For Muslims, 6-feet-under life isn’t life at all (not until qiamah). Muslims believe that once our soul is taken, the tie to the worldly matters is broken. So, when we’re gone, everything we own is left behind (money, property, loved ones etc.); except, our good deeds (such as sadaqah), knowledge (those you’ve learnt and shared), and the prayers of our children.
Once underground, you’re alone. Yes, on your own. No one has EVER predicated the exact time of when his time would come. We’ve seen it in the movies and song (i.e. Nickelback – Savin’ Me), but those are fictional. Therefore, it could be tomorrow, it could be next year, it could be at any point of time.
So when do we worry about our children and wife and those people we leave – whether they could live a happy life and go to college or something? Not when you’re down there, BUT NOW. Now – is the time to really think about it.
Thanks to the system that we know as INHERITANCE (through will), we can be assured that our loved ones will be taken care of financially. There are two types of will that exist, one is WILL and the other is WASIAT (for muslims). Here is how it works:
Phewh! So that’s how it works! Now that you have a wasiat, your family wouldn’t be shouldering your debts, but take that money – which you’ve worked so hard for a lifetime – and spend it for their survival.
This is good news, but it is also important to highlight that the inheritance can be CHALLENGED and be further divided when faraid (distribution system to Muslim family members) is involved; and that the period of getting your portion can be a really LONG WAIT! These are 3 points to ponder:
- If you have 10 children, the money will be further divided; and it is important to note that male children will get more than female children.
- If a long-lost uncle suddenly comes from the other side of the earth and says, “I want a portion of the deceased’s money”, then the faraid will again kick in. Did you notice the cartoon at the end of the picture above? That might happen. Perebutan harta!
- It takes at least 6 months to settle faraid; and YEARS if 1) the deceased has large sum of wealth and 2) the faraid is further challenged.
Well then, is there any other way to give our loved ones a sum of money without going through faraid (division), nor the Amanah Raya/Mahkamah Syariah? Yes, there is, and it’s called HIBAH. Hibah literally means “gift“. So if you leave a certain amount of money as “gift“, your family will get that money 100% without going through faraid and Amanah Raya, and it CANNOT be challenged!
So while the other portions of wealth (such as lands, properties, bank accounts) are being distributed through faraid, do you want your chosen family members to receive a sum of money (ranging from 50k to millions) in at least 2 weeks – straight to their account?
If you say YES, then HIBAH is for you, and it can be done through Takaful. Make sure to check your insurance policy for that word hibah. Oh, can non-Muslims choose Takaful? Great news, Takaful business is for all.