The Analysis of Trust Instruments in Malaysia as Islamic Estate Planning: The Challenges and Effects

Abdullah, Muhamad Mu'izz; Awang, Abdul Bari; Muhamad, Nasrul Hisyam Nor

doi:10.32890/uumjls2022.13.1.5

Cited by 2 publications

(3 citation statements)

References 6 publications

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“…Nonetheless, according to the author's analysis, the following differences can be observed, as presented in Table 5. Numerous studies on waqf have been done, but studies on the trust instrument are still given less special attention by the Muslim community in Malaysia Awang et al, 2022). There is no denying that trust is as important as waqf.…”

Section: Discussionmentioning

confidence: 99%

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Analysis of trust instrument in Islamic estate planning: a study case at Amanah Raya Berhad, Malaysia

Abdullah

Awang

Zakaria

2023

JIABR

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Purpose This study aims to analyse the mechanism of trust instrument from a Shariah point of view. Analysis of the mechanism would determine the extent to which its implementation can resolve estate planning issues such as frozen estate and the issue of naming beneficiaries under the age of 18. Design/methodology/approach This is a qualitative study method through library research. To explore the mechanism of trust instrument, an in-depth interview with five participants using purposive sampling and analyses of documents were used. The selection of this sample allows the researcher to obtain specific data in their field of expertise. Therefore, two officers from the Trust Administration Department of Amanah Raya Berhad (ARB) and three Shariah advisors from ARB (MPS ARB) were interviewed to find out the mechanism of trust instrument from the Shariah perspective. The researcher also referred to the trust deed documents, ARB company policies, field case studies such nomination cases and trust accounts, articles and court cases. Findings The trust instrument meets Shariah requirements even though it is based entirely on the Civil Law. The comprehensive and flexible features of trust deeds can help donors to plan systematically during their lifetime. Research limitations/implications This study only focuses on the trust instruments that are currently being implemented in the ARB. Five trust products were analysed to achieve the objectives of the study, namely, the Normal Trust, Safecare and Safecare Premium, Takaful Care, Hibah (literally “gift”) as well as Trust and Declaration of Hibah. Practical implications The implementation of trust instrument at an early stage can ensure the property is well managed through a trust deed, guarantee the life of the beloved heirs after the death of the donor and prevent the property from being frozen. Originality/value This study comprehensively describes the trust instrument from the Shariah perspective and its implementation mechanism in the industry.

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Section: Discussionmentioning

confidence: 99%

“…Numerous studies on waqf have been done, but studies on the trust instrument are still given less special attention by the Muslim community in Malaysia (Abdullah et al , 2020; Awang et al , 2022). There is no denying that trust is as important as waqf.…”

Section: Discussionmentioning

confidence: 99%

Analysis of trust instrument in Islamic estate planning: a study case at Amanah Raya Berhad, Malaysia

Abdullah

Awang

Zakaria

2023

JIABR

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“…To date, a plethora of studies have been done on this field by researchers in Malaysia mainly as it involves the Muslims' properties (Awang et al, 2022;Ayub et al, 2020;Cizakca, 2015;Hassan et al, 2018;Mohamed Nor & Yaakub, 2017;Muhamad et al, 2019;Sanusi, Yaacob, & Salleh, 2021;Shith et al, 2016). The quite number of the writings depict that the issues on Islamic estate planning have always been given attention by researchers.…”

Section: Introductionmentioning

confidence: 99%

The viability of Islamic estate planning in Malaysian Muslim market: A bibliometric analysis indexed by Scopus from 2015 to 2021

Abdullah

Nasir

Habidin

2023

JMIFR

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The growing number of published articles indexed in a database such as Scopus suggests the increasing number of high-quality research and current interests that are relevant to a particular discourse. However, bibliometric studies identified that the pattern of journal articles published on Islamic estate planning in relation to Malaysian Muslim market in the Scopus database are still limited and given less attention. Therefore, this study seeks to identify the pattern of the published articles that have been indexed by Scopus specifically on Islamic estate planning instruments such as waqf, takaful, Islamic inheritance (farāid), gifts, trust, and will. This article is based on bibliometric analysis and focuses on all Islamic estate planning instruments in Islam. The data obtained from the Scopus database are then analysed thematically using ATLAS.ti 8 and VOSviewer software. The bibliometric analysis found 397 publications from Malaysia, which encompass articles, proceedings, book chapters, and book series. Nonetheless, there are only 324 relevant articles that had been analysed to establish the theme of the study. Meanwhile, the waqf instrument has become the most popular topic debated among researchers from Malaysia. All the articles are obtained from the Scopus database only by using keywords related to the instruments of Islamic estate planning. This study only focuses on Malaysian affiliates for 7 years, from 2015 to 2021. Therefore, more studies need to be done with any other indexing and high-quality research databases such as Web of Science (WoS) and related Islamic estate planning and marketing articles to achieve a better and more comprehensive analysis of research publications. In conclusion, this study provides a better information thematically through the frequency of publication by instruments, frequency of publication year, number of authors, language, publication format, list of journals, affiliation, and types of collaboration. This guideline is useful for researchers carrying out research on Islamic estate planning in the realm of Islamic marketing indexed in Scopus. In fact, the important result of this study will provide insightful bibliometric analysis and assist in identifying current interest in Islamic estate planning instruments with special reference to the Malaysian Muslim consumers' context.

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The Analysis of Trust Instruments in Malaysia as Islamic Estate Planning: The Challenges and Effects

Cited by 2 publications

References 6 publications

Analysis of trust instrument in Islamic estate planning: a study case at Amanah Raya Berhad, Malaysia

Analysis of trust instrument in Islamic estate planning: a study case at Amanah Raya Berhad, Malaysia

The viability of Islamic estate planning in Malaysian Muslim market: A bibliometric analysis indexed by Scopus from 2015 to 2021

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