What is an Islamic Family Waqf?
Many Muslim American couples have asked us to design a Sharia-compliant estate plan where the surviving spouse would manage their assets in trust, and after they both pass, their waqf/trust assets would be distributed to their Islamic heirs. Shariawiz collaborated with Azzad, the premier award-winning Sharia-compliant investment firm in the United States, to develop a family trust that is valid under American law, but – most importantly – also respects Islam’s rules for inheritance and estate planning. We did the legal research, consulted with Muslim scholars, and developed the first scholar-approved Islamic Family Waqf/Trust to fill this need in faith-based estate planning. The new Islamic Family Waqf helps families organize and manage their assets, avoiding legal disputes and probate court, and creating avenues for the orderly distribution of family bequests and charitable giving.
In a statement, Azzad said: “For years, our clients have struggled to find authentic Islamic solutions to their estate planning problems. The Islamic Family Waqf we developed with Shariawiz is the answer to many of their prayers. We are pleased to be a part of this milestone in the Islamic financial and estate transfer space in the United States.”
Abed Awad, CEO & Founder of Shariawiz said: “The mission of Shariawiz is to enable every Muslim American to make a faith-fulfilled estate plan and leave a legacy. The Shariawiz and Azzad collaboration has made the process of making an Islamic Family Waqf simple, accessible, and affordable.”
Start your Family Waqf today at Shariawiz.com.