3 days ago
- Business
- New Straits Times
Four factors contributing to rising unresolved inheritance cases
SUBANG: Wasiyyah Shoppe Bhd, a Shariah-compliant estate planning specialist, has identified four key factors contributing to the growing number of unresolved inheritance cases.
Its chief executive officer Ariffin Sabirin said the first factor complicating inheritance cases is the continuous rise in property values.
"Secondly, Muslim community assets are becoming increasingly diverse and complex, including company shares, investment accounts and gold.
"Thirdly, disputes among heirs over their respective rights, and fourthly, the low level of awareness about estate planning among the public," he said at a media briefing.
Ariffin said Wasiyyah Shoppe had transferred over RM1 billion of estate assets to rightful heirs, involving more than 800 deceased clients as of Dec 31, 2024.
"The processes of hibah and estate administration are complementary and fall under the jurisdictions of the Shariah and civil courts respectively. Both must be resolved comprehensively to secure the rights of the heirs," he said.
In addition, Wasiyyah Shoppe introduced a service called Al-Wasitah, which provides free verification of hibah and estate administration for heirs, aimed at avoiding confusion and additional financial burdens.
Following a recent viral case, Ariffin expects demand for the Al-Wasitah service to rise significantly as more people become aware of the importance of completing both hibah and estate administration processes.
Wasiyyah Shoppe now has 3,700 professional agents across Malaysia, including Sabah and Sarawak.
According to him, the agents play a crucial role in raising awareness and educating the public on the importance of comprehensive estate planning.
Ariffin emphasised that Wasiyyah Shoppe has never neglected the aspect of continuous public education, as matters concerning death and asset management are generally uncomfortable topics for public discussion.
"Wasiyyah Shoppe urges individuals who own assets such as at least one house and a bank account to begin planning their estates using legitimate, Shariah-compliant, and comprehensive methods to avoid burdening their heirs in the future," he said.
Meanwhile, Ariffin clarified that the recent viral issue involving the revocation of hibah takaful does not involve Wasiyyah Shoppe in any way.
He said the issue is technical in nature and relates to the validity of Schedule 10 under the Islamic Financial Services Act 2013, and does not affect the operations or record of Wasiyyah Shoppe.
