Issues and Challenges in Islamic Estate Planning in Malaysia

Azi Rahman, Rusni Hassan

2019

Abstract

The Islamic estate planning is a crucial part for the wealth management cycle of a Muslim. Indeed, any Muslim who die without any planning on their estate are not abiding to the bequest guidance as stated in Quranic verses. Unfortunately, this good spirit of Islam is not embraced well, and many are not interested to plan on their estate thus causing huge family disputes and increase the unclaimed property after deceased’s death. The current affairs of Islamic estate planning in Malaysia is still not encouraging despite the efforts by relevant institutions and industry players to improve the industry. The initiative was undertaken by the government to form a national institution known as Amanah Raya Berhad and followed by establishment of private Islamic estate planning companies to provide estates planning related services. However, thus far only 700,000 individuals have declared wasiyyah as compare the majority of Muslims among the 30 million Malaysians. What are the problems faced by Islamic estate planning in Malaysia? This is the question that motivates the researcher to study the issues in Islamic estate planning in Malaysia. The purpose of this study is to examine the problems and challenges faced by the industry practitioners. This research is qualitative in nature relying on the existing literatures sourced internet portal, document and library search. The scope of this study is relevant and pertinent to the overall Islamic estate planning industry development thus, intended to put forward recommendations for enhancement of Islamic estate planning in Malaysia including the possibility of establishing Shariah advisory framework for the Islamic estate planning institutions.

Paper Citation

in Harvard Style

Rahman A. and Hassan R. (2019). Issues and Challenges in Islamic Estate Planning in Malaysia. In Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF, ISBN 978-989-758-473-2, pages 67-75. DOI: 10.5220/0010115000002898

in Bibtex Style

@conference{7th aicif19,
author={Azi Rahman and Rusni Hassan},
title={Issues and Challenges in Islamic Estate Planning in Malaysia},
booktitle={Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,},
year={2019},
pages={67-75},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0010115000002898},
isbn={978-989-758-473-2},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,
TI - Issues and Challenges in Islamic Estate Planning in Malaysia
SN - 978-989-758-473-2
AU - Rahman A.
AU - Hassan R.
PY - 2019
SP - 67
EP - 75
DO - 10.5220/0010115000002898