Amanah Raya Holds More Than RM500 Million In Unclaimed Money
Amanah Raya has revealed that they hold more than RM500 million pending funds, just awaiting claims from rightful owners.
According to Amanah Raya’s managing director Ahmad Feizal Sulaiman Khan, the money belongs to missing heirs, and Amanah Raya is undergoing efforts to find these people.
Unclaimed money going back to 30 years
One of the ongoing efforts to locate these people involves a collaboration with the National Registration Department (NRD). With NRD’s help, Amanah Raya is working closely with community leaders to ensure that the unclaimed funds reach the rightful owners.
“Among the major reasons the money has not been disbursed is the inability to locate heirs who have either moved or cannot be traced, incorrect addresses, and cases where the heirs have passed away,” Ahmad Feizal was quoted saying to Sinar Harian.
“Some of the longest-standing cases we have encountered date back 20 to 30 years.
“If all efforts to reach the heirs fail after a certain period, Muslim properties would be given to Baitulmal, while non-Muslims’ would be passed to the government,” said Ahmad Feizal. He highlighted this in his speech at the Inheritance, Faraid and Muslim Gifts Administration Law Reform in the Digital Era Convention: New Challenges and Opportunities held at Wisma Badan Peguam Malaysia last Saturday.
In his address, he also said that there are other factors that leads to challenges in administering inheritance. This includes a lack of awareness and knowledge in the inheritance process. Among the main delays involve initiating the inheritance process, incomplete or inaccurate information, and uncertain status of heirs.
“Adding to the issue are uncooperative heirs, disputes and failure to submit complete documents,” he explained.
For more details on how to file a claim with Amanah Raya, you can refer to their Pending Fund Management page.
More unclaimed money in dormant bank accounts
This is not the first time that issues regarding unclaimed inheritance money have made the news.
Earlier this year, Deputy Finance Minister Datuk Seri Ahmad Maslan revealed in a parliamentary session that a total of RM11.2 billion in unclaimed money was handed over to the Accountant-General’s Department.
70% of the money came from dormant bank accounts, dating all the way back from 1977.