THE PRACTICES OF ISLAMIC FINANCIAL ESTATE PLANNING IN MALAYSIA: WASIYYAH, FARAID AND HIBAH

Abstract

The descriptive qualitative research methodology was used in this study, as well as secondary material from books, journals, newspapers, linked websites, and other sources. Many Malaysian authors are advocating for a more effective solution to the problem of collecting unclaimed property after a person dies. The author's journey is discussed in various ways. Islamic estate planning and assistance in locating unclaimed property, especially in Malaysia. As a result, it is recommended that wasiyyah (will) be used for real estate planning if the requirements are met in order to address the issue of unclaimed property accumulation, particularly in Malaysia. To avoid the accumulation of unclaimed property, it is also recommended that the grant be used only in cases of fara'id distribution after the death of the inconvenienced owner, such as when there are complicated legal procedures or lengthy approval procedures. When presenting gifts to children, the Messenger of Allah, peace and blessings be upon him, commanded equality, so there will be no discrimination between the recipient's children and the recipient's children if the gift (hibah) is in their favour. If no good reason can be found, distribution should be made in accordance with Islamic inheritance law (fara'id). When giving gifts to children, the Prophet (saw) demanded equality; therefore, if the gift (hibah) is made in favour of the donor's children, there shall be no discrimination between them. If no good explanation can be found, the Islamic rule of inheritance (fara'id) will be applied to the distribution.