Faraid as Islamic inheritance laws: socio-economic impact on investments
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Faraid is the legal science that determines the way the estate of an adherent to Islam is to be dealt with and distributed upon his/her death. It is a fundamental part of Shariah law that deals with wealth re-distribution in a society, and it is obligatory to make a will as per this provision or to be decided by a court if the person dies without a will. This revelations-based system ensures that wealth is not hoarded in the hands of a few but distributed equitably among the members of one's family and beyond also to society with a larger view to mitigate the income inequality gap. In Islamic inheritance law, there are eight classes of heirs in accordance to their priority to inheritance. This chapter discusses the rules, procedures for implementing this law, the impediments thereof, social and economic impact of the system and the practical issues in effective implementation of this system.
Faraid , Socio-economic , Wealth re-distribution
Zuleikha, A., & Ramadili Mohd, S. M. (2017). Faraid as Islamic inheritance laws: socio-economic impact on investments. In Mohamed Ariff & Shamsher Mohamad Ramadili Mohd. (Eds.), Islamic wealth management: theory and practice (pp. 281-310). Cheltenham, United Kingdom: Edward Elgar Publishing Limited.
Edward Elgar Publishing Limited