Untuk mudah faham,ada dua jenis warrant di BSKL.
(i) company warrant
(ii)structured warrant
Sebagaimana namanya,company warrant diisukan oleh company.Haram atau halal company warrant,bergantung
kepada mother share.Kalau mother share nya shariah-compliance,cthnya mcm FGV,maka,company
warrant nya pun halal.Buat masa ni,FGV belum mengisu any company warrant.Structured warrant plak diisu
oleh investment bank atau broker yang mempunyai lesen untuk menjalankan perniagaan derivatif.
Kebanyakan structured warrant adalah cash settle,maksudnya no physical delivery of share,ataupun dlm
bahasa mudah,structured warrant selalunya tak ditukar kepada mother share.However,regardless of
whether the structured warrant ditukar ke mother share ataupun cash settle,investment bank perlu
membeli certain amount of mother share,as a delta hedging,sebagaimana yg digariskan
oleh SC.So,maknanya,if an investor buy a company warrant,dan convert ke mother share,there will
be an increase in the number of shares in the company,as new shares has to be issued for the company
warrant,where as in the structured warrant case,the number of mother share is unchanged,as the
mother share is the already existing shares in circulation,first bought by the investment bank,and
then transferred to the CDS account of the investor should he/she convert the structured warrant into
mother share,provided that the structured warrant is not cash settle.So,company warrant increase the
capital of the company,where as structured warrant do not change/contribute anything to the
company,only like a betting game where the money from the winners,is paid to the losers,
and therefore is fairly similar to gambling,and therefore is considered haram,regardless of
whether the mother share is shariah compliance or not.Wallahua'lam.
