APPRAISAL OF BEQUEST OF COMPANY SHARES UNDER ISLAMIC LAW

This paper appraises the bequest of company shares under Islamic law Shari'a. It examines the permissibility of bequeathing shares, considering them as a form of fungible property mithli or a combination of tangible and intangible assets. The study explores the conditions and restrictions governing such bequests, including the limitations on the bequeathable portion of the estate (typically one-third), and the rights of legal heirs. It further analyzes the challenges posed by legal requirements structures surrounding and shareholding arrangements, such as fractional shares, bonus shares, and the complexities of valuing shares in diverse markets. The paper investigates various scholarly opinions on the matter, drawing upon classical Islamic jurisprudence and contemporary fatwas to offer a comprehensive analysis of the legal framework surrounding the bequest of company shares. Ultimately, this research aims to provide clarity and guidance on this increasingly relevant issue within the context of Islamic finance and estate planning, offering practical recommendations for both testators and heirs