Topic > Literature Review on Hibah Practice in Malaysia

IndexIntroductionHibah Practice in MalaysiaDemographic FactorsEconomic FactorsFamily CharacteristicsKnowledgeIntroductionPandiyan et al, (2016) stated that literature review is a classification and evaluation of what accredited scholars and researchers they wrote about a topic, organized according to a guiding concept such as research questions or research objective, thesis or problem/issues you wish to address. Beyond that, it is an account of what has been published on a topic by accredited scholars and researchers, conveying to the reader the knowledge and ideas that have developed on the topic. This chapter will include the review of relevant articles related to the practice of hibah in Malaysia by previous researchers. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The second section of this chapter contains the narrow aspect of this research topic. It includes a defining element of hibah practice in Malaysia. Secondary data will be used to explain more about the definition, characteristics and relationship such as published journals, articles and proceedings related to hibah. Practice of hibah in MalaysiaHibah meaning a voluntary gift of one or more subjects to recipients by owners of wealth during their lifetime without any consideration or return. Legally, there are no special laws or acts relating to hibah in Malaysia. However, Islam allows Muslims to plan the division of assets during their lifetime. This can be demonstrated in primary sources of Al-Quran, Hadith and related Malay acts, and secondary sources such as published journal articles and records relating to the giving of hibah. Furthermore, hibah is becoming one of the tools of choice for Muslim society in Malaysia in estate planning. Generally, the practice of hibah in Malaysia under Islamic estate planning is not widely practiced. This is because people are still not aware of the methods used in hibah and some of them do not even know of its existence. Many researchers have highlighted this problem in their research and provide findings and recommendations to overcome the situations. Al-Ma'amun Suhaili (2010) and Hassan (2005) stated that estate planning is not seriously considered by Malaysian Muslims as a method of managing their assets. Due to these circumstances, for many people the number of frozen assets increases every year. Demographic Factors Demographic information provides data about respondents participating in research and is necessary to determine whether individuals in a particular study constitute a representative sample of the target population for generalization purposes. Examples of demographic characteristics include age, race, gender, ethnicity, religion, income, education, marital status, family size, health and disability status, and others. The Hibah practiced is influenced by these factors due to different needs and desires. For example, in Malaysia we have different cultures and religions, so the concept of donating depends on individual behavior. Malays are the largest ethnic group in Malaysia with over 60% of the population and are predominantly Muslim. Therefore the concept of gift depends on the culture of the religion that is followed. The transfer of a donation in the conventional system becomes effective only upon the death of the donor, but the Islamic inheritance system is always explained in the conceptual framework of the faid which is bequests and donations (Hibah). Islam has no limitations on the transfer of wealth over a lifetime as suchlike on your deathbed. Unfortunately, the transfer of assets upon the death of a Muslim is strictly subject to the rules of faid and bequest. Numerous studies demonstrate that gender significantly influences the amount of inter vivos transfers in which females receive more gifts than males. Inter vivos transfers by parents when the age of their children becomes their concern, as argued by Cox and Rank (1992), show that younger children are more likely to obtain transfers and in larger amounts. Economic Factors Economics is something that is related to asset management and distribution to preserve resources. Islamic wealth distribution can be defined as an act of transferring assets through Islamic will and trust and is one of the disciplines within wealth management in the Islamic financial market. Economic factors include employment status, monthly income, and total assets. The giving behavior of the Hibah depends on this factor in which it differs from one people to another. Therefore it is important to prepare the distributed plan on how to distribute the assets before death to avoid the assets being frozen. Furthermore, in the article on the reasons for inter vivos transfers among Malaysian Muslim children it is stated that parents with higher income and education, indicating better economic status, are more likely to receive more inter vivos transfers and a larger amount. Apart from this, based on another research conducted by Hassan (2005) stated that most Malaysians believe that estate planning is not too important as Malaysians believe that estate planning is only for the rich. Family characteristicsChristopher Muscato (2012) stated that family means a group of people affiliated with a specific relationship. Fundamentally, the family is the fundamental unit of social organization, the one with which we identify most intimately. Therefore, family will influences our personal, emotional, intellectual and social development. Apart from that, estate planning in Malaysia is not widely practiced because most Malaysians believe that estate planning is not too important. Malaysians believe that estate planning is only for the rich. Sharfina et al. (2013) conducted the study on the determinants that contribute to attitudes towards estate planning. She said the hardest part of planning is making decisions about guardians and conservators and ensuring the appropriate decisions are made. The decision should provide protection and financial security for the special needs of the family member who will need care for the rest of his or her life. In this article, the researchers propose five determinants; knowledge, media awareness, perceptions, family influence, beliefs and religious/ethical attitude. The results of this study suggest that knowledge has strong effects on attitudes toward estate planning, followed by media awareness, perceptions, family influence, and religious/ethical beliefs. Additionally, additional information from other publications indicates that children with many siblings are less likely to receive a transfer. Knowledge Darwin P. Hunt (2003) stated that knowledge is often defined as a true and justified belief. Knowledge comes from understanding someone or something based on reading, research, discovery, and experience itself. The same goes for Islamic wealth management, nominating a family member or friend who has no experience or.