Economics & Economy
The inheritance system is a means of transferring property, rights and wealth in an orderly and appropriate manner for people’s lives and their subsistence and psychological needs. This system contributes to economic development and allows the continuation of the cycle of giving and reconstruction. The inheritance system also solves a problem related to money, love and the desire to keep it, because of which quarrels and conflicts arise. The inheritance system applies to all Muslims, not just one individual, and since societies are made up of families, supporting social relationships is essential, from the small family to the extended family.
The inheritance system in brief
Inheritance is the transfer of property from the deceased to his living heirs, whether it is money, real estate, or a legal right. The reasons for inheritance are divided into three categories: real kinship, marriage, and loyalty. The inheritance is distributed according to a specific order that includes the beneficiaries of the inheritance, the relative agnates, giving rights to the beneficiaries of the inheritance, inheritance to the relatives, restitution to one of the spouses, the causal agnate, the legatee of less than a third, and the treasury.
Pillars of inheritance
The decedent is the deceased whose legacy is transferred, the heir is the person entitled to the inheritance, and the inherited property is the property left behind by the deceased.
The impact of inheritance on the economy and wealth
The inheritance system contributes to distributing wealth and eliminating economic inequality. Wealth is channeled to multiple people rather than accumulating to one person, which contributes to enhancing economic and social stability. The inheritance system may also stimulate investment and stimulate economic activity by individuals who receive shares of the inheritance and use them to set up their own businesses or support the local economy.
However, the inheritance system may also have negative effects on the economy. An unequal distribution of wealth may reinforce poverty and social inequality. Greater division of wealth may lead to dispersion of resources and insufficient focus in developing the economy. Therefore, the impact of the inheritance system depends on the specific legislative and regulatory measures for its implementation and on other social and economic factors that affect the distribution of wealth and economic development in society.