Acceptance of Hibah as an Alternative Mechanism in Muslims Asset Management (original) (raw)
Related papers
Hibah As A Way of Islamic Wealth Management
Webology, 2020
Islamic wealth management is one of the most indispensable fields that every people should be aware of especially among the Muslims in Malaysia. There are many Islamic wealth instruments suggested in Islam such as faraid, wasiyyah and also hibah. This paper attempted to discuss on several contemporary issues with regards to the implementation of hibah in Malaysia by analysing literature reviews provided by previous researchers on the matter. This is relevant where hibah is becoming one of the major Islamic wealth management tools being used among the Muslims in Malaysia and several issues arise which triggered the need to address this matter. This concept paper tried to analyse the issues arise from different perspective provided by previous researchers. Results from the literature analysing found that several issues need to be solved to improve the current hibah implementation in Malaysia such as lack of hibah awareness, the similarity between hibah trust and conventional living tr...
2020
The principle of hibah (gift) is a popular subject in the Islamic law of administration, relating to wealth management. Hibah is a solution to deliver wealth to non-heirs apart from the wasiyyah (bequest) or faraid (succession) systems. However, in the broader context of wealth management in Malaysia, hibah has also been used as a financial instrument in the Islamic financial institutions’ products and services. Based on that, the legality and enforcement of hibah with regards to the related applicable laws in the Malaysian legal system might be affected in two different situations. First, the conflict of jurisdiction may be arising from the fact that the matter of the classical hibah concept will be under the jurisdiction of the classical hibah concept will be under the jurisdiction of the States, whilst the commercial hibah which has been structured with the Islamic banking and takaful products and services established by the Islamic financial institutions, will be under the Feder...
Sharia Parameters for Cash Trust Hibah Implementation in Malaysia
Environment-Behaviour Proceedings Journal
Several entities in Malaysia have offered to implement trust hibah in order to establish Muslim property management. The previous study has argued that several Sharia difficulties demand a clear explanation and answer from a Shariah perspective. As a result, the goal of this research is to propose cash trust hibah parameters to guide and improve trust hibah governance by all stakeholders. This qualitative research collected data from in-depth interviews. Data will be analysed by content analysis. The finding showed that cash trust hibah parameters should be done using conditional hibah contracts and made separately, the condition must serve the interests and welfare of the giver and the hibah’s recipient, and a cash trust hibah property should be done based on a percentage rather than a fixed value. Thus, trust hibah product providers must follow Shariah parameters to boost Muslim trust.
Hibah of Collateral Property in Islamic Perspective and the Implementation in Malaysia
International Journal of Academic Research in Business and Social Sciences
The Islamic wealth planning industry is progressing with the offerings of various conceptual hibah products. Collateral hibah or securitized hibah asset has been one of hibah products in the market involving intangible asset such as real estate. However, the implementation of collateral hibah raises questions of its compliance as the property is held by the financial institution in the form of a collateral. Furthermore, there are diverse decisions of the Syariah High Court judges in substantiating the compliance of collateral hibah. Hence, this article aims to examine the views of the relevant fuqahas on the subject of collateral hibah and to analyze the tendency of judges in adopting the views of these fuqahas in their ruling on collateral hibah. Data of this study is obtained from a comparative study of the relevant sects (mazhab) and collateral hibah cases rulings in the Syariah High Court. The findings show that there are views of the relevant sects that allow collateral hibah on the condition of obtaining consent from the collateral holder and this view has been adopted by the judges. Knowing the views of these fuqahas (that allow the concept of collateral hibah) and realising the inclination of the judge's decision on this issue, thus supports the industry offering the product to be implemented according to the Islamic shariah perspective that agrees to the court's decision.
Hibah is a means of estate disposal for Muslims. The purpose of this paper is twofold. Firstly, it attempts to investigate the knowledge of hibah in terms of rulings , service of hibah in Malaysia and legislation. Secondly, it studies the practice of making hibah (inter vivos gift) within the contextual form of Islamic estate planning in Malaysia by means of investigating its variations across selected control variables. A survey via questionnaire is carried out on 263 respondents in PeninsularMalaysia starting from September 2012 until December 2012 using a purposive sampling. Analysis methods namely descriptive and chi-square are employed. Only three variables are significant. Findings from this study are important for the industry as it can be utilized to understand the consumers' behavior and reinforce the industry of Islamic estate planning in Malaysia.
The Practice of Hibah in Takaful Institutions : A Case Study in Takaful Ikhlas SDN. BHD41
The Journal of Muamalat and Islamic Finance Research, 2015
Takaful is a form of protection to assist one self, family and loved ones. It is obligatory for Muslims to prepare themselves for life in the present, future and after their demise. Hence, to ensure these are achieved, an individual must plan his estate and property management whilst he is alive, and after his death. In short, Islam's property management aims to enable an individual to gain goodness now and for life in the hereafter. Takaful benefits become Islamic inheritance which guarantees the continuity of life for the family after the death of the contributor. Gifts (hibah) are an act of giving by a giver to a recipient that was made through love and affections. In reality, the implementation of hibah takaful in Malaysia is well accepted with rapid growth. Comprehensive documentation aspects are essential in avoiding disputes over inheritance after the death of a giver. This paper focuses on the concept of takaful, takaful benefits and practice of hibah takaful at Takaful Ikhlas Sdn. Bhd. It also discusses the documentation of hibah Form in Takaful Ikhlas prior and after enforcement of Islamic Financial and Services Act (IFSA) 2013.
Jurnal Islam dan Masyarakat Kontemporari, 2021
Previous researches have proven that the problem of frozen assets in Malaysia is increasing every year where the amount reached RM70 billion in year 2020. In recent days, hibah has been suggested as one of the important methods in distributing Muslims’ properties in Malaysia. In fact, this effort is seen as an attempt to facilitate the issue of frozen assets in Malaysia. This situation has inspired the authors to raise the awareness among public on the importance of using hibah as an alternative method in Islamic estate planning in Malaysia. This study discovers that social media plays a vital role in raising the awareness about hibah among Muslims as it can be easily published and accessed by the public. It is hoped that this study will be beneficial for the public to understand the role of social media in disseminating information about hibah as an alternative distribution method and to also able to cater the issue of frozen assets in Malaysia. This study recommends for a future s...
International Journal of Approximate Reasoning, 2020
Concept of transferring charged property through hibah has been practised as one of instruments during someones lifetime. However, the concept becomes the debate among scholars as the property still in refund period and has liabilities which need to be cleared first. Bank as the chargor will not allowed the asset being transferred. Therefore, problems regarding how far the concept will be permitted arise because it effects the rights of the receiver and the bank as the holder of the collateral. The purpose of this research is to analyse the concept of hibah charged property and the effects on ownerships if the transaction is permitted. The data required from primary and secondary sources such as scriptures, past articles which are related to the concept of hibah charged property. The outcome of this research claims that hibah charged property is legal among some scholar opinions under certain conditions. The concept of hibah charged property can be considered as one method of effect...
Analyzing the Practice of Hibah in Lieu of Inheritance among the Indonesian Muslim Community
Al-Ulum, 2023
This study aims to explore the patterns of Hibah practice as a substitute for inheritance in Indonesian society and the reasons they do so. The research locations include Gayo, Aceh, North Sumatra, Jambi, Madiun, Kediri and Surabaya. In this qualitative study, data were collected through interviews. The participants consisted of ulama, academics, and the community who practice Hibah as a substitute for inheritance. Interviews were transcribed and analyzed through content analysis. This study indicates three patterns of Hibah practice as a substitute for inheritance. First, the Hibah is given at the beginning with a portion of 2:1, which is also considered an inheritance when the parent dies. Second, the Hibah is divided equally as well as the surviving parent gets a share. When someone dies, the assets owned by the parents are divided equally. Third, the Hibah is divided unequally, and after the parent dies, the property becomes a portion of the inheritance calculation. This study concludes that the practice of Hibah is becoming more popular among the people in distributing the inheritance, while Islamic inheritance is increasingly insignificant. The position of religious law which is so important in Indonesian Muslim society is critical.
Waqf Accounting and Management: Embracing an Islamic Approach for Asset Preservation in Sarawak
2024
This abstract focuses on the study of Non-Muslims individuals in Malaysia who choose to adopt an Islamic approach towards asset preservation through waqf. Waqf refers to the act of dedicating property or wealth for religious or charitable purposes, with the intention of benefiting the community. The research methodology employed in this study is quantitative method. The research objectives of this study is (1) To investigate the method of Non-Muslims in handling their assets after pass away and (2) To find out what attract Non-Muslims to allow the government agencies to handle their waqf. There are 200 respondents chosen for this study by using quota sampling method which is from the non-probability sampling. This study set quota for 100 female and 100 male. Besides, this study also need for Non-Muslims to join and those who contribute for waqf. This is because, the researchers need their opinions and experiences to find the solution to answer the research objectives. This questionnaires is set for 200 only and is distributed by using the Google Forms through Facebook and Whatsapp. Before give the Google Forms, the researchers will ensure that the respondent is Non-Muslim and had contribute for waqf. Furthermore, the researcher use the descriptive analysis to describe the findings. The findings of this study found that Non-Muslims use Will to handle the assets after death. There is also law and regulations relate to the Non-Muslims in distributing their assets after death which is Distribution Act 1958. Other findings is, Non-Muslims interested to contribute in waqf because of the professionalism and expertise of the government agencies in handling the waqf and they also wants to contribute in helping those in needs. In conclusion, the concept of waqf accounting and management has gained recognition and acceptance among non-Muslims in Malaysia as an effective approach for asset preservation.