Hibah (Gift)
Voluntary gift often used in Islamic deposits instead of guaranteed interest.
Detailed Description
Hibah (Gift)
What is the definition of Hibah?
Hibah refers to the voluntary transfer of ownership of property or assets from one individual to another without expectation of return or compensation.
What are the types of Hibah?
Hibah can be categorized into Hibah al-Mal, Hibah al-Amanah, Hibah al-Mawari, and Hibah al-Muqayyadah.
What are the conditions for a valid Hibah?
Conditions include intention, capacity, ownership, acceptance, and delivery.
How does Hibah relate to Islamic finance?
Hibah plays a crucial role in Islamic finance by promoting ethical investing and wealth distribution.
What are the potential tax implications of Hibah?
Tax implications can vary by jurisdiction, with some places imposing gift taxes while others may offer exemptions for gifts made in accordance with Islamic principles.