The Causes of Unclaimed, Late Claimed or Distributed ... - ipedr
The Causes of Unclaimed, Late Claimed or Distributed ... - ipedr
The Causes of Unclaimed, Late Claimed or Distributed ... - ipedr
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2.7. Conclusion<br />
Irrespective <strong>of</strong> whether <strong>or</strong> not a person passes away testate <strong>or</strong> intestate, due to the above six reasons, his<br />
estate is prone to being unclaimed, claimed but not sooner as should be, and distributed very late. In any<br />
event, it impedes the economics <strong>of</strong> individual, industry and government. <strong>The</strong> latest preventive measures<br />
introduced by government and undertaken by various bodies seem to be not as effective as one could wish.<br />
<strong>The</strong> accumulation <strong>of</strong> unclaimed RM 40 billion and so, as publicised by media, strongly suggest the above<br />
conclusion. <strong>The</strong>ref<strong>or</strong>e, the ref<strong>or</strong>m <strong>of</strong> the law and procedure is needed. F<strong>or</strong> this, a study is needed in <strong>or</strong>der to<br />
overcome the problems <strong>of</strong> complexity <strong>of</strong> law, lengthy and costly process, and non-cohesive mechanism, lack<br />
<strong>of</strong> knowledge and cooperation, and attitude <strong>of</strong> various parties.<br />
3. Acknowledgements<br />
<strong>The</strong> auth<strong>or</strong> would like to thank the anonymous reviewers f<strong>or</strong> useful comments. Zamalah/Institutional<br />
Scholarship provided by Universiti Teknologi Malaysia and the Ministry <strong>of</strong> Higher Education <strong>of</strong> Malaysia<br />
finances the w<strong>or</strong>k.<br />
4. References<br />
[1] Civil Law Act, 1956 (Act 67), 2006. <strong>The</strong> Commissioner <strong>of</strong> Law Revision Malaysia in Collab<strong>or</strong>ation with Malayan<br />
Law Journal Sdn Bhd and Percetakan Nasional Malaysia Berhad. www.lawnet.com.my<br />
[2] Federal Constitution, 2006. <strong>The</strong> Commissioner <strong>of</strong> Law Revision Malaysia in Collab<strong>or</strong>ation with Percetakan<br />
Nasional Malaysia Bhd. www.lawnet.com.my<br />
[3] Omar, R. (2009). Wasiat: Tool f<strong>or</strong> Islamic Estate Planning as Practiced at Amanah Raya Berhad. IFWMI<br />
Intellectual Discussion on Islamic Finance and Wealth Management. Presented Paper. Islamic Finance and<br />
Wealth Management Institute (IFWMI). Universiti Sains Islam Malaysia.<br />
[4] Patrick Sennyah (2007). RM 40b Waiting To Be Given To Heirs. New Sunday Times, pp: 3.<br />
[5] Probate and Administration Act 1959 (Revised-1972) (Act 97), 2006. <strong>The</strong> Commissioner <strong>of</strong> Law Revision<br />
Malaysia In Collab<strong>or</strong>ation With Percetakan Nasional Malaysia Bhd www.lawnet.com.my<br />
[6] Public Trust C<strong>or</strong>p<strong>or</strong>ation Act 1995 (Act 532), 2006. <strong>The</strong> Commissioner <strong>of</strong> Law Revision Malaysia In<br />
Collab<strong>or</strong>ation With Percetakan Nasional Malaysia Bhd. www.lawnet.com.my<br />
[7] Salleh Buang (2010). Instrumen Perancangan Harta Pusaka Islam: Amanah dan Hibah. Convention <strong>of</strong> Islamic<br />
Small Estate Planning System 2010. Institut Kefahaman Islam Malaysia (IKIM).<br />
[8] Shahanaaz Habib (2010). When <strong>The</strong> Money Is Tied Down. www.wasiat4u.com<br />
[9] Siti Mashitoh binti Mahamood (2008). Isu-isu Berbangkit Dalam Pengurusan Baitulmal Di Malaysia: Pemakaian<br />
Akta Wang Tak Dituntut 1965. Jurnal Pengurusan JAWHAR. Vol. 2, No. 1, 2008, pp: 99-113.<br />
[10] Sittamparam, R. (2009). RM 2m Limit to Small Estates from Sept 1. New Sunday Times, (August 16).<br />
[11] Small Estates (Distribution) Act 1955 (Act 98), 2006. <strong>The</strong> Commissioner <strong>of</strong> Law Revision Malaysia In<br />
Collab<strong>or</strong>ation With Percetakan Nasional Malaysia Bhd. www.lawnet.com.my<br />
[12] Suhaili Al-Ma’amun (2010). Islamic Estate Planning: Malaysian Experience. Kyoto Bulletin <strong>of</strong> Islamic Area<br />
Studies (March 2010), pp: 165-185.<br />
[13] Tarmizi Abdul Rahim (2009). RM 31j Harta Pusaka Masih Tidak Dituntut. Utusan Malaysia, (May 2009), pp: 23.<br />
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