Sunday, March 11, 2012

40 Billion of Muslim Wealth Unclaimed

BANGI, 14 July, 2010 –Wealth of Muslims worth over RM40 billion could not distributed to the rightful heirs because of weaknesses in Islamic inheritance  laws in force as well as the lack of awareness among Muslims on the importance of managing their assets once they die.
Deputy Head of Syariah Advisory Division of the Attorney General’s Chamber, Haji Mahamad Naser bin Disa, said the Syariah Court’s jurisdiction was also limited when dealing with inheritance. The lack of concrete and uniformed laws, concerning Islamic trusts and inheritance, compounded matters over the administration and the management of properties left by owners when they die.
In his paper presented at the Convention on Planning and Managing Wealth in Islam 2010 at UKM today,  Mahamad  Naser said amendments and legislations of laws relating to properties of deceased persons should be speeded up in the interest of all the Muslims in the country.
The Director-General of Department for Islamic Development, (JAKIM), Dato’ Haji Wan Mohamad Bin Dato’ Sheikh Abdul Aziz suggested UKM scholars, especially those from the Islamic Faculty help in upholding Islamic laws by making recommendations over such policies in adherence to Islamic requirements and forwarding them to the  government. 
They should take the opportunity to give their inputs to the government especially when it is formulating policies that involved Muslims and the management of wealth left following a death.
Wan Mohamad suggested their suggestions be forwarded to the National Council for Malaysian Islamic Affairs chaired by the Prime Minister Dato’ Sri Najib Tun Abdul Razak for action.
Dean of the Faculty of Islamic Studies Prof. Dr Mohd Nasran Mohamad,  also attended the Convention

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