Well here’s a continuation of my last post on Willing your Assets.

As I mention before about Faraidh - Faraidh is actually a law ( hukum ) which we need to abide in accordance to Islamic Law. It is how wealth is distributed to your family members upon death. If one does not follow those rules now, they are answerable to that in the day after. 

So how does it work?

I’m just sharing here. Please consult a Faraidh specialist ( Usually and Uztaz or a Muslim Lawyer ) to give you a better perspective on this. Hence here I’m just giving you what I learn from Saturday’s workshop.

So when a man/woman dies,  he/she will leave behind:

1) Father ( 1/6 )
2) Mother ( 1/6 )
3) Wife ( 1/8 )
4) Sons ( 13/36 )
5) Daughters ( 13/72 )
6) Siblings

This may even extend to nephews and nieces when any of the above is no more alive for it to be distributed to.

Well the situation can even be more complex when you have half brothers/sisters. Seriously it can be quite confusing.

However this I know. Example if you have two wives.

The 1/8 portion given will be split into 2.  So each will get 1/16. Similar to the many sons you have and so on.

So you see without proper plannning, your assets may end up in the wrong hands and the quantity may not to be what you want them to get.

So how do we solve this? An easy way is to give it away during your lifetime as a “Hiba”. So do you see how important it is to plan this from year to year. This is because times will change.

Today if you chart on paper, your assets may be given to your parents because they are still alive. But in 3-4 years time, they may not be around and by then you may have a son or a daughter, your siblings too have sons and daughters. So the whole process is indefinite and will change from time to time.

Again I stress upon this is only surface knowledge. Please consult a Faraidh Specialist for advise on this because it takes 2 years just to learn and practise this – quoted from an Ustaz in the course.

What I covered so far is only on personal and family inheritance but Business inheritance is different because it may involve share holders, partners and family members. It will break down to the types of business, sole prop, partnership, PTE Ltd and so on. We’ll cover on TRUST also insyallah.

Give us your thoughts and if you do have questions, shoot it out and insyallah we’ll get the Lawyers and Asatizah’s to reply back. ( Can’t promise that but insyallah we’ll do our best to get them )

• Willing your Assets..
• Great great Sunday..
• Back from 3rd Annual ICT (In camp training)
• JVing
• Working for a few years…