Islamic Wealth Management
Theory and Practice
Edited by Mohamed Ariff and Shamsher Mohamad
Chapter 16: Faraid as Islamic inheritance laws: socio-economic impact on investments
Adelina Zuleikha and Shamsher Mohamad
Abstract
Fara’iḍ covers the principles under the Islamic contracting that covers the way the estate of a faithful is to be dealt with and distributed upon his/her death. It is a fundamental part of how the laws guide how wealth re-distribution is to be done in the case of intestate situation. The laws derive from revelations in the Quran to ensure that the wealth is not hoarded in the hands of a few but re-distributed equitably among the rightful dependents in the society with a larger view to mitigate the income inequality gap. In Islamic inheritance law, there are eight classes of heirs in accordance to their priority to inheritance. The rules and procedures for implementing the laws, the impediments, social-economic impact and practical issues are discussed. The major issues are: lack of awareness of the laws; the need to develop further the legal and operational infrastructure required for effective implementation.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.