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IS INTESTATE SUCCESSION APPLIED TO ISLAMIC LAW?
If an estate is to be wound up according to intestate succession and the family decides to do it as per Islamic law, it can only be done via a redistribution agreement. This could lead to tax implications if proper planning is not done.
CAN I BEQUEATH TO AN ISLAMIC HEIR?
No, bequests are only for non-Heirs. If a bequest is made in favour of an Heir, this would provide an unfair advantage to one Heir over another. The other Heirs have the right to block all or part of a bequest made to an Heir. However, Heirs can be nominated as the Beneficiaries of the MyLegacy Cover™ extender on the Tazkiya™ Family Takaful.
BROADLY, HOW DOES THE QUR’ANIC SUCCESSION WORK?
The Quran is a complete guide for Muslims. In the area of inheritance, it has laid out very specific principles that allow the equitable and just distribution of the estate of a person upon his death. The shares of the surviving family members have been fixed in a determined order of succession, which makes it clear and unambiguous to divide the estate.
WHY THE NAME TAZKIYA?
Derived from the Arabic verb zaka/yazkū (lit. ‘‘to thrive, to grow, increase’’), the verbal noun tazkiya generally means purification, chastening or the attestation of a witness’s honorable record.
WHAT IS TAZKIYA?
Tazkiya is the name adopted by Capital Legacy for their complete Shariah compliant will, family Takaful and estate administration offering for the South African Muslim community.