TRANSFORMATION OF COLLATERAL HIBAH IN AMANAH RAYA BERHAD: ANALYSIS FROM THE SHARIAH PERSPECTIVE AND ITS IMPLEMENTATION IN MALAYSIA

The importance of hibah instrument in estate planning, whether movable or immovable assets is gaining more attention among property owners. Thus, various forms of hibah offerings in the market have been introduced by various institutions and agencies to meet the needs of property owners. An example of a hibah product that gains a lot of attention is Collateral Hibah. However, the verification of Collateral Hibah still gives rise to different judgments in the Syariah High Courts in Malaysia. Thus, this study will analyse the transformation of the Collateral Hibah in Amanah Raya Berhad (ARB) from the shariah perspective. The product was first introduced as "Declaration of Hibah" in 2015 and subsequently transformed into what is known as "Hibahku" in 2023. This study is qualitative and applied research methods which examined statutory provisions, articles, and books. In addition, semi-structured interviews were conducted with two ARB officers from the Product Development Department (JPP), and a hibah officer from the ARB Melaka Branch. The results obtained were analysed descriptively. This study found that the transformation of the implementation of Collateral Hibah in the ARB has the potential to meet more systematic property planning.‎