ISLAMIC ESTATE PLANNING

Estate planning is the writing of wills and nominations as a means of wealth distribution after one’s passing on. The principles guiding Islamic Estate Planning helps to ensure that the wealth or estate transferred is in accordance with the giver or deceased’s wishes and, more importantly, in accordance with the Shariah yet complying with Singapore’s legal system.

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In the absence of wills or nominations, situations arise where the estate of the deceased is not inherited by the rightful heirs or being fought over by surviving family members.

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Thus to avoid such unhappy disputes and family woes, it is vital to understand some of the important terms you’ll come across in estate planning for Muslims. Some of the means of wealth and estate transfer as mentioned in Quran and Hadith are:

 

• WASIYYAH (WILL)

• WAQAF (ENDOWMENT)

• AMANAH (TRUST)

• HARTA SEPENCARIAN

• HIBAH (GIFT)

• NAZAR (VOW)

• IQRAR (PLEDGE)

• FARAID (MUSLIM INHERITANCE LAW)

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Still unsure about the process? Then do not hesitate to contact us, we are here to assist you. You may contact us at ask.us@himayah.sg or +65 9071 3519.