Nomination practice in Malaysia: a review on the requirements and conditions from Islamic perspective
Nomination is an important instrument in the estate planning. There are a few institutions offering this instrument to assist the heirs accelerating the process of claiming deceased’s estate such as Employee Provident Fund (EPF), Pilgrimage Fund and Takaful contribution. The nominee has the responsi...
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Intercontinental Management Research Review
2015
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Online Access: | http://discol.umk.edu.my/id/eprint/8179/ http://www.icmrr.org/archives_collections.php |
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my.umk.eprints.81792022-05-23T10:25:45Z http://discol.umk.edu.my/id/eprint/8179/ Nomination practice in Malaysia: a review on the requirements and conditions from Islamic perspective Mohd Khairy Kamarudin Azwan Abdullah Siti Fariha Muhamad Nomination is an important instrument in the estate planning. There are a few institutions offering this instrument to assist the heirs accelerating the process of claiming deceased’s estate such as Employee Provident Fund (EPF), Pilgrimage Fund and Takaful contribution. The nominee has the responsibility to claim the fund and distribute it to the legal heirs in line with Islamic law of inheritance (faraid). However, most of the nominees fail to fulfill their responsibility appropriately. Thus, the purpose of this study is to review the conditions and requirement of nominee The finding shows few issues have to be taken into consideration in the process of nomination and several circumstances due to irresponsible nominees. This study suggests the respective authorities to undertake additional effort in increasing the public awareness on these matters and the laws and regulations must be enacted. Intercontinental Management Research Review 2015 Non-Indexed Article NonPeerReviewed Mohd Khairy Kamarudin and Azwan Abdullah and Siti Fariha Muhamad (2015) Nomination practice in Malaysia: a review on the requirements and conditions from Islamic perspective. Intercontinental Journal of Finance Research Review, 3 (10). pp. 1-7. ISSN 2321-0354 http://www.icmrr.org/archives_collections.php |
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Nomination is an important instrument in the estate planning. There are a few institutions offering this instrument to assist the heirs accelerating the process of claiming deceased’s estate such as Employee Provident Fund (EPF), Pilgrimage Fund and Takaful contribution. The nominee has the responsibility to claim the fund and distribute it to the legal heirs in line with Islamic law of inheritance (faraid). However, most of the nominees fail to fulfill their responsibility appropriately. Thus, the purpose of this study is to review the conditions and requirement of nominee The finding shows few issues have to be taken into consideration in the process of nomination and several circumstances due to irresponsible nominees. This study suggests the respective authorities to undertake additional effort in increasing the public awareness on these matters and the laws and regulations must be enacted. |
format |
Non-Indexed Article |
author |
Mohd Khairy Kamarudin Azwan Abdullah Siti Fariha Muhamad |
spellingShingle |
Mohd Khairy Kamarudin Azwan Abdullah Siti Fariha Muhamad Nomination practice in Malaysia: a review on the requirements and conditions from Islamic perspective |
author_facet |
Mohd Khairy Kamarudin Azwan Abdullah Siti Fariha Muhamad |
author_sort |
Mohd Khairy Kamarudin |
title |
Nomination practice in Malaysia: a review on the requirements and conditions from Islamic perspective |
title_short |
Nomination practice in Malaysia: a review on the requirements and conditions from Islamic perspective |
title_full |
Nomination practice in Malaysia: a review on the requirements and conditions from Islamic perspective |
title_fullStr |
Nomination practice in Malaysia: a review on the requirements and conditions from Islamic perspective |
title_full_unstemmed |
Nomination practice in Malaysia: a review on the requirements and conditions from Islamic perspective |
title_sort |
nomination practice in malaysia: a review on the requirements and conditions from islamic perspective |
publisher |
Intercontinental Management Research Review |
publishDate |
2015 |
url |
http://discol.umk.edu.my/id/eprint/8179/ http://www.icmrr.org/archives_collections.php |
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1763303947071651840 |
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13.197875 |