An pledge made by a person during his lifetime with respect to his properties or benefits thereof, to be carried out for the purposes of charity or for any other purpose permissible by Islamic Law, after his death.
It is a legal document in which you declare your wishes for your loved ones and how to distribute your assets after you passed on.
For a Muslim to write a Wasiat and to make a bequest of one-third (1/3) of his assets to his loved ones, be they Muslims or not, or to charity so long as it is made in accordance with the Syariah.
Conventional Will (Non Muslim)
A conventional Will is a document of declaration (Legacy Testament) that allows an individual to appoint an Executor, Administrator and Trustee (including Testamentary Trust) to administer and distribute their wealth and assets to their beneficiaries after death and is subjected to the Will Act 1959.
Hibah is a transfer of property without exchange of consideration with a definite proposal on the part of the person who gives the gift and acceptance on the part of the person to whom the gift is given. It is made voluntarily by a donor during his/her lifetime to the beneficiary without any consideration.
A declaration by the owner of a specific asset stating that he gives the asset to the beneficiary and he is holding the asset for the benefit of the beneficiary. It is a written document wherein the terms and conditions on which the settlor is holding the assets are set out for a certain period of time under a Hibah Deed..
Even though Wills (Muslim & Non-Muslim) may be regarded as a matter of course by some, the choice of an executor is clearly another matter that requires careful consideration.
An Executor is a person appointed in a Will to carry out The Testator's wishes and instructions. However as an individual, the executor may fall sick, pass away or decide not to act. Hence, to ensure continuity of the administration to all heirs/beneficiaries, it is clearly more advantagesous to appoint a corporate body or Institution as an Executor instead of an individual. Appointing a professional and experienced Executor is vital to avoid Legacy Risks in the future.
MAAB, registered under the Trust Act 1949, is bound to abide by stringent statutory provisions legislated for the protection of beneficiaries under its wings. It has perpetual successions and need not produce sureties to act as your Executor or Substitute Executor.
- Corporate Trust [Investment, Property, Shares, Nominees etc]
- Private Trust [Cash, Investment, Property etc].