Purpose This paper aims to explore the level of hibah knowledge among Muslims in Kedah and investigate its determinants, consisting of education level, education stream, religiosity, social influence and social media. Design/methodology/approach This study is quantitative in nature. Questionnaires were distributed to collect data from Muslims in Alor Setar, Kedah. In total, 195 questionnaires were collected and data were analyzed using descriptive analysis, correlation analysis and multiple regression analysis. Findings The study finds that Muslims in Alor Setar, Kedah have good knowledge of hibah. Further, education stream, religiosity, social influence and social media were identified as significant factors that influence their knowledge of hibah. Research limitations/implications The first limitation is its narrow focus in surveying Muslims only in Alor Setar, Kedah. The second limitation is the limited number of determinants used in investigating hibah knowledge among Muslims and the techniques used in analyzing the data. Despite these limitations, the study’s findings provide invaluable insights into the factors influencing hibah knowledge among Muslims in Alor Setar, Kedah. Practical implications This study provides insights regarding the significant personal factors and environmental factors to increase Muslims’ knowledge of hibah. The link between the Islamic education stream and hibah knowledge provides a clear indication that Islamic education can curb the economic problems caused by the substantial amounts of frozen and unclaimed assets in Malaysia. A significant relationship between the environmental factors (social influence and social media) and hibah knowledge also implies that the government and private agencies related to Islamic estate planning and management may use these significant determinants as part of the marketing strategy to increase the usage of hibah as an alternative tool for estate planning. Originality/value This study contributes to a better understanding of Muslims’ knowledge about hibah. The government and related agencies in Islamic estate planning and management can now gain better insights into Muslims’ level of knowledge about hibah and the factors influencing their knowledge of hibah as an effective tool for Islamic estate planning and management. Hence, more effective strategies can be recommended to enhance the knowledge of Muslims on hibah. The findings of this study should be of value to the government in its effort to address the increasing number of frozen estates in Malaysia.
The recognition of cryptocurrency as digital assets in Malaysia under the purview of security governed by the Securities Commission of Malaysia contributed to cryptocurrency's positive acceptance, with evidence that the number of cryptocurrency users is growing. Nonetheless, due to the unique characteristics of cryptocurrency, the lack of legal regulation on cryptocurrency inheritance will have an impact on crypto estate administration. Apparently, the law on cryptocurrency in Malaysia is still in its infancy, and the existing issue of frozen estate in Malaysia, which is constantly increasing, prompted the researchers to investigate potential loopholes in cryptocurrency estate administration from a legal and shariah standpoint. The study conducts content analysis by examining the relevant statutories, such as “the Probate and Administration Act 1959, the Capital Market Service Act 1997, the Capital Market and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, Shariah Resolutions and Fatwas in Malaysia”, other literatures related to cryptocurrency estate administration. As a result, there are legal loopholes in cryptocurrency estate administration in Malaysia that prevent cryptocurrency from being inherited by the entitled beneficiary. The issue of cryptocurrency inheritance may arise in the near future; thus, this study provides policy implications to the Malaysian regulators to solve the highlighted lacuna as well as social implications to the Malaysian society to consider cryptocurrency in their inheritance planning.
Day by day the numbers of Bitcoins owners are increasing and as the time lapses, they also will face the death. In Perlis, Bitcoins is recognised as a wealth (mal) and subject to zakat by State Fatwa Committee of Perlis. Hence, this paper aims to discover the inheritability of bitcoin according to Shariah in Perlis. As a result, this study employed a qualitative research approach by interview in order to discover the inheritability of bitcoin as a mal according to Shariah. Purposive sampling was used in the study. The finding of this study indicated that the existing fatwa on bitcoin is silent on the inheritance ruling of bitcoin. The researcher urged that this inheritance ruling must be tabled and gazetted by the state fatwa committee of Perlis in order to ensure the continuity of bitcoin to the next generation. Therefore, this study has contributed in comprehensive Shariah views behind the permissibility of Bitcoin in Perlis and provides some important policy implication for the regulator and state fatwa committee of Perlis to fulfil the lacuna in the fatwa related to bitcoin.
Purpose This paper aims to collect evidence on the issues and challenges in cryptocurrency estate planning and the possible approaches or methods to address them. Then, this paper also aims to understand Malaysia’s situation compared to global situations and determine how the country could address those challenges. Design/methodology/approach This study adapted a standard systematic review protocol named preferred reporting items for systematic reviews and meta-analyses, guided by three research questions: what are the challenges of cryptocurrency estate planning, how do researchers and practitioners address the issues or challenges and how could Malaysians move towards sustainable cryptocurrency estate planning? Relevant documents reported on cryptocurrency estate planning were analysed using thematic analysis. Findings The results of this review suggested that the issues and challenges in cryptocurrency estate planning can be described from six aspects: awareness, financial aspects, law, process, security and taxation. On the other hand, the approaches or methods to address these challenges may be categorised into laws, processes and technology. Further, a framework for cryptocurrency estate planning in Malaysia is proposed as an initial step towards a sustainable economy and society in Malaysia. Research limitations/implications The state and the use of cryptocurrency are still considered new in most countries globally. Hence, people are yet to be aware of the issues that may arise from it. Nevertheless, cryptocurrency estate planning will soon become an area of interest in which this study could enhance the literature and contribute knowledge to understanding the situation. Originality/value This study collected evidence on the issues and the approaches to address cryptocurrency estate planning. This study then focused on the Malaysian perspective by proposing a framework that was not covered by existing studies.
Takaful agents play a crucial role as they significantly increase the penetration rate of the takaful industry in Malaysia. In exercising the function of Takaful agents, they must observe their role as following Al-Quran and as-sunnah and practicing the Islamic work ethics. Thus, the loyalty of Takaful agents to remain in the Takaful industry is required. This study will provide preliminary insights into the role of Islamic work ethics (IWE) toward the loyalty of takaful agents. To achieve the study's objectives, the literature review has been executed. The study findings found that the Islamic work ethic has a significant effect on the intention of the employee to stay or leave the organization. Numerous studies also indicated that IWE is closely associated with job satisfaction. Consequently, this study provides preliminary insights into Takaful operators as the principal-agent. Takaful operators are strongly advised to give proper attention to the concept of Islamic work ethic to retain more Takaful agents in the industry. The study also has proposed a model as there is a need to empirically test the influence of IWE on the loyalty of takaful agents in the future.
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