Shariah-Compliant Trust: Islamic scholars harp on securing legacy, Inheritance planning
By Fatima Muktar
The Quarterly Da’wah workshop organized by the Lekki Muslim Ummah (LEMU) on “Shari’ah-Compliant Trust and Inheritance Planning: A Necessity for Muslims,” attracted many Islamic scholars and halal financial experts, who shared knowledge and explicitly highlighted its significance for wealth and legacy protection.
Muslims are increasingly recognizing the importance of Shariah-compliant trust and inheritance planning to ensure their assets are distributed according to Islamic principles. This growing trend highlights the need to protect their wealth and legacy, while also providing peace of mind for their loved ones.
Inheritance planning and Shariah-compliant trust allows and ensures assets are distributed according to Islamic law (Shariah) to avoid disputes and conflicts among family members.Protect wealth and legacy for future generations.Also, Fulfill their obligations to Allah and their community.
Sheikh Ridwan Jamiu(PhD) explained that Inheritance planning tools include writing a Sharīah compliant will, making a gift in one’s lifetime, creating an Islamic endorsement trust (Waqf), and Takaful (Shari’a compliant insurance policy). However, it doesn’t matter much if a Muslim dies without a will if his properties are identifiable; Islamic law has inheritance sharing principles which are clearly spelt out in the Qur’an, and which no Muslim is allowed to violate .
To navigate the complexities of inheritance planning, seeking guidance from experts in Islamic finance can provide tailored solutions to meet individual needs, ensuring that assets are managed and distributed in accordance with Islamic principles.
Sheikh Ridwan reiterated that Inheritance planning means taking practical steps to ensure that in the event of death (which is inevitable) , one’s rights are protected. It’s a means to safeguard one’s asset for one’s use for family use in case of death. Allah says, ‘Believers, take your precautions…’also, Prophet Muhammad (SAW )said, ‘It is not proper for anyone who has something to bequeath to pass two nights without having his Will (Wasiyya) written with him.’ As After death, some people deprived their family members of their hard earned money and property because they did not write a will nor inform their families about the same”.
Inheritance planning is not just a recommendation, but a necessity for who want to ensure their assets are distributed according to Islamic law. By taking proactive steps, it can Safeguard legacy and wealth, Provide for their loved ones and Fulfill their duties.
