Factors Influencing the Increase of Unclaimed Property Among Muslims in Klang Valley

Mohd Rahim Khamis, Rabiatul Husna Zahari, Seri Nurnazifa Aida Hasnon and Maryam Jameelah Mohd Hashim

Information Management and Business Review, 2024, vol. 16, issue 3, 537-550

Abstract: This study addresses the rising issue of unclaimed property in Malaysia, which has been increasing annually. A key cause identified is the failure of many Muslims to plan their estates using Islamic instruments like *wasiyyah*, *hibah*, and *waqf*, instead relying on *faraid* for inheritance distribution. Previous research suggests hesitancy in adopting Islamic estate planning tools. The study seeks to identify factors influencing the rise of unclaimed property, focusing on awareness, incentives, application complexity, and legal issues. A quantitative approach was used, with data collected through face-to-face questionnaires from 280 Muslim respondents aged 25 and above. The data were analyzed using PLS-SEM. Results revealed significant correlations between awareness, incentives, and legal issues with unclaimed property, while complexity did not have a notable impact. This study contributes to the limited research on unclaimed property in Malaysia and offers valuable insights for government and state authorities to develop strategies to address the problem among Muslims.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:rnd:arimbr:v:16:y:2024:i:3:p:537-550

DOI: 10.22610/imbr.v16i3(I)S.4081

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