Hibah as a tool in managing unclaimed asset in Islamic estate management

Even though hibah is one of the instruments in Islamic estate management but the implementation is not well known among the society nowadays. Hibah aims to overcome the issues of unclaimed assets and frozen inheritance asset. This problem contributes to huge loss to economic system due to large amount of assets left without benefit toward economic cycle. This problem is due to less of exposure and awareness about Islamic estate planning and management. The objective of this research is to study about the concept of hibah and its implementation among the institutions in Malaysia. Besides, this research aims to ensure hibah as a tool in managing the issues of unclaimed assets in Islamic estate management. Therefore, the researcher uses the qualitative methodology in this research in order to achieve the research objective. The result from this research shows that hibah used concept of tabarru’ and in contemporary practices, some conditions are added. The researcher has interviewed three institutions which implement hibah as their product and researcher found out hibah can be a mechanism in minimizing the issues of unclaimed assets