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Nomination practice in Malaysia: A review on the requirements and conditions from Islamic perspective.


Citation

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 347-1654

Abstract

Nominationis an important instrument in the estateplanning. There are a few institutions offering this instrumentto assistthe heirs acceleratingthe process of claimingdeceased’sestatesuch as Employee Provident Fund(EPF), Pilgrimage Fundand Takafulcontribution. The nomineehas the responsibilitytoclaimthe fundand distributeit to the legal heirs in line withIslamic 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.

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Additional Metadata

Item Type: Non-Indexed Article
Collection Type: Institution
Date: 2015
Journal or Publication Title: Intercontinental Journal of Finance Research Review
ISSN: 347-1654
Uncontrolled Keywords: Nominee, Wasi
Faculty/Centre/Office: Faculty of Entrepreneurship and Business
URI: http://discol.umk.edu.my/id/eprint/8077
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