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Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law

Nomination is originally a means to expedite the process of the administration of a deceased Muslim’s estate. With nomination, a nominee therefore has a legal right to claim the property of the deceased from the relevant financial institution such as Insurance companies, Takaful companies, Tabung Ha...

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Main Author: Abdullah, Mohamad Asmadi
Format: Article
Language:English
Published: Sweet & Maxwell Asia 2011
Subjects:
KBP Islamic Law
Online Access:http://irep.iium.edu.my/3309/1/The_law_review_2011Article__on_Nomination.pdf
http://irep.iium.edu.my/3309/
http://www.sweetandmaxwellasia.com.my/products/The-Law-Review.pdf?ts=1272868375974
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spelling my.iium.irep.33092016-11-08T08:19:59Z http://irep.iium.edu.my/3309/ Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law Abdullah, Mohamad Asmadi KBP Islamic Law Nomination is originally a means to expedite the process of the administration of a deceased Muslim’s estate. With nomination, a nominee therefore has a legal right to claim the property of the deceased from the relevant financial institution such as Insurance companies, Takaful companies, Tabung Haji and Employee Provident Fund. However, there is a question pertaining to the status of the nominee whether he is a trustee or a beneficiary. The fatwā issued by the National Fatwa Committee suggest that a nominee acts only as a trustee. However, looking into the decisions of the civil courts as well as the Shariah court, a nominee could be a beneficiary. This research is undertaken to examine the nature of the nomination process and to identify any similarities and differences between nomination, wasiyyah and hibah according to the Islamic law in order to determine whether a nominee is a trustee or a beneficiary. Sweet & Maxwell Asia 2011 Article REM application/pdf en http://irep.iium.edu.my/3309/1/The_law_review_2011Article__on_Nomination.pdf Abdullah, Mohamad Asmadi (2011) Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law. The Law Review, 4. pp. 697-708. ISSN 1985-0891 http://www.sweetandmaxwellasia.com.my/products/The-Law-Review.pdf?ts=1272868375974
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic KBP Islamic Law
spellingShingle KBP Islamic Law
Abdullah, Mohamad Asmadi
Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law
description Nomination is originally a means to expedite the process of the administration of a deceased Muslim’s estate. With nomination, a nominee therefore has a legal right to claim the property of the deceased from the relevant financial institution such as Insurance companies, Takaful companies, Tabung Haji and Employee Provident Fund. However, there is a question pertaining to the status of the nominee whether he is a trustee or a beneficiary. The fatwā issued by the National Fatwa Committee suggest that a nominee acts only as a trustee. However, looking into the decisions of the civil courts as well as the Shariah court, a nominee could be a beneficiary. This research is undertaken to examine the nature of the nomination process and to identify any similarities and differences between nomination, wasiyyah and hibah according to the Islamic law in order to determine whether a nominee is a trustee or a beneficiary.
format Article
author Abdullah, Mohamad Asmadi
author_facet Abdullah, Mohamad Asmadi
author_sort Abdullah, Mohamad Asmadi
title Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law
title_short Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law
title_full Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law
title_fullStr Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law
title_full_unstemmed Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law
title_sort islamic wealth management: is the nominee a trustee or beneficiary? an analysis on the application of the nomination instrument in the disposition of property in malaysia from the perspective of islamic law
publisher Sweet & Maxwell Asia
publishDate 2011
url http://irep.iium.edu.my/3309/1/The_law_review_2011Article__on_Nomination.pdf
http://irep.iium.edu.my/3309/
http://www.sweetandmaxwellasia.com.my/products/The-Law-Review.pdf?ts=1272868375974
_version_ 1643605117759389696
score 13.211869

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