Islamic Stockbroking

We have what Shariah inclined and ethical investors are looking for.

Our selection of Islamic stockbroking products provides you with the opportunity to trade Shariah-compliant securities with a piece of mind. Only Shariah-compliant securities that are approved by the Shariah Advisory Council (SAC) of Securities Comissions (SC) are traded on our platform. No riba (interest) and other Shariah non-compliant elements.

 

What is Islamic Stockbroking by Kenanga?

It is an alternative solution for clients to buy and sell listed Shariah-compliant securities.

What are the types of products available under Islamic Stockbroking by Kenanga?

We have both, Islamic Trading and Islamic Margin Financing products. You may refer to each section.

Who can apply?

Anyone above 18 years old.

Where do I get the list of Shariah-compliance securities listed in Bursa Malaysia Securities Berhad?

You may view it on the Securities Commission website (www.sc.com.my).

Is there a possibility of Shariah-compliant securities becoming Shariah non-compliant?

Yes, the SAC and SC will review the list of Shariah-compliant securities twice a year (May and November). Change of status could happen after the revision of the list.

If I have existing conventional trading/margin account, can I apply and open an Islamic account?

Yes, you may apply for an Islamic trading/margin account.

Do I need to close my existing conventional trading/margin account once my Islamic account is opened?

No, you are not required to close your existing conventional trading/margin account.

 What are the fees and charges that I have to pay?

 

What are the available Islamic Trading accounts?

Below are the Islamic Trading accounts available:

 

What is the Shariah concept applicable?

Wakalah (Agency)

  1. The products are based on direct buying and selling of Shariah-compliant securities listed on Bursa Malaysia.
  2. Kenanga Investment Bank Berhad (KIBB) (“the Bank”) will act as an agent for you to facilitate the buying and selling transaction with Bursa Malaysia.

 Wakalah Mutlaqah (Absolute Agency)

Placement of Money

  1. The Shariah concept of “Wakalah Mutlaqah” or absolute agency applies where there is no condition put in place for the transaction and involves an unfettered authority granted by the principal to the agent.
  2. The Bank also has a full freedom to decide on your behalf e.g. pending the client’s decision to trade the Shariah-compliant securities, the Bank has the right to place the monies in the Shariah-compliant accounts at any Islamic banks based on wakalah mutlaqah concept.

 

What do I get from these products?

 

Will there be any Late Payment Charge (LPC) for the products?

Yes. LPC will be charged on the remaining contra loss that is outstanding after seven calendar days from the date the contra transaction takes place.

For more information, please contact us at 1800 88 2274 or email us at equitybroking@kenanga.com.my.