ASN Sukuk is the one fund on the ASNB shelf that is both certified Shariah-compliant and built around fixed-income sukuk rather than shares. Launched on 25 November 2022 at RM1.00, it is a variable-price fund managed by Permodalan Nasional Berhad (PNB), open to any Malaysian aged 18 and above from RM10, charging a 0.40% management fee, and paying quarterly distributions that have run at 1.05 sen a unit for the last three quarters. Over three years to 31 August 2026 it returned 3.69% a year against its benchmark's 3.15%. It is a conservative income fund, not an ASB substitute. Our halal investing hub sets the context; this review reads the prospectus and the September 2026 fact sheet.
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What ASN Sukuk is and who can buy it
ASN Sukuk is an Islamic bond fund in the Malaysia category, with an objective to provide unit holders with stable income and capital appreciation opportunities through investment mainly in a portfolio of sukuk and other Islamic liquid assets. Units were sold at RM1.00 during the initial offer period from the launch date and have since been priced daily at net asset value (NAV) on a forward-pricing basis. Unlike ASB, there is no race or quota in the eligibility: any Malaysian individual aged 18 and above may invest, a guardian may invest for a Malaysian minor with a birth certificate, and approved corporate and institutional investors are admitted at the manager's discretion.
The entry terms are the lowest on the ASNB variable-price shelf. Minimum initial investment is RM10, minimum additional investment is RM1, and the fact sheet lists no maximum additional investment. Transactions run through myASNB, ASNB branches and agent banks. As a variable-price fund, it carries a six-business-day cooling-off right for first-time ASNB variable-price investors, and redemptions are paid within seven business days of the request being received. The fund's financial year ends on 30 June and its trustee is AmanahRaya Trustees Berhad.
Where the money goes: the mandate and the August 2026 portfolio
The prospectus sets the asset allocation at a minimum of 80% of NAV in sukuk, including Government Investment Issues, a maximum of 20% in Islamic money market instruments and deposits, and a maximum of 20% in unrated sukuk. Rated holdings are to be within investment grade from creditworthy issuers; unrated sukuk may be held after the manager's own credit assessment. That is a plain-vanilla ringgit sukuk mandate, with no equity sleeve and no foreign currency exposure stated in the fact sheet.
At 31 August 2026 the fund held RM1.69 billion across 1.67 billion units, with 97.32% in sukuk and 2.68% in cash and others. The top ten holdings are spread thinly, each between roughly 1.4% and 1.8% of NAV: a Government of Malaysia issue, Malayan Banking Berhad, RHB Bank Berhad, CIMB Group Holdings, Sunway Treasury Sukuk, Pengurusan Air SPV, Prolintas SUKE, UEM Sunrise, Imtiaz Sukuk II and AEON Credit Service. That spread tells you two things: the manager is not running a concentrated government-only book, and no single corporate name can do much damage. For how retail sukuk exposure compares with buying individual sukuk, see our guide to sukuk for retail investors.
The distribution record, quarter by quarter
ASN Sukuk launched with an annual distribution policy. The Second Supplementary Prospectus dated 1 September 2024 replaced that with a quarterly policy, and the fund has paid every quarter since. The fact sheet also discloses that the fund may declare distributions out of capital, which erodes capital in exchange for income; that is standard for income funds but worth knowing when you read a sen-per-unit figure. After each payment the NAV drops from cum-distribution to ex-distribution, so the price and the income have to be read together.
| Distribution date | Net distribution (sen per unit) | Yield on NAV |
|---|---|---|
| June 2025 | 1.40 | 1.36% |
| September 2025 | 1.05 | 1.01% |
| December 2025 (paid 30 December) | 1.05 | 1.02% |
| March 2026 | 1.05 | 1.04% |
Four quarters at those rates add up to roughly 4.5 sen a unit, or about 4.3% to 4.5% on an NAV a little above RM1.01, before the price movement that offsets part of it. The ASNB fund page listed the latest declared distribution at 1.05 sen (30 December 2025) when fetched. Readers used to ASB's single year-end announcement should note the difference in rhythm: ASN Sukuk pays four smaller amounts and its price moves, whereas ASB pays once and its price does not.
Performance against the Islamic FD benchmark
From 1 September 2024 the fund's benchmark is the Maybank 12-month Islamic Fixed Deposit-i rate, a sensible yardstick for a fund that is competing for money otherwise headed to a term deposit. At 31 August 2026 PNB reported a three-year annualised total return of 3.69% against the benchmark's 3.15%, a margin of about half a percentage point a year after fees. NAV per unit was RM1.0119 on that date; the three-year high was RM1.0573 and the low RM1.0116, so the capital has moved within a narrow band. Novagni classifies the fund's three-year volatility factor at 1.6, in the Very Low band, which is the profile you want from a sukuk fund.
Two cautions belong here. The benchmark changed in September 2024, so longer-run comparisons mix two yardsticks. And a 3.69% total return is not a 3.69% cash yield: part of it is distribution and part is NAV change, and a holder who bought near the RM1.0573 high in 2025 and sold near RM1.0116 would have given back price while collecting income. Against the alternatives, the Islamic term deposit rates we track show what a locked 12-month Tawarruq deposit pays today, and our Islamic money market funds comparison shows the lower-duration option that ASN Sukuk sits one step above.
Fees and charges: what 0.40% actually buys
| Charge | ASN Sukuk (fact sheet, September 2026) |
|---|---|
| Sales charge | Up to 2.0% of NAV per unit, set by the channel |
| Annual management fee | 0.40% of NAV a year, accrued daily (prospectus allows up to 0.75%) |
| Trustee fee | Up to 0.05% of NAV a year |
| Redemption charge | Nil |
| Switching | Fee applies when switching between ASNB funds; check the current schedule before switching |
| Transfer fee | Nil |
The management fee is the number to hold onto. PNB charges 0.40% while the prospectus permits 0.75%, and the fund has outperformed its benchmark net of that fee. The sales charge is the variable: paying 2.0% up front on a fund that yields around 4% means your first six months of income cover the entry cost, so the fund is a poor fit for money you expect to withdraw within a year. Channel discounts on sales charges are common, so ask before you subscribe. For a wider view of fees across Shariah funds see our Shariah unit trust comparison.
Shariah governance: who certifies ASN Sukuk, and the ASB contrast
The prospectus states that ASN Sukuk has been certified as Shariah-compliant by the Shariah adviser appointed for the fund, and names the adviser for ASNB's Islamic funds as a committee chaired by Prof. Dr. Mohamad Akram bin Laldin. Investments must conform to Shariah as endorsed by the Securities Commission's Shariah Advisory Council and the fund's own adviser. That places ASN Sukuk in the same category as any SC-registered Islamic unit trust, and the checks in our guide to verifying a fund's Shariah compliance apply to it directly.
This is the sharpest difference from ASB. Amanah Saham Bumiputera is not a Shariah-certified fund; its permissibility rests on the National Fatwa Council's 2008 decision based on maslahah, which several state muftis have declined to adopt, a debate our ASB and ASNB Shariah ruling article sets out in full. ASN Sukuk needs none of that reasoning: its holdings are sukuk screened to SC standards, and a Malaysian who is uneasy with ASB on Shariah grounds has, since November 2022, an ASNB-branded alternative that passes the ordinary test.
ASN Sukuk versus ASB versus the alternatives
| Feature | ASN Sukuk | ASB | Islamic 12-month FD-i |
|---|---|---|---|
| Price | Variable, NAV RM1.0119 at 31 August 2026 | Fixed RM1.00 | Principal fixed |
| Eligibility | Any Malaysian 18 and above | Bumiputera only | Anyone |
| Latest return | 3.69% a year, three-year annualised to August 2026 | 5.75 sen a unit for financial year 2025, including bonus | Around the 3.15% benchmark used by the fund |
| Payout rhythm | Quarterly, about 1.05 sen | Once a year, credited 1 January | At maturity or periodic |
| Shariah status | Certified by the fund's Shariah adviser, SC framework | Not certified; 2008 maslahah fatwa, contested by some states | Tawarruq contract, bank Shariah committee |
| Capital protection | None, NAV can fall | Fixed price, not guaranteed | PIDM to RM250,000 at member banks |
| Fees | 0.40% management, up to 2.0% sales | No sales charge, low management fee | None |
Read across the table and the shape is clear. ASB pays more (5.75 sen for 2025, or 5.75% on a fixed RM1.00 price) and never moves in price, but it is closed to non-Bumiputera Malaysians and its Shariah basis is a fatwa rather than a certification. ASN Sukuk pays less, moves in price, and charges more, but it is open to everyone and its compliance is conventional in the good sense. A 12-month Islamic FD-i gives up the distribution upside for PIDM cover and a locked rate. For a Bumiputera investor already at the ASB limit, or any Malaysian who cannot hold ASB, ASN Sukuk is the natural ASNB home for the fixed-income slice of a portfolio.
Who ASN Sukuk suits, and who should pass
- Suits a Malaysian of any race who wants a Shariah-certified, low-volatility income fund from a government-linked manager and can leave the money for two years or more to absorb the sales charge.
- Suits a Bumiputera investor who has filled the ASB allocation and wants an ASNB-branded place for additional conservative money.
- Suits a saver who is uneasy with ASB's Shariah basis and wants a sukuk-only fund that needs no maslahah argument.
- Does not suit money needed within twelve months; a 2.0% entry charge against a roughly 4% yield makes an Islamic FD-i or money market fund the better parking place.
- Does not suit anyone who expects ASB-style returns; three-year annualised performance is 3.69%, not 5.75%.
- Does not suit an investor who needs capital protection; NAV can and does fall after each distribution and with sukuk prices.
Our view
ASN Sukuk does the job its name describes. It is a clean ringgit sukuk fund with a 0.40% fee, a RM10 entry point, quarterly income that has held at 1.05 sen, and a three-year record of beating a 12-month Islamic FD by about half a point a year with very low volatility. Its Shariah certification is the ordinary SC kind, which is exactly what makes it useful alongside, or instead of, ASB for Malaysians who want ASNB's manager without ASB's eligibility limits or its fatwa debate. The weaknesses are a sales charge that can reach 2.0%, a return that will disappoint anyone benchmarking against ASB's 5.75 sen, and a price that moves. Buy it as a two-year-plus income holding, negotiate the sales charge, and hold your own zakat records; our guide to zakat on investments covers how to treat a sukuk fund. Facts checked against asnb.com.my, pnb.com.my on 10 September 2026.
Frequently asked questions
Is ASN Sukuk Shariah-compliant?
Yes. The prospectus states that ASN Sukuk has been certified as Shariah-compliant by the Shariah adviser appointed for ASNB's Islamic funds, a committee chaired by Prof. Dr. Mohamad Akram bin Laldin, and that its investments must conform to Shariah as endorsed by the Securities Commission's Shariah Advisory Council. Unlike ASB, which relies on a 2008 maslahah fatwa, ASN Sukuk holds only sukuk and Islamic liquid assets and carries a formal certification.
How much does ASN Sukuk pay and how often?
Distributions are quarterly since the Second Supplementary Prospectus of 1 September 2024. The last four declared were 1.40 sen in June 2025 and 1.05 sen in each of September 2025, December 2025 and March 2026, yielding about 1.0% to 1.4% of NAV per quarter. Over three years to 31 August 2026 the fund's annualised total return was 3.69%. Distributions may be paid partly from capital, and the NAV falls by the distribution amount on the ex-date.
What is the minimum investment in ASN Sukuk?
RM10 for the initial investment and RM1 for each additional investment, with no maximum additional amount listed on the fact sheet. Any Malaysian individual aged 18 or above can invest, and a guardian can invest on behalf of a Malaysian minor with a valid birth certificate. Units are bought at the forward NAV, RM1.0119 at 31 August 2026, through myASNB, ASNB branches or agent banks.
Is ASN Sukuk better than ASB?
It is different rather than better. ASB paid 5.75 sen a unit for 2025 on a fixed RM1.00 price but is open only to Bumiputera investors and rests on a contested fatwa. ASN Sukuk returned 3.69% a year over three years, moves in price and charges a 0.40% management fee, but is open to every Malaysian and is formally Shariah-certified. If you qualify for ASB and accept its ruling, ASB pays more; otherwise ASN Sukuk is the ASNB alternative.
What are the fees on ASN Sukuk?
A sales charge of up to 2.0% of NAV per unit, an annual management fee of 0.40% of NAV (the prospectus permits up to 0.75%), a trustee fee of up to 0.05% a year, and no redemption or transfer fee. Switching between ASNB funds attracts a fee under ASNB's current schedule. Because the entry charge is high relative to a roughly 4% yield, the fund makes most sense held for two years or longer.
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Can ASN Sukuk lose money?
Yes. It is a variable-price fund and the NAV moves with sukuk prices and profit rates; over three years it ranged from RM1.0116 to RM1.0573. Distributions can also be paid from capital, and the price drops by the payout on each ex-distribution date. The fund's volatility factor of 1.6 is classified Very Low, so swings have been small, but there is no capital guarantee and no PIDM cover, unlike an Islamic fixed deposit at a member bank.
