Developing best practices of Islamic estate planning : a construction based on the perspectives of individuals and estate planning providers
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 13, Issue 2 (31 Aug. 2021), pp.211-228, 18 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2021-08-31
Country of Publication
Malaysia
No. of Pages
18
Main Subjects
Abstract EN
Purpose – This paper aims to develop the best practices of Islamic estate planning for Muslims.
Islamic estate planning is a fixed proposal for the management and outlook of an individual’s assets throughout their life and upon their passing, created by means of existing Islamic estate planning tools, for instance, faraʾi d (inheritance), wasiyyah (will), hibah (gift) and waqf (endowment).
Design/methodology/approach – The paper used an interview method to obtain information on the best practices of Islamic estate planning.
Semi-structured interviews were conducted with the respondents and estate planning providers in the northern region of Peninsular Malaysia.
The data gathered was analysed using thematic analysis which involved five phases to construct the best practices of Islamic estate planning.
Findings – The paper identifies important elements in Islamic estate planning.
The elements were outlined as the crucial things that Muslims should do to plan for intergenerational transfer and earning a good share in the hereafter.
Research limitations/implications – The first limitation of the paper is that the best practices were developed based on a qualitative method.
There is no evidence of its validity, which is a gap that can be explored in the future.
Second, it involves the perceptions of two types of respondents (individuals and Islamic estate planning providers),whichmay be broadened to other related stakeholders such as regulators, in future studies.
Originality/value – This paper presents a framework of best practices of Islamic estate planning, it being one of the first studies to do so, which is not only useful and relevant for Malaysian Muslims but also for Muslims in other countries.
American Psychological Association (APA)
Wahhab, Norazlina Abd.& Mamur, Salamah& Zainol, Zairy& Hashim, Thurayya& Kamal, Kamarul Azman Mustafa. 2021. Developing best practices of Islamic estate planning : a construction based on the perspectives of individuals and estate planning providers. ISRA International Journal of Islamic Finance،Vol. 13, no. 2, pp.211-228.
https://search.emarefa.net/detail/BIM-1429354
Modern Language Association (MLA)
Wahhab, Norazlina Abd.…[et al.]. Developing best practices of Islamic estate planning : a construction based on the perspectives of individuals and estate planning providers. ISRA International Journal of Islamic Finance Vol. 13, no. 2 (2021), pp.211-228.
https://search.emarefa.net/detail/BIM-1429354
American Medical Association (AMA)
Wahhab, Norazlina Abd.& Mamur, Salamah& Zainol, Zairy& Hashim, Thurayya& Kamal, Kamarul Azman Mustafa. Developing best practices of Islamic estate planning : a construction based on the perspectives of individuals and estate planning providers. ISRA International Journal of Islamic Finance. 2021. Vol. 13, no. 2, pp.211-228.
https://search.emarefa.net/detail/BIM-1429354
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 226-227
Record ID
BIM-1429354