IRP 91 – The Application of Hibah in the Islamic Financial Services Industry in Malaysia: Towards A Shari’ah-Oriented Legal Framework

Hibah (gift) is one of the major concepts used in the Islamic financial services industry to develop Sharīʿah-compliant products that are viable and competitive with conventional products. Even though hibah was originally a stand-alone contract in Islamic commercial jurisprudence, it is now commonly used as a supporting contract to supplement, enhance, and scale up other contracts such as mudarabah, ijarah, takaful, wakalah, and wadiʿah. Hibah