Contributing factors to will adoption among urban Muslims community in Klang Valley
DOI:
https://doi.org/10.24191/jeeir.v5i1.6315Keywords:
Will, Wasiyyah, Islamic financial managementAbstract
A will is a financial management instrument after one’s death. Majority of Muslims in Malaysia are aware and familiar with the term Islamic ‘will’. However, the number of Muslims who write a will is very low. Studies have concluded, the reluctance factors to write a will were due to a) lack of knowledge, b) religious factor and c) financial obligation. Therefore, it is the interest of the researchers to investigate the relationships of these three contributing factors towards will adoption among urban Muslim community in Klang Valley. The paper adopts a quantitative method of research design, which utilises descriptive analysis, correlation analysis and regression analysis to analyse the raw data. The results show all the independent variables have positive relationship with the dependent variable, in particular a strong significant relationship for knowledge. Thus, the paper suggests that any Muslims who are aware and has knowledge should write a will regardless of their age. In addition, writing a will before one’s death provides a peace of mind to that person.
References
Ab. Aziz, M.R., and Nordin, N.I. (2015), Perception towards planning of waqf, wasiyyah and faraid in Islamic wealth distribution: Malaysian perspective, Journal of Scientific Research and Development 2 (12), 13-18.
Ab.Aziz,M.R. (2012), Introduction to Islamic Institutionsi Economics and Finance. Bandar Baru Nilai: USIM Publisher.
Ahmad, I. & Pyeman, J., (2008), "Exploring Muslim Society's Knowledge of Wasiyyah". The Journal of Mualamat and Islamic Finance Research, Vol 5., No 1, pp. 39-60.
Alma'amun, S. (2012), Searching for bequest motives and attitudes to leaving a bequest among Malaysian Muslims. Jurnal Ekonomi Malaysia, 46(1), 73-84.
Alma'amun, S. (2010),"Islamic Estate Planning: Malaysian Experience". Kyoto Bulletin of Islamic Area Studies, 3, 2, 165-185.
BERNAMA News, 1st February 2016, ‘RM60 billion worth of unclaimed estates since Merdeka’
Dahan, H. M., Mara, U. T., & Ahmad, N. (2012), Factors Inhibiting Islamic Will Adoption:Focus On Muslim Community. 3rd International Conference on Business and Economic Research (3rd ICBER 2012) Proceeding, (March), 1805–1818
Fatin and Mohammad. (2011), “The Causes of Unclaimed, Late Claimed or Distributed Estates of Deceased Muslims in Malaysia”. (Paper). International Conference on Sociality and Economics Development. IACSIT Press, Singapore.
Ghul, Z. H., M. H. Yahya & A. Abdullah, (2015), Wasiyyah (Islamic Will) Adoption and the Barriers in Islamic International. Journal of Humanities Social Sciences and Education (IJHSSE) Volume 2, Issue 1, PP 1-11
Habib, S.The Star Online. Retrieved (January 3, 2013), from If there’s a will, there’s a way: http://thestar.com.my/news/story.asp?file=/2010/2/21/focus/5644052&sec =focus”
Hassan, A. A. & Yusop, Y., (2006), Estate Planning at ZAR Perunding Pustaka Sdn Bhd., in S. M. Mahamood (Ed.), Muslim's trust properties in Malaysia: Legal and administrative perspectives, Kuala Lumpur, Universiti Malaya, 49-170.
Hassan, A. A., (2005), State Your Wishes. Personel Money, May, 38-42
Ibrahim, B., M. A. Mohd Yusuf & A. J. Mat Jusoh. , (2015) Muslim Community's Understanding of an Islamic Inheritance Will in Pulau Duyong, Kuala Terengganu, Malaysia. Tourism & Environment, Journal of Social and Management Sciences, 104-113
Luc Renneboog, C. S. (2012), Religion, economic attitudes, and household finance. Oxford Economic Paper 64 103-127.
Mohammad, M.T.S. (2015), The Contemporary Application of Wasiyyah (Muslim Will) in Malaysia. International Journal of Real Estate, 9 , 1.
Mohyin, Z. (2004), "Surat Wisoyah Mneyempurnakan Pembahagian Harta" . Utusan Malaysia, 10(22 April).
Mujani, W. K., R. A. Rashid, W.M.H. Wan Hussain and N.I Yaakub, (2012), Gift Inter vivos for charged property. Soc. Sci. 7 , 196-199.
Muslim Wills (Selangor) Enactment. (1999). Malaysia.
Mustafa, Ibrahim. et al., (1972), .al-Mu'jam al-Wasit. Istanbul, Turkey: al-Maktabah al-Islamiyyah.
Nordblom, K. & Ohlsson, H. (2011), Bequests, Gifts, and Education: Links Between Intergenerational Transfers. Empirical Economics, 40, 343-358.
Omar.Wasiat., (2009), Tool for Islamic Estate Planning as Practiced at Amanah Raya Berhad. Paper Presented at the IFWMI Intellectual Discussion on Islamic Finance and Wealth Management, organised by the Islamic Finance and Wealth Management Institute (IFMWI), Universiti Sains Islam Malaysia (USIM) on 27th May 2009, USIM, Negeri Sembilan.
Palmer, L., Bhargava, V., & Hong, G. (2006), Will adoption and life events among older. Financial Services Review, 15, 281-295.
Salih, F., (2005), Al-Faraid. Madinah, Saudi Arabia: Islamic, University of Madinah Press.
Salih.F., Wan Zahari, W. Y., Al-Edrus, S. M. D., (2014), Islamic Real Estate Management: Review on Issues and Challenges in Managing Inheritance Property in Malaysia. International Real Estate Research Symposium 7th IRERS, 29-30 April. Putrajaya, Malaysia
Stum. M.S. (2000), Families and inheritance decisions: Examining non-titled property transfers. Journal of Family and Economic Issues., 21,177-202.
The Malaysian Economy in Figures, (2009), Prepared by Economic Planning Unit, Prime Minister's Department.
Fishbein,M., & Ajzen,I. (1975). Belief, Attitude, Intention and Behavior: An Introduction to Theory and Research: Reading. MA: Addison-Wesley
Sundram, V.P.K., Chandran, V.G.R., Atikah S. B., Rohani M., Nazura M.S., Akmal A.O and Krishnasamy, T. (2016), Research Methodology: Tools, Methods and Techniques. P.J Malaysia Logistics and Supply Chain Association (MLSCA).
Zakiah, Samori, Mohammad M.K., Mohd Ashrof Z.Y., Hanifah Musa F. H., & Nadirah A.H., (2016), Towards Managing the Beneficiaries Rights Via Writing a Will, Global Journal of Management and Business Research: GIn terdisciplinaryVolume 16 Issue 3 Version 1.0
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2017 Nooriha Abdullah, Faziatul Amillia Mohamad Basir, Azitadoly Mohd Ariffin, Nur Diyana Y Yusuff, Siti Nur Hidayah

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.