THE APPLICATION OF ROBO ADVISORY PLATFORM FOR FARAID (INHERITANCE) INVESTMENT IN ISLAMIC WEALTH MANAGEMENT IN MALAYSIA

ABSTRACT The paper proposes a new portfolio of investment via a robo-advisory platform for investing inheritance property (Faraid) from the perspectives of three different fields and experts comprising academics, industry practitioners and regulators. The study is qualitative-based research. Data is collected through expert interviews with industry players from different fields and analyzed by using thematic analysis. It is found that there are two different major opinions from three bodies of experts. Both academic and industrial practitioners agree with the application of a robo-advisory platform as a new investment portfolio for inheritance property (Faraid). In contrast, the regulator suggested that its implementation be postponed. In Malaysia, there is no specific discussion on inheritance property (Faraid) investment by administrator or executor by using robo-advisory platform. The portfolio of robo-advisory platforms is limited to stocks, ETFs and gold but not to Islamic wealth management. The significance of this paper provides insights to trustees for using robo-advisory platforms for better Islamic wealth management in relation to inheritance property (Faraid) investments.