Hibah As A Way of Islamic Wealth Management

Abstract

Islamic wealth management is one of the most indispensable fields that every people should be aware of especially among the Muslims in Malaysia. There are many Islamic wealth instruments suggested in Islam such as faraid, wasiyyah and also hibah. This paper attempted to discuss on several contemporary issues with regards to the implementation of hibah in Malaysia by analysing literature reviews provided by previous researchers on the matter. This is relevant where hibah is becoming one of the major Islamic wealth management tools being used among the Muslims in Malaysia and several issues arise which triggered the need to address this matter. This concept paper tried to analyse the issues arise from different perspective provided by previous researchers. Results from the literature analysing found that several issues need to be solved to improve the current hibah implementation in Malaysia such as lack of hibah awareness, the similarity between hibah trust and conventional living trust, the absence of uniform law on hibah procedure and many more. Hence, this concept paper contributed towards addressing the Islamic wealth management issue as in hibah where it may help as a guide for future researches.