FatwaJohorEndowment (Waqf) & Religious Property
FATWA CADANGAN ISTIBDAL WAKAF SAHAM SYARIKAT KULIM (M) BERHAD
Is it permissible to carry out istibdal on the Kulim (M) Berhad share waqf by replacing it with other assets?
Short answer
The Johor State Fatwa Committee ruled that the RM227.84 million capital repayment to WANCorp may be replaced through istibdal with substitute assets, namely the Menara Ansar building, Larkin Sentral shares and Islam REIT.
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 State Fatwa Committee ruled that the RM227.84 million capital repayment to WANCorp may be replaced through istibdal with substitute assets, namely the Menara Ansar building, Larkin Sentral shares and Islam REIT. The permissibility rests on the benefit of preserving the waqf asset with a substitute that has better potential for value growth and investment. The special nazir, who are the WANCorp board members, must plan and carry out the substitution prudently according to Islamic law and safeguard WANCorp's interests.
Written in our own words from the original fatwa — check the source before acting on it.
Keharusan melakukan istibdal ini adalah kerana wujudnya maslahah untuk mengekalkan ain mauquf عين موقوف dengan harta badal بدل yang lebih baik dari segi potensi kenaikkan nilai dan pelaburan.
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. “FATWA CADANGAN ISTIBDAL WAKAF SAHAM SYARIKAT KULIM (M) BERHAD”, 17 May 2016. https://said.johor.gov.my/perkhidmatan/paparan_detail_fatwa.php?id=346. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/istibdal-kulim-share-waqf-ruling/