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 :
Advantages of creating Pri-Hibah
Why Let Others Determine Distribution of Your Assets When You Depart?
You have the right to choose the administrator of your estate and its plan of distribution upon your demise.