Inheritance Management : Challenges and Opportunities of Shariah Financial Institutions
Slamet Riyadi Bisri
Batik Islamic University
According to a hadiths , inheritance science and knowledge (faraid) is a master of all mu’amalah science in which is usually easy to be forgotten although it is very important. The reality In the society especially in Moslem’s community as in Indonesia in which Moslem community is the majority, the waris (inheritance) management usually is postponed and also to be conducted according to the demand of the inheritors (ahli waris) in which sometimes do not agree or conform with shariah, in general this practice in an aggregate point of view and according to economics principles put a disadvantage on the inheritors due to the decreasing value of the assets which are being distributed. The objectives of the research are : 1). Investigates how the communities distributes property of the deceased in the form of assets . 2). Evaluates how far Islamic Shariah is implemented in the communities and become research objects. 3). Analyze the impacts of inheritance (ditribution) toward capital formations of the inheritors , individuals as well as in the family and its relation to shariah financial institution development. The research design is combination of exploratory, descriptive and causal. Methods to be applied includes : literature study, institutional communications and interviews to dig information. The sampling methods is “convenience purposive sampling”. The qualitative methods is multivariate statistics. Result findings of the research : 1). Inheritance/mawarist management is a very important problem after fulfilling the duty toward a deceases Moslem (bathing, clothing, praying, and burrying), on the otherhand waris management most of the time are posponed for some reasons. 2) Waris problem solving management guides to be reffered is a part of Islamic Legal Compilation (in Indonesia is assigned to a committee by the Government). 3). The research shows that only less than 50 percent Moslems apply the shariah methods due to the lack of understanding among the people. 4). The general conclusion of the empirical findings of this research is that in general assets gained from inheritance are used to elevate the welfare in the form of : housing improvements, buying land, buying business equipments as well as a capital for business or new ventures. Further research and development is recommended in regards to inheritance (waris) management in shariah, in which it should be integrated in Islamic Financial System in the form of wealth management, takaful, shariah financial planning as well as models such as IREIT (Islamic Real Estate Investment Trust).
Keywords: Inheritance/waris, Shariah, Faroid, assets, Financial institution, Economic development