Pri-Hibah (Hibah Declaration)
Hibah is a transfer of property without any exchanges of consideration with a definite proposal on the part of the person who gives the gift and acceptance on the part of the person to whom the gift is given. “Pri-Hibah” is a product of as-Salihin so named to reflect the use of “Hibah” as a mechanism to protect the rights of the settlor’s intended beneficiary. In effect, it is a gift instrument.
What is Pri-Hibah?
Pri-Hibah is a declaration of Hibah by the owner of a specific asset stating that he gives the asset to the beneficiary and he is holding the asset for the benefit of the beneficiary. It is a written document wherein the terms and conditions on which the Settlor is holding the assets are set out.
Characteristics of Pri-Hibah at as-Salihin :