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

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

DOI
10.22373/j52g8065
ISSN
2549-3167, 2549-3132
Published
2025-07-31
Publisher
Islamic Family Law Department, Sharia and Law Faculty, Universitas Islam Negeri Ar-Raniry
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

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.

Keywords

Collaboration network of the authors

16 authors · 34 co-authorship links

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Co-authorOrganisationJoint articles
Irfan IrfanAffiliation unknown2
Mohd Izhar Ariff Mohd KashimAffiliation unknown2
Mohd Al Adib SamuriAffiliation unknown1
Zuliza Mohd KusrinAffiliation unknown1
Roseliza Murni Ab RahmanAffiliation unknown1
Nurul Izwah Muhd AdnanAffiliation unknown1
Hafizuddin Muhd AdnanAffiliation unknown1
Md Yazid AhmadAffiliation unknown1
Asiah Aqilah Abdul GhaniAffiliation unknown1
Ardiansyah Rusli.SAffiliation unknown1
Kaosar HayeejehwaeAffiliation 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">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>
	<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/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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