The Need to Establish a Body or Agency for Monitoring and Supervising Commercial Hibah Products in Malaysia: A Literature Review

Abstract

There are numerous Islamic-property planning and management agencies or companies that offer various commercial hibah products in the market at the moment. Nevertheless, the diversity of commercial hibah products offered by various agencies or institutions need monitoring and supervision in order to meet Syariah law standards and to avoid disputes and confusion that can invite negative perceptions about hibah instruments among the Muslim community. Thus, this literature review aimed to examine the need for certain bodies or agencies to monitor and supervise the existence of various commercial hibah products in the Malaysian market. This qualitative study used the content analysis research design with data acquired through document analysis methods and then analysed descriptively. Findings indicate that many studies had commented on matters related to hibah from different perspectives that focused on the significance of hibah instruments, legitimacy of hibah, hibah products, hibah procedures and jurisdiction of hibah in the Syariah Court, however, there are no studies on the need for supervising and monitoring commercial hibah products in Malaysia by certain local bodies or agencies. The implication of this study is a need to conduct an in-depth study related to the need for monitoring and supervising hibah products offered by property planning institutions or agencies, which are growing rapidly in the market today, by a body or agency established based on the hisbah concept.