Islamic estate planning in the industrial revolution era 4.0: Issues and challenges

Muhamad Mu’izz Abdullah · Siti Noor Farahin M. Fariddudin · Nasrul Hisyam Nor Muhamad · Abdul Bāri Awang

12 citations0/0 files storedJournal of Emerging Economies and Islamic Research

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Islamic Finance and Banking Studies Family and Matrimonial Law Islamic Finance and Communication

Abstract

The development of the Industrial Revolution 4.0 has contributed to creating various technologies for economic progress. This includes the field of Islamic estate planning, such as will and trust. However, the technology developed to meet the Muslim community's property planning needs is still in its infancy until now. Therefore, the purpose of this study is to investigate the issues and challenges faced by trust institutions in Malaysia in facing Islamic estate planning in the Industrial Revolution 4.0 era and its effect on Muslim community. This study uses a content analysis approach by reviewing and analyzing previous Islamic estate planning studies. To achieve the goals of the study, this study refers to the classical and secondary sources in the field of expert. Furthermore, five official websites from 5 trust institutions; Amanah Raya Berhad (ARB), as-Salihin Trustee Berhad, Wasiyyah Shoppe Berhad, MyAngkasa Berhad and the Islamic Religious Council (Selangor) (MAIN) were analyzed to obtain information on the current will and trust practice. Several representatives of officials from each selected institution were interviewed to obtain more accurate information. The study found that the implementation of Islamic estate planning through digital technology in line with the era of Industrial Revolution 4.0 is still in the early stage, starting only from 2018. This is because its manual implementation through human resources is still required while manual trust documentation is still maintained. Therefore, it is hoped that the trust institutions may provide new mechanisms and fresher innovations in encouraging the community to implement will and trust in line with Industrial Revolution 4.0.

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2019Islamic work ethics, organizational commitment and job satisfaction of Islamic banks in Indonesia 2016Re-evaluating the practice of hibah trust in Malaysia 2019Islamic marketing ethics for Islamic financial institutions 2010Masalah kegagalan dan kelewatan pengagihan harta pusaka di Malaysia 2020A Literature Review on Islamic Estate Planning From Year 2014 to 2019 2013Contemporary Islamic Finance 2020ASPEK HUKUM PEMANFAATAN DIGITAL SIGNATURE DALAM MENINGKATKAN EFISIENSI, AKSES DAN KUALITAS FINTECH SYARIAH 2019Islamic Intervivos Law Challenges in Malaysia

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