Leaving a Hibah is important to expedite the distribution of one’s assets and to ensure the assets are inherited by the desired beneficiary(ies).
Hibah is a gift of assets made voluntarily by a donor during his/her lifetime to the beneficiary(ies) without expecting anything in return.
PB Hibah is a Shariah compliant product specially designed for Public Mutual Muslim unitholders who invest in our cash scheme. This product allows a unitholder (Pemberi Hibah) to nominate his/her desired beneficiary(ies) (Penerima Hibah) to receive his/her Shariah-compliant unit trust investments upon demise. PB Trustee Services Berhad (PBTSB) acts as the Trustee to execute the transfer of the Hibah assets, in this case Public Mutual’s Shariah compliant unit trusts, to the Penerima Hibah.
Benefits of PB Hibah
- Unitholders can nominate any desired beneficiaries to receive the desired proportion of their Shariah-compliant unit trust investments. Penerima Hibah is not limited to Muslims or Faraid beneficiaries.
- Unitholders can still actively manage their unit trust investments during their lifetime.
- Minimum legal formalities and fast distribution of unit trust investments to the nominated beneficiaries without having to go through the lengthy process of Probate or Letter of Administration.
- Unit trust investments under PB Hibah can be used as a contingency fund while waiting for the estate administration process to be completed.
- Upon the demise of the unitholder (Pemberi Hibah), PBTSB will hold monies on Trust in the event a beneficiary (Penerima Hibah) is still a minor (below 18 years of age) and make advance payment for the minor beneficiary’s maintenance, medical and education expenses.
- Only a minimal fee is incurred to ensure unitholders’ hard earned investments are passed on to their loved ones.
Administration Process (upon demise of ‘Pemberi Hibah’/Unitholder)
Public Mutual in collaboration with PB Trustee Services Berhad provides PB Hibah service for Muslim unitholders.
For more information about PB Hibah service, please contact PB Trustee Services Berhad at 03-2176 7674 / 3127.
This article is prepared solely for educational and awareness purposes and should not be construed as an offer or a solicitation of an offer to purchase or subscribe to products offered by Public Mutual. No representation or warranty is made by Public Mutual, nor is there acceptance of any responsibility or liability as to the accuracy, completeness or correctness of the information contained herein.