Planning on Wealth Distribution During Lifetime in Islam: Concept and Its Importance

Hasbulah, Muhamad Husni; Daud, Mohd Zaidi

doi:10.7187/gjat832015.05.01

Cited by 5 publications

(4 citation statements)

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“…If seen, the five elements of ownership succession implemented by these informants are seen to coincide with the general guidelines set out in the syara' as emphasized in some recent studies (Ismail, 2013;Daud, 2014;Daud et al, 2015). The five elements are the setting of the inheritance objective, the selection of the planning method, the choice of the heritage instrument, the election of the business heir and the final element of the determination of the rate to be inherited.…”

Section: Ownership Successionsupporting

confidence: 52%

“…The cycle of wealth in Islam begins with accumulation, then moves on to allocation, protection and distribution. Estate that is obtained but not taken care of properly is a loss for the owner and others around him (Hasbulah & Daud, 2015). A good and systematic estate planning is one of the main ways for people to achieve happiness in this world as it can meet the growing needs of family life, whether in the form of dharuriyyat, hajiyyat, or tahsiniyyat.…”

Section: Literature Review the Concept Of Islamic Inheritance Plannin...mentioning

confidence: 99%

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The Practice of Business Sucession among Muslim Entrepreneurs in Malaysia

Hamdan,

Nor Muhamad,

Azmi

2024

IJARBSS

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Knowledge related to business succession is essential for every entrepreneur. A business must be effectively managed not just throughout a person's lifetime, but also after his death. This is to ensure that the business's legacy can be sustained, especially by the heirs. This study investigates the practice of business succession among Malaysian Muslim entrepreneurs. This study employs a qualitative methodology by using content analysis, observation, and in-depth interviews. According to the findings of the study, the majority of Muslim entrepreneurs do not have a documented plan for business succession and do not use any of the instruments in Islamic inheritance planning. However, from a management aspect, some entrepreneurs have chosen the heirs and involved them in the business from an early age, while others have already offered heirs prominent positions.

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Section: Ownership Successionsupporting

confidence: 52%

Section: Literature Review the Concept Of Islamic Inheritance Plannin...mentioning

confidence: 99%

The Practice of Business Sucession among Muslim Entrepreneurs in Malaysia

Hamdan,

Nor Muhamad,

Azmi

2024

IJARBSS

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“…(Daud, 2015;Wan Hassin, 2015;Daud et al, 2017;Abd Wahab et al, 2017). Therefore, there are researchers which among them are Abdul Rashid & Ahmad (2013); Hasbullah & Daud (2015); Muhamad & Hussain (2014) whom proposed suggestion that hibah instrument to be an option in planning land property while alive (Kamarudin & Muhamad, 2017;Hasan, t.t) as there are various advantages and situations that will benefited both parties from chosing aforesaid instrument.…”

Section: Choosing the Instrument For Registration Of Estate Land Owne...mentioning

confidence: 99%

Registration for Vesting of Hibah Properties at PTG Johor

Tuan Kamaludin,

Nor Muhamad

2024

IJARPED

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The success for the land proprietor is when his vesting order for his land property which is done by way hibah is successfully accepted and registered in the Johor Land Office (PTG). Therefore, the objective of this research study is to discover the administration, conditions and guidelines for the registration of declaration of the vesting order by way of hibah in PTG Johor pursuant to the PTG Johor circular Bill 12/2019 Enforcement of Hibah Orders and The Levying of Transfer of Ownership Registration Fees based on Hibah Orders ("Pelaksanaan Perintah Hibah Dan Pengenaan Fee Pendaftaran Pindahmilik Berdasarkan Perintah Hibah"). The research datas was obtained by using the library method by referring to law statutes, circulars related to the land administration, grounds of judgment and related case decisions. Primarily, the case which involved land law (NLC 1965). Whereas, structured and unstructured interview methods are also applicable in this research in view of gathering materials, informations and opinion relating to the research objective. The findings of this research implies that the application of the aforesaid PTG Johor Circular bill 12/2019 in navigating ways for the registration of the declaration of vesting order of land property by way of hibah in PTG Johor, is indeed perfect and dynamic. Regardless of such findings, the instrument endorsed in the PTG Johor Circular bill 12/2019 is the gist of the NLC 1965 per se. The step taken by PTG Johor in endorsing the application of the PTG Johor Circular bill 12/2019 is a great effort and a successful one.

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“…Asset planning is entral in promoting effetive ommunal harmony following whih a failure in planning while one is still alive ould ause losses to the Muslim ommunities (Hasbulah & Daud, 2015). Aording to Sadali (2006), asset planning refers to one's ation plan to transfer his or her asset(s) in possession to another person based on the Islami laws.…”

Section: Hibah Produt In Malaysia Asset Planningmentioning

confidence: 99%

The Implementation of Hibah Ruqba in Malaysia Asset Management Planning Industry in Aordane to Maqasid Shariah

Said¹,

Yusoff²,

Muda³

et al. 2022

IJARBSS

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Hibah ruqba is one of the asset transfer methods being pratied in ageny's asset management planning in Malaysia. Hibah ruqba is onditional where a hibah (gift) to a reipient (an aqad person) shall be reverted to the giver (one other aqad person) if the reipient passes on before the giver. In the present ontext, hibah ruqba an be seen as a solution to resolve problems relating to asset management planning suh as trust funds joint aounts held by Muslims, and as an alternative in resolving onerous problems of estate inheritane administration these days. However, this motion falls short of approval from the relevant Malaysian authorities of its permissibility based on the opinions of the majority Sunni sets inluding the Shafiite, largely due to the element of gharar (unertainty) in oexistene. The objetive of this researh is to study the onept of hibah ruqba from the sholarly perspetive and maqasid shariah. This is a qualitative study. The method of data gathering onsists of doument analysis both from the primary and seondary soures of hibah ruqba. The gathered data is analysed by using desriptive method. The result finds that the rejetion of hibah ruqba is largely due to the assoiated element of gharar, with a manifest that the passing on of the aqad parties is a matter of unertainty. Alas, this arrangement of aqad reates future onflit amongst the rightful heirs of the aqad parties. Hene, hibah ruqba is permissible if it is done in a transparent manner and fulfills the priniple of maqasid shariah along with onsents from both aqad parties (giver and reipient). Hibah ruqba is also seen as adhering to the needs of the Muslims based on the noble intention of maslahah i.e. to protet the properties of the aqad parties.

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Planning on Wealth Distribution During Lifetime in Islam: Concept and Its Importance

Cited by 5 publications

References 0 publications

The Practice of Business Sucession among Muslim Entrepreneurs in Malaysia

The Practice of Business Sucession among Muslim Entrepreneurs in Malaysia

Registration for Vesting of Hibah Properties at PTG Johor

The Implementation of Hibah Ruqba in Malaysia Asset Management Planning Industry in Aordane to Maqasid Shariah

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