwa variables that correlate linearly. These findings show that ASN and ASB investors consider fatwa variables in their investment decisions, which influences financial service providers, fatwa institutions, and the community, particularly in terms of addressing fatwa inconsistency for the sake of the ummah. The implications of this research focus on showing the beneficial role of religious organizations in the country's economic growth. It also highlights the concern of financial service providers in fulfilling the community's demands in accordance with Islamic law.</dc:description>
	<dc:publisher xml:lang="en">Islamic Family Law Department, Sharia and Law Faculty, Universitas Islam Negeri Ar-Raniry</dc:publisher>
	<dc:date>2023-03-31</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://jurnal.ar-raniry.ac.id/index.php/samarah/article/view/16015</dc:identifier>
	<dc:identifier>10.22373/sjhk.v7i1.16015</dc:identifier>
	<dc:source xml:lang="en">Samarah: Jurnal Hukum Keluarga dan Hukum Islam; Vol. 7 No. 1 (2023): Samarah: Jurnal Hukum Keluarga dan Hukum Islam; 499-521</dc:source>
	<dc:source>2549-3167</dc:source>
	<dc:source>2549-3132</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://jurnal.ar-raniry.ac.id/index.php/samarah/article/view/16015/8018</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2023 Zamzuri Zamzuri, Salmy Edawati Yaacob, Nurulashiqin Mahmud Zuhudi</dc:rights>
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