Chapter 5: The understanding and practices of hibah among Muslimpreneurs in Kota Bharu, Kelantan

Abstract

Islamic wealth management in Islam encompasses an orderly property management mechanism for the well-being of life in the world and the hereafter. In general, wealth and property (mal) are known as something the individual possesses in the form of goods or benefits (Mustafa, 1999). Islamic wealth management is divided into two: wealth management during life and wealth management after the death of property owners. Among the forms of estate planning during life are hibah, wills, waqf, charity and vows. Hibah (inter-vivos gift) in terms of language means gift either in physical form or otherwise. It comes from the Arabic term “wahaba”, which means giving without consideration, which includes gifts and charities. It is important to examine the understanding of Muslimpreneurs in Kota Bharu, Kelantan, on hibah and how they practised the hibah itself. The population chosen is Muslimpreneurs in Kota Bharu, Kelantan, which makes the sample studies inclusive of the respondent from the majority of the Muslim area, which has many businesses, as well as states that have a majority of Muslim citizens. The general research objectives of this paper are to study the understanding and practices of hibah (inter-vivos gift) among Muslimpreneurs in Kota Bharu, Kelantan.