RM2M units if Im not mistaken

WE might have been fooled or mistaken. Seems to be no limit. I stand corrected

https://www.asnb.com.my/asnbv2_2funds.php#asd

I hope you are not disappointed with me. I am still trying to learn..never called myself a guru too, only that I am an ex-banker now turned ASBF broker

And the worst thing is that these people who utilize these loopholes will then defend their ways

you are right. In the event where the hibah-nominee faces her demise at the same time as the account holder, the hibah is nullified and the estate will be subdivided as per faraid law. There are a few options to solve this although they have their caveats

1. Hibah-nominate the children, not the spouse. This way in the event of account holder demise, the children will get the payout, but if they are underaged, the guardian will have full rights to the money - in this case the guardian would be the surviving parent

Additionally if both parents perish at least the money would still only go to the family members that are then the guardian of the children

2. Set up a trust on your Takaful. I am assuming that you already have Takaful certificates. If you don't, let's get some. Do note that Takaful has the same hibah issues as per your question. "Hibah to your spouse, but if both of you go at the same time, how?"

If you set up a trust and absolute assign these Takaful certificates to the trust, in the event where both parents face their demise, the payouts will be made to your trusts, the trust is "programmable" and is free from any Faraid laws applicable to a dead Muslim person in Malaysia

Sorry I had to plug in Takaful and trust into the conversation, it is simply a better and more comprehensive setup than offered by the financial institutions individually

thanks for the plug man

This post has been edited by wild_card_my: Jul 16 2020, 05:20 PM

Your English is fine, i understood everything, and I agree with you wholeheartedly especially the using your own time to buy

For those looking for ASNB hibah application

You need to use a trick that a good number of people have been using. or maybe just bad luck

there is always a ready buyer, which is the ASNB itself. When you redeem your units, the money will be deposited into your bank account immediately