Permodalan Nasional Bhd (PNB) will introduce a new zakat assessment for fixed-price funds managed by Amanah Saham Nasional Bhd (ASNB) beginning in the second quarter of 2026.

The assessment will use a khultah-based zakat method under the Al-Mustaghallat approach, which calculates zakat based on income generated from investments rather than the total value of the investment itself.

What Fixed-Price Funds Mean For Investors

ASNB fixed-price funds are investment products where the unit price remains constant, typically at RM1 per unit. Investors earn returns through annual income distributions rather than changes in unit price.

Because the investment value does not fluctuate daily, fixed-price funds are commonly used by long-term savers, including first-time investors and those seeking stable returns. The zakat assessment focuses on the income earned from these funds, rather than the amount invested.

How The Khultah-Based Zakat Method Works

Under the khultah concept, zakat is calculated collectively rather than individually, based on pooled assets that are managed together. In this case, zakat is assessed on the income generated by the fund as a whole, using the Al-Mustaghallat approach.

The Al-Mustaghallat method applies zakat to productive assets that generate income, such as investments, instead of applying zakat on the principal amount. This approach is commonly used for assets that are meant to generate returns over time.

For investors, this means zakat calculations are aligned with how the fund earns income, while reducing the need for individual calculations.

Zakat Method To Support Long-Term Savings

PNB group president and chief executive officer Datuk Abdul Rahman Ahmad said the new zakat approach is part of broader efforts to encourage consistent saving and investing among Malaysians.

He said the initiative will complement existing programmes aimed at strengthening savings behaviour, including the #KitaGenerasiLabur campaign, the Auto Labur recurring digital savings feature, which allows automatic monthly investments, and the Pandu Impianmu initiative.

According to Abdul Rahman, these efforts are designed to encourage Malaysians to begin saving and investing earlier, invest regularly, and maintain financial discipline over time.

ASNB Account Holders Remain Stable

Abdul Rahman said the number of unique ASNB account holders remained stable at 13 million, supported by a gross addition of 560,000 account holders over the past year.

This suggests continued interest in ASNB products, even as household budgets face pressure from rising living costs. PNB said stronger data analytics has helped it better understand customer behaviour and tailor outreach to different saver groups.

Cautious Outlook For Global Markets In 2026

Looking ahead, Abdul Rahman said PNB remains cautious about the investment environment in 2026, citing ongoing uncertainty and volatility in global capital markets.

He pointed to structural changes in the global economy, including shifts in trade policy and concerns that certain sectors, particularly artificial intelligence-related investments, may be priced ahead of their underlying value. These factors can affect investment returns and market stability.

Focus On Strengthening Malaysia’s Equity Market

On the domestic front, Abdul Rahman said PNB will continue working closely with policymakers and key market participants to support reforms and improve corporate performance.

He said these efforts aim to strengthen the competitiveness of Malaysia’s equity market, which refers to how attractive and resilient local companies are to investors. This includes ensuring that market performance reflects Malaysia’s economic fundamentals and long-term growth prospects.

Abdul Rahman added that this approach aligns with the Madani framework and is intended to stimulate domestic investment while supporting more inclusive and sustainable economic growth.

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