‘Waqf’ product created in collaboration with estate planning firm Shariawiz
Falls Church, Virginia, Dec. 16, 2021 — Azzad Asset Management announced today the debut of a family trust product specifically designed for American Muslims.
The Shariah-compliant family trust, a first in the United States, is also known by the Arabic term waqf and is designed to help families with the distribution of assets and the care of children at the time of a spouse’s death.
Shariawiz, an online estate planning service, consulted with Azzad to develop a product that respects Islamic rules for inheritance and estate planning. The jointly developed trust is the product of months of legal research and consultation with Muslim scholars.
In a statement, Azzad said:
“For years, our clients have struggled to find authentic Islamic solutions to their estate planning problems. An Islamic family waqf is the answer to many of their prayers. We are pleased to be a part of this milestone in the Islamic finance and estate transfer space in the United States.”
The family waqf is a Shariah-compliant way for a surviving spouse to manage family assets in a trust and for those assets to be distributed to their Muslim heirs after both spouses are deceased. It helps families organize and manage their assets, avoiding legal disputes and creating avenues for the orderly distribution of family bequests and charitable giving.
More information is available at Shariawiz.com.
About Azzad Asset Management
Azzad Asset Management is a socially responsible registered investment advisor committed to providing investment services to help clients reach their financial goals without compromising their values. Azzad is a member of the Interfaith Center on Corporate Responsibility and the Accounting and Auditing Organization for Islamic Financial Institutions.
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