Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law

Abdullah, Mohamad Asmadi (2011) Islamic wealth management: is the nominee a trustee or beneficiary? An analysis on the application of the nomination instrument in the disposition of property in Malaysia from the perspective of Islamic law. The Law Review, 4. pp. 697-708. ISSN 1985-0891

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Abstract

Nomination is originally a means to expedite the process of the administration of a deceased Muslim’s estate. With nomination, a nominee therefore has a legal right to claim the property of the deceased from the relevant financial institution such as Insurance companies, Takaful companies, Tabung Haji and Employee Provident Fund. However, there is a question pertaining to the status of the nominee whether he is a trustee or a beneficiary. The fatwā issued by the National Fatwa Committee suggest that a nominee acts only as a trustee. However, looking into the decisions of the civil courts as well as the Shariah court, a nominee could be a beneficiary. This research is undertaken to examine the nature of the nomination process and to identify any similarities and differences between nomination, wasiyyah and hibah according to the Islamic law in order to determine whether a nominee is a trustee or a beneficiary.

Item Type:	Article (Journal)
Additional Information:	3138/3309
Uncontrolled Keywords:	Islamic wealth managament, nomination, property law, Malaysia
Subjects:	K Law > KBP Islamic Law
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Depositing User:	Dr. Mohamad Asmadi Abdullah
Date Deposited:	25 Apr 2013 14:43
Last Modified:	08 Nov 2016 16:19
URI:	http://irep.iium.edu.my/id/eprint/3309

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