Declaration of Hibah

Declaration of Hibah

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. Made by voluntarily by a donor during his/her lifetime to the beneficiary without any consideration.

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.

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Tuesday, 22 May 2018