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The analysis of trust instruments in Malaysia as Islamic estate planning: The challenges and effects

Efficient and effective Islamic estate planning not only provides convenience to Muslims, but it is also capable of driving national economic progress and development. One of the instruments of Islamic estate planning is dependent on the trust instrument, which is based on civil law. The effect of n...

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Main Authors: Abdullah, Muhamad Mu'izz, Awang, Abdul Bari, Nor Muhamad, Nasrul Hisyam
格式: Article
語言:English
出版: Universiti Utara Malaysia Press 2022
主題:
BP Islam. Bahaism. Theosophy, etc
在線閱讀:http://eprints.utm.my/108301/1/NasrulHisyam2022_TheAnalysisOfTrustInstrumentsInMalaysia.pdf
http://eprints.utm.my/108301/
http://dx.doi.org/10.32890/UUMJLS2022.13.1.5
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spelling my.utm.1083012024-11-13T06:22:07Z http://eprints.utm.my/108301/ The analysis of trust instruments in Malaysia as Islamic estate planning: The challenges and effects Abdullah, Muhamad Mu'izz Awang, Abdul Bari Nor Muhamad, Nasrul Hisyam BP Islam. Bahaism. Theosophy, etc Efficient and effective Islamic estate planning not only provides convenience to Muslims, but it is also capable of driving national economic progress and development. One of the instruments of Islamic estate planning is dependent on the trust instrument, which is based on civil law. The effect of not implementing the trust at an early stage can be seen in the status of property acquired, as it may not be managed effectively and may indirectly harm the beneficiary. Therefore, the present study was an attempt to identify the challenges and effects in the implementation of trust, when it has not been implemented efficiently and to look into the effects of late Islamic estate planning during one’s lifetime. The study has applied a qualitative study method by analysing previous articles, related statutes, and looking at the application of the trust instrument by trust institutions in Malaysia. To achieve the objectives of the present study, the researchers conducted interviews with officers from the Amanah Raya Berhad (ARB), which is the largest Public Trustee in Malaysia and it has just marked the 100th anniversary of its establishment this year. The finding of the study revealed that the trust instrument has a few challenges in its implementation, whether with respect to the trustee, society, and the inconsistencies of law. For example, the failure in planning when using the trust instrument will affect the family institution and the management of the property itself. In conclusion, the issue of Islamic estate planning during one’s lifetime should not be taken lightly by society as it can turn out to be detrimental to the family and the national economy. Universiti Utara Malaysia Press 2022 Article PeerReviewed application/pdf en http://eprints.utm.my/108301/1/NasrulHisyam2022_TheAnalysisOfTrustInstrumentsInMalaysia.pdf Abdullah, Muhamad Mu'izz and Awang, Abdul Bari and Nor Muhamad, Nasrul Hisyam (2022) The analysis of trust instruments in Malaysia as Islamic estate planning: The challenges and effects. UUM Journal of Legal Studies, 13 (1). pp. 107-129. ISSN 2229-984X http://dx.doi.org/10.32890/UUMJLS2022.13.1.5 DOI : 10.32890/UUMJLS2022.13.1.5
institution Universiti Teknologi Malaysia
building UTM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Malaysia
content_source UTM Institutional Repository
url_provider http://eprints.utm.my/
language English
topic BP Islam. Bahaism. Theosophy, etc
spellingShingle BP Islam. Bahaism. Theosophy, etc
Abdullah, Muhamad Mu'izz
Awang, Abdul Bari
Nor Muhamad, Nasrul Hisyam
The analysis of trust instruments in Malaysia as Islamic estate planning: The challenges and effects
description Efficient and effective Islamic estate planning not only provides convenience to Muslims, but it is also capable of driving national economic progress and development. One of the instruments of Islamic estate planning is dependent on the trust instrument, which is based on civil law. The effect of not implementing the trust at an early stage can be seen in the status of property acquired, as it may not be managed effectively and may indirectly harm the beneficiary. Therefore, the present study was an attempt to identify the challenges and effects in the implementation of trust, when it has not been implemented efficiently and to look into the effects of late Islamic estate planning during one’s lifetime. The study has applied a qualitative study method by analysing previous articles, related statutes, and looking at the application of the trust instrument by trust institutions in Malaysia. To achieve the objectives of the present study, the researchers conducted interviews with officers from the Amanah Raya Berhad (ARB), which is the largest Public Trustee in Malaysia and it has just marked the 100th anniversary of its establishment this year. The finding of the study revealed that the trust instrument has a few challenges in its implementation, whether with respect to the trustee, society, and the inconsistencies of law. For example, the failure in planning when using the trust instrument will affect the family institution and the management of the property itself. In conclusion, the issue of Islamic estate planning during one’s lifetime should not be taken lightly by society as it can turn out to be detrimental to the family and the national economy.
format Article
author Abdullah, Muhamad Mu'izz
Awang, Abdul Bari
Nor Muhamad, Nasrul Hisyam
author_facet Abdullah, Muhamad Mu'izz
Awang, Abdul Bari
Nor Muhamad, Nasrul Hisyam
author_sort Abdullah, Muhamad Mu'izz
title The analysis of trust instruments in Malaysia as Islamic estate planning: The challenges and effects
title_short The analysis of trust instruments in Malaysia as Islamic estate planning: The challenges and effects
title_full The analysis of trust instruments in Malaysia as Islamic estate planning: The challenges and effects
title_fullStr The analysis of trust instruments in Malaysia as Islamic estate planning: The challenges and effects
title_full_unstemmed The analysis of trust instruments in Malaysia as Islamic estate planning: The challenges and effects
title_sort analysis of trust instruments in malaysia as islamic estate planning: the challenges and effects
publisher Universiti Utara Malaysia Press
publishDate 2022
url http://eprints.utm.my/108301/1/NasrulHisyam2022_TheAnalysisOfTrustInstrumentsInMalaysia.pdf
http://eprints.utm.my/108301/
http://dx.doi.org/10.32890/UUMJLS2022.13.1.5
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score 13.252575

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