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Islamic estate planning and management: Malaysian experience

Kamarudin, Mohd. Khairy and Nor Muhamad, Nasrul Hisyam (2018) Islamic estate planning and management: Malaysian experience. International Journal Of Management Applications, 1 (1). pp. 8-16.

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Abstract

This research explains Islamic estate planning and management for Muslim particularly in Malaysia. This research employs library research which refers to primary sources such as Al-Quran, Hadis and relevant enactments or acts, and secondary sources such as published journals, articles and proceedings related to hibah, wasiyyah and faraid. This study indicates that hibah giving is the first instrument in the estate planning components, followed by wasiyyah and faraid. Hibah is a voluntary gift giving of one or several subject matters to recipient(s) by owners of wealth during their lifetime without any consideration or return. From the legal perspective, there are no special laws or acts which are related to hibah in Malaysia. Meanwhile, wasiyyah is made during the lifetime of testators and the distribution of the estate to beneficiaries becomes effective only after their death. To date, only four states have special enactment related to wasiyyah which are Selangor, Negeri Sembilan, Melaka and Kelantan. Then, faraid is another Islamic inheritance distribution method to legal heirs after the death of a Muslim based on the Islamic law. Faraid jurisdiction is under the Syariah Court which is responsible to produce "Faraid Certificate'. The differences among these three instruments can be seen from five aspects namely hukm of implementation, time of enforcement, amount of wealth or estate, recipients and time of making contract.

Item Type:Article
Uncontrolled Keywords:Islamic inheritance law, Islamic estate instruments, faraid, wasiyyah, hibah giving, Islamic religious administration
Subjects:B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc
Divisions:Islamic Civilisation
ID Code:82093
Deposited By: Yanti Mohd Shah
Deposited On:30 Sep 2019 17:00
Last Modified:25 Oct 2019 22:22

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