Does anyone know much about Islamic Trust funds and Takaful as a means of getting around Islamic inheritance laws? I have only daughters and now I'm in my 50s I need to ensure that their finances are taken care of once I'm gone.
From my understanding Takaful, at least in Malaysia, is not subject to inheritance. Therefore, the intended beneficiary of Takaful becomes the sole recipient upon my death.
However, Takaful only covers what hard currencies I put into the Takaful fund. It doesn't cover material assets (e.g., houses), bonds, shares, or businesses. These would typically be subject to Islamic inheritance laws upon my death, and having no sons or any other family, the bulk of these assets would likely go to the children's cousins whom they don't really have a relationship with.
Does anyone know much about trust funds for assets and whether these are permissible under sharia?
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