FatwaJohorEndowment (Waqf) & Religious Property
CADANGAN MENGISTIBDALKAN KESELURUHAN SAHAM JOHOR LAND BERHAD MILIK WAKAF ANNUR COOPERATION BERHAD
Is it permissible to substitute (istibdal) all of the Johor Land Berhad shares held by Wakaf Annur Cooperation Berhad with Al-Aqar shares?
Short answer
The Johor Fatwa Committee ruled that JCORP's proposal to exchange all Johor Land Berhad shares for Al-Aqar shares is permissible under Islamic law.
A reference, not a fatwa. First sentence of the summary below — read the original fatwa and consult your state authority before acting.
- Authority
- Johor State Mufti Department
- Date
- Status
- Fatwa committee decision
- Series
- Fatwa Negeri Johor
- Topic
- Endowment (Waqf) & Religious Property
No evidence of gazettement in the source — this is not a gazetted fatwa.
Summary
The Johor Fatwa Committee ruled that JCORP's proposal to exchange all Johor Land Berhad shares for Al-Aqar shares is permissible under Islamic law. The exchange involves 12,621,359 Al-Aqar units, or RM13 million, based on the audited NAV as at 31 December 2008 of RM1.03 per share. The ruling considers the strong potential for Al-Aqar's share value to keep growing as new assets are injected into the trust.
Written in our own words from the original fatwa — check the source before acting on it.
Maka Cadangan JCORP Untuk Mengistibdalkan Keseluruham Saham JOHOR LAND BERHAD Dengan Saham-Saham AL AQAR Berjumlah 12,621,359 Unit Saham Atau Rm 13 Juta
Read the full fatwa on the Johor website (new tab)
How to cite
Cite the original fatwa and its authority. Rujuk Fatwa is only where you found it.
Johor State Mufti Department. “CADANGAN MENGISTIBDALKAN KESELURUHAN SAHAM JOHOR LAND BERHAD MILIK WAKAF ANNUR COOPERATION BERHAD”, 10 June 2009. https://said.johor.gov.my/perkhidmatan/paparan_detail_fatwa.php?id=523. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/istibdal-johor-land-shares-wakaf-annur/