Wasiyyah Shoppe Bhd, Malaysia’s largest hibah provider and a shariah-compliant trust company, today announced the launch of its newest service, the Central Depository System investment account hibah (CDS).
According to its CEO Ariffin Sabirin, Wasiyyah Shoppe took almost a year to go through an intensive development process for this service.
This thorough process is passed to ensure that this service is not only compliant with Islamic law and Malaysian Syariah law, but also emphasis is given so that this service is in line with the provisions of the act related to CDS investment accounts while ensuring it is effective by the provisions of the law.
“We have received a demand for this service from the community but we are taking precautionary steps in its development.
“Due to its very technical nature in terms of law, in the 12 months of its development period, we have used the advisory services of Islamic law experts, Islamic law experts, and muamalat as well as civil law experts among the best. in Malaysia,” he adds.
Wasiyyah Shoppe Bhd, through this service, will assist investors in donating their CDS investment accounts to whomever they wish according to the distribution formula.
Grant recipients can be spouses, children, adopted children, siblings, or anyone else, regardless of the grantor’s relationship category.
If the CDS investment account recipient is under the age of 18 or insane, the investor can appoint Wasiyyah Shoppe Bhd to manage the CDS investment account benefits on behalf of the recipient according to the investor’s formula.
Investors can also inject a portion of the benefits of their CDS investment account using this method.
Wasiyyah Shoppe Bhd, as an experienced licenced trust company, has the legal capacity and skills to act in the best interests of CDS investors.
Ariffin is also confident that the introduction of this service, which is the first shariah-compliant estate planning service for this asset class in Malaysia, will be well received by Muslim investors.