UNDERSTANDING AND KNOWLEDGE OF ISLAMIC ESTATE PLANNING STRATEGIES AT UNIVERSITI TEKNOLOGI MARA, SHAH ALAM, MALAYSIA

Abstract

Estate planning is one of the crucial elements of managing property during a person’s lifetime. Unfortunately, it was reported that only 700,000 Muslims have declared their wills, out of a total population of 30 million Muslims in Malaysia. Therefore, this research explained the main tools available for wealth distribution planning that are viable in Malaysia. Secondly, this research aims to investigate students in Islamic studies tendencies in estate management planning and its determinants.  To achieve these objectives, a quantitative methodology was adopted in which the data of this research was through a questionnaire to assess their level of awareness. The findings revealed that the level of awareness of students in Islamic Studies Campus Shah Alam, Universiti Teknologi MARA towards wealth distribution management and asset distribution planning is high. This study exposed some of the flaws in wealth distribution management and proposed numerous approaches to raise awareness about wealth distribution planning.