Wednesday, June 03, 2009

Faraidh (Basic)

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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 [...]

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