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ISLAMIC FINANCIAL MARKET

Table of Content

1. Definition of Hibah
2. Evidence
3. Pillars of Hibah
4. Condition of Hibah
5. Type of Hibah
6. Application
7. Conclusion
Definition of Hibah

 Literally: passing or blowing

 Technically: A voluntary contract that results in


uncompensated ownership transfer between living individuals

 Hibah is a transfer of legal and beneficial ownership of the


assets from the donor to the beneficiary on volunteer basis. i.e.
without valuable consideration and compensation

 Under Hibah, the proportion of distribution to heirs and non-


heirs can be determined by the donor.
Evidence

 Al- Quran
Evidence

 Hadith

 Reported from Anas: Meat was brought to the Messenger


of Allah (s.a.w) and it was said that it was given to
Barirah as a charity. Rasulullah (s.a.w) said:

“For her it is a charity, and for us it is a gift.“

 Narrated by Aisha the Prophet(s.a.w) used to accept gifts


an

“Exchange gifts so that you may love one another”


Pillars of Hibah

 Wahib
- Person who give the hibah or donor
 Mauhub Lah
- Person who receive the hibah or donee
 Mauhub
- Subject matter or gift
 Sighah
- Ijab or Offer
- Qabul/ Acceptance
Condition of Hibah

 Conditions for the Donor
- Eligible to give his property voluntarily to another

- Must be legal owner of the object

- Mukallaf (legal age)

- Rusyd (mature)
Condition of Hibah

 Conditions for the Donee
- Any man with or without legal capacity.

- If the donee has legal capacity, he/she can receive

(qabd) gift by him/herself. If he/she is not eligible

recipient, the receipt (qabd) has to be done by his legal

guardian.
Condition of Hibah

 Conditions of the Object

- Every object which is legally tradable from shariah


perspective is considered legal to be given as gift.
- The object must be in existence in the time of contract.
- Must be valuable property.
- Donor must be the owner.
Types of Hibah

 Unrestricted: Unrestricted gift is given without any
condition attached to it

 Restricted: a gift with certain conditions imposed on


it
Restricted Hibah

 UMRA’
- Temporal gift or a lifetime-gift

 RUQBA
- Conditional gift

 Usufruct gift.
Application of Hibah

 Hibah in Saving/Current Account
 Hibah in Loan (Qardh) Contract
 Hibah in Al-Ijarah Thumma Al-Bai Contract
 Hibah in Inter-bank Mudharabah Investment
Contract
 Hibah in Takaful
Conclusion

 Hibah may solve the particular circumstances by
giving certain portion of his wealth to the heirs who
might be different religion or same religion and
particular blocked heirs before he passed away. With
this instruments, hibah is help enhancing the love
and special relationship among family, friends,
teachers neighbors, who are in surrounding.
Cont

 Hambali and Maliki, the receipt of goods is not a
condition of hibah, but enough with the
solemnization contract. In the event of death of
either one or one of the parties of either the hibah
provider or receiver before the delivery of the goods,
then the hibah is considered as valid.
 Iman Hanafi and Shafie said that, the receipt of
goods is one of the conditions to validate the hibah.
In the event of death of either one of the two parties
prior to the delivery of the goods, then the hibah
become null and void
Reference

 Introduction to Islamic Financial Markets
https://books.google.com.my/books?hl=en&lr=&id=SbVUt5X0R5MC&oi=fnd&pg=PT8&dq=hibah+in+islamic+financi
al+markets&ots=Mp9sjrTqux&sig=XkXH12bb5WE3sRfyZ8Nui01HUW0&redir_esc=y#v=onepage&q&f=false

 Instruments of Hibah and Wills


https://s3.amazonaws.com/academia.edu.documents/32477727/instruments_of_hibah_and_wills_0.pdf?AWSAccessKeyI
d=AKIAIWOWYYGZ2Y53UL3A&Expires=1532020713&Signature=s5XSjLWb0bo2ytSznnqcz1p%2Bqe8%3D&resp
onse-content-disposition=inline%3B%20filename%3DINSTRUMENTS_OF_HIBAH_AND_WILLS_ANALYSIS.pdf

 Pillars of Hibah
http://www.mcser.org/journal/index.php/mjss/article/view/9305