A Research Of Adoption On Will (Wasiyah) Package Among Muslims In Penang

Abstract

The Islamic comprehensive planning, management and distribution of inheritance asset which is also called as will (wasiyyah) package which include Islamic will (wasiyyah), perpetual charitable donation (waqf), gift (hibah) and Islamic Law of Inheritance (faraid) is a wealth planning package, meaning to serve the property or wealth management of the people (ummah) especially after one's death. The issue of unclaimed assets accumulated year by year was very alarming in Malaysia and the value of unclaimed assets was estimated around RM60 billion in the year of 2016. Thus, this research will focus on the description of adoption of will (wasiyyah) package among Muslims particularly in Penang. This research will critically discuss the literature review related to this topic. The research uses Perception, Knowledge. Life Events, Assets Wealth Management and Organizations or Institutional Factors as the independent Variables and The Adoption on will (wasiyyah) package among Muslims in Penang as Independent Variable. Finally, this study also provides conclusion on the objectives of the research and recommendation on approaches to improve and increase the participation of government, the relevant organizations and the people of Malaysia particularly the Muslims in their participation on the planning, administration and distribution of inheritance assets.