The Concept and Application of Hibah as a Financial Instrument From the Malaysian Legal Perspective
An Analysis
Bibliographic Data
| ID | 21438862 |
|---|---|
| Authors | Rusni Hassan (0000-0003-4332-9044), Nor Azdilah Mohamad Zaizi (Islamic Development Bank) |
| Year | 2020 |
| Volume | 28 |
| Issue | 1 |
| Pages | 227-252 |
| Publication date | 2020-06-30 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | IIUM Law Journal (JOURNAL) |
| Journal identifiers | ISSN: 0128-2530 • E-ISSN: 2289-7852 |
| Publisher | IIUM Press (PUBLISHER) |
| DOI | 10.31436/iiumlj.v28i1.498 |
| OpenAlex | W3046189106 |
| Language | EN |
| Citations received | 3 |
The principle of hibah (gift) is a popular subject in the Islamic law of administration, relating to wealth management. Hibah is a solution to deliver wealth to non-heirs apart from the wasiyyah (bequest) or faraid (succession) systems. However, in the broader context of wealth management in Malaysia, hibah has also been used as a financial instrument in the Islamic financial institutions’ products and services. Based on that, the legality and enforcement of hibah with regards to the related applicable laws in the Malaysian legal system might be affected in two different situations. First, the conflict of jurisdiction may be arising from the fact that the matter of the classical hibah concept will be under the jurisdiction of the classical hibah concept will be under the jurisdiction of the States, whilst the commercial hibah which has been structured with the Islamic banking and takaful products and services established by the Islamic financial institutions, will be under the Federal government. The scarcity of literatures discussing hibah from the perspective of Islamic banking and finance contributes to the limited understanding and awareness among the society on this matter. In view of that, this study explores and analyse the concept and application of hibah as the financial instrument in the Islamic banking and takaful products and services. This study also analyzes some relevant Shari’ah and legal issues on the application of hibah in the Islamic banking and takaful products and services, which are currently practiced by the Malaysian Islamic financial institutions. This is done by assessing relevant statutes and decided cases. This article finally provides recommendations to improve and enhance the application of hibah as an Islamic banking and takaful products and services in Malaysia
Business · Context (archaeology) · Enforcement · Financial services · Islam · Jurisdiction · Political science · Sharia · Accounting · Finance · Financial Literacy, Pension, Retirement Analysis · Insurance and Financial Risk Management · Islamic Finance and Banking Studies · Law
| Unique citing works | 3 |
|---|---|
| Citations per year | 0.75 |
| Citation span | 2022 - 2024 (3) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 3 |