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Friday, 17 August 2007

ZPP Expects Islamic Estate Planning To Solve Inheritance Issue

KUALA LUMPUR, Aug 16 (Bernama) -- Islamic estate planning and administration advisory services provider, ZAR Perunding Pusaka Sdn Bhd (ZPP), expects its latest product under the concept of `Gift of Encumbered Property', to solve inheritance issue among the Muslim community in Malaysia. In a statement here Thursday, chairman Abdul Aziz Hassan said the `Gift of Encumbered Property' was not a new concept but it has not been highlighted or widely discussed, contributing to the lack of awareness and knowledge on the subject among Muslims."It is an estate planning service based on the syariah concept of 'hibah', or gift, that allows a Muslim to give away property during his or her lifetime, although it is still being charged to the bank."Of course, the bank too has to agree to this arrangement and we are currently talking to four Islamic-based banks and a takaful company before rolling out the service," Abdul Aziz said.To reach out to untapped market valued at about RM1.5 billion, the company said it planned to increase its agency network to 1,000 in the next two years from the current 200."The company also intends to have all its agents to be certified financial planners, and towards this end will encourage them to pursue the Islamic financial planner course which is conducted jointly by the Islamic Banking and Finance Institute Malaysia and the Financial Planning Association of Malaysia.Abdul Aziz said Muslims should view estate planning seriously to ensure the smooth administration and distribution of property after their death."It will be a clear way out for the inheritance dilemma being faced by Muslims in Malaysia today, where an estimated RM38 billion worth of inheritance assets are currently being frozen."These frozen assets, if put in good use, will be a valuable source to the economy," he said.

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