12 July 2024

Islamic Laws of inheritance are governed by the Shari’ah and therefore differ considerably from South African laws. In the Din of Islam, inheritance is stipulated and guided by the Shari’ah. Tazkiya™, powered by Capital Legacy and endorsed by the independent Shariah Supervisory Board, provides the Muslims of South Africa with the first-of-its-kind Shariah-compliant Wills, Family Takaful life cover and estate administration. 

What is Tazkiya™?

Tazkiya is the Arabic word which means “to purify”. The Tazkiya™ plan provides Muslim communities, and families with a ring-fenced and purified solution to wills and estates, as well as life cover. The Family takaful adheres strictly to Islamic law and is certified by an independent board of trustees and Islamic scholars. 

Quranic guidance 

“It is prescribed upon you when death approaches (any) one of you – if he leaves behind wealth – then he should make a will (wasiyyah) for his parents and near relatives in a fair manner (in the one-third). This is a duty upon the pious people.”

The above Ayah is from Surah Baqarah, where Allah mentions inheritance specifically. Through Tazkiya™, the Muslim community can draft wills according to their chosen Madhhab- school of thought- to provide for their heirs, religious liabilities, obligations, as well as any Wasiyyah they wish to make. 

Costs covered by the Tazkiya™ Legacy Protection Plan™

After the passing of a family member, families endure legal costs that are associated with death. Through Tazkiya’s succession plan, Legal Fees relating to death are taken care of. There are generally six important fees that surface at the death of a family member. 

Executor, testamentary trust, and Conveyance fees

Your Estate is required to pay certain fees during the Estate Administration process, to honour your faith. Often, these fees are not provided for, depleting the Heirs’ inheritance.

Immediate expenses

Due to the loss of income, burial rites as provided in the Qur’an, your loved ones may be left financially strained immediately after your death. This benefit affords the policy holder an immediate injection of cash to cater for these costs.

Monthly living expenses

Estates can take months, if not years, to wind up and families mistakenly assume the Estate will pay the monthly ongoing expenses such as lights, rent, groceries, etc. but the funds are often tied up until the Estate is finalised.

Taxes

Most people leave their entire Estate to their Spouse, but if both of you pass away and your Children inherit everything then Capital Gains Tax and other inheritance taxes are triggered.

MyLegacy Cover™

Through Tazkiya’s MyLegacy Cover™ benefactors can take advantage of providing their heirs with a gift during their lifetime. While the gift is passed on during the benefactor’s lifetime, it is only receivable upon the death of the benefactor. These gifts do not form part of the Estate and can therefore be passed on according to laws of inheritance or to a beneficiary of your choosing. 

There are a few benefits that come with using the MyLegacy Cover™. First, it is notably cheaper, by integrating it with your Islamic Will and Tazkiya™ Legacy Protection Plan™, we can pass the savings on to you.. Another benefit is that by utilizing MyLegacy Cover™ and integrating with the Islamic Will, it ensures  that it is received by the correct beneficiaries. The cover is also flexible in that you can choose between having More Cover™, Less Contribution or a 5-year Cash Back, as well as switching between these options at any time.

Those who chose to take the MyLegacy Cover™ will save on executor and trustee fees. 

Added to the MyLegacy Cover™, clients will be offered the optional extra MyAbility Cover™ that covers you for any impairment and critical disability. 

Why should you choose Tazkiya™?

Tazkiya™’s Islamic offerings ensure that your inheritance and matters about your estate are covered according to the Din of Islam as stipulated by the Shari’ah. As mentioned earlier, inheritance is an important facet of the Din, and each of the schools of thought has expounded greatly on this matter. By using Tazkiya’s offerings you will be able to pass on your estate to your beneficiaries without having it tainted by undesirable financial influences. Tazkiya™ has been further enhanced by now paying R10 000 towards the costs of burial services for its Muslim clients at no additional cost.

Tazkiya™ is supervised by the Independent Shariah Supervisory board, ensuring that every facet of your will and estate is managed according to the Shariah. Speak to your Financial Advisor or contact us for more information: www.tazkiya.co.za 

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