Do Other Muslim Countries Have Solutions Similar to Tazkiya?
Takaful Solutions similar to the Tazkiya solution are available in many Countries of the World. These include Bahrain, Malaysia, Pakistan, Sri Lanka, Maldives and many other countries of the World. The Tazkiya solution in terms of winding up of estates in accordance with Shariah principles is a very unique solution developed by the Tazkiya team.
What is a Takaful Fund?
A Takaful Fund is a fund that is set up on the principles of cross subsidization to compensate participants of the fund who have suffered losses as a result of defined perils. A Takaful fund is recognized as a separate juristic entity and in the case of Capital Legacy, this fund has been structured on the principles of Waqf.
What Happens if I Die in South Africa Without an Islamic Will?
It is essential to have a valid Islamic Will in place, as this ensures that your Estate is administered in terms of Shari’ah. If you do not have a valid Islamic Will, or any Will for that matter, the Intestate Succession Act would govern the administration of the Estate and your Islamic Heirs will potentially be at a disadvantage or even deprived, in terms of the inheritance they ought to have received as per the Islamic rules of inheritance.
WHY SHOULD I HAVE AN ISLAMIC WILL?
The most fundamental benefit of having an Islamic Will is that your Estate is administered in terms of Shari’ah. While your Estate will be administered according to Islamic law
WHAT IS THE MAIN DIFFERENCE BETWEEN AN ISLAMIC WILL AND A CONVENTIONAL WILL?
In a Shari’ah-compliant or Islamic Will, the Beneficiaries are determined on the death of the Testator rather than being nominated, as in a conventional Will, during the lifetime of the Testator.