Analisis kriteria penyahsenaraian sekuriti patuh syariah Bursa Malaysia 2020-2021: The criterion analysis on the shariah compliance delisting of Malaysian Stock Exchange Securities 2020-2021

Fidlizan Muhammad Muhammad; Azila Abdul Razak; Mohd Yahya Mohd Hussin; Ahmad Zakirullah Mohamed Shaarani; Salwa Amirah Awang

doi:10.33102/jmifr.v19i2.461

Authors

Fidlizan Muhammad Muhammad Department of Economics, Faculty of Management and Economics, Universiti Pendidikan Sultan Idris, 35900 Tanjong Malim, Perak, Malaysia
Azila Abdul Razak Department of Economics, Faculty of Management and Economics, Universiti Pendidikan Sultan Idris, 35900 Tanjong Malim, Perak, Malaysia
Mohd Yahya Mohd Hussin Department of Economics, Faculty of Management and Economics, Universiti Pendidikan Sultan Idris, 35900 Tanjong Malim, Perak, Malaysia
Ahmad Zakirullah Mohamed Shaarani Department of Economics, Faculty of Management and Economics, Universiti Pendidikan Sultan Idris, 35900 Tanjong Malim, Perak, Malaysia
Salwa Amirah Awang Department of General Studies, Sultan Azlan Shah Polytechnic, Behrang Stesyen, 35950 Behrang, Perak, Malaysia

DOI:

https://doi.org/10.33102/jmifr.v19i2.461

Keywords:

Majlis Penasihat Syariah, Suruhanjaya Sekuriti, saham patuh Syariah, indikator Shariah, pasaran modal Islam, kawal selia

Abstract

Majlis Penasihat Syariah (MPS) Suruhanjaya Sekuriti Malaysia (SSM) merupakan badan berautoriti menyaring sekuriti patuh syariah yang disenaraikan di Bursa Malaysia. Berasaskan dua indikator syariah iaitu aktiviti perniagaan dan kewangan, senarai sekuriti patuh Syariah beserta senarai sekuriti yang dinyah senarai diterbit sebanyak dua kali setahun. Namun demikian, laporan ini tidak memperincikan indikator Syariah yang gagal dipatuhi oleh sekuriti berkaitan. Sehubungan itu, kajian ini bertujuan menganalisis secara deskriptif, indikator syariah yang gagal dipatuhi oleh sekuriti yang dinyah senarai pada tahun 2020 dan 2021 menggunakan penyaring Syariah global. Hasil analisis mendapati, sebanyak 44 daripada 65 sekuriti sesuai dianalisis. Majoriti sekuriti yang dinyah senarai patuh Syariah didapati berpunca daripada ketidakpatuhan terhadap indikator Syariah kewangan. Rentetan dapatan ini, maka indikator ketidakpatuhan wajar didedahkan kepada pelabur. Jesteru itu, pelabur dapat menggunakan informasi baru ini dengan rasional untuk tindakan pelupusan sebagaimana dicadangkan oleh pihak SSM.

The Shariah Advisory Council (SAC) of the Securities Commission Malaysia (SCM) is the authoritative body to screen Shariah-compliant securities listed on the Malaysian Stock Exchange (Bursa Malaysia). Based on two Shariah indicators, namely business and financial activities, the list of Shariah-compliant securities together with the list of delisted securities are issued twice a year. However, this report does not detail the Shariah indicators that the relevant securities fail to comply with. In this regard, this study aims to analyze descriptively, Shariah indicators that failed to comply with the delisted securities in 2020 and 2021 using global Shariah filters. However, this report does not detail the Shariah indicators that the relevant securities fail to comply with. In this regard, this study aims to analyze descriptively, the Shariah indicators that failed to be complied with by the delisted securities in 2020 and 2021 using the Global Shariah Screener. The result of the analysis found that 44 out of the 65 securities were suitable to be analyzed. The majority of shariah-delisted securities were due to non-compliance with the financial Shariah indicators. As to these findings, the non-compliance indicators should be disclosed to investors. Thus, the investors can use this new information rationally for disposal actions as proposed by the SCM.

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