Family trusts
Question
Is establishing a family trust acceptable in Islam? If so what are the conditions?
Answer
Presently the family trusts that are in vogue are done mainly for legal purposes and convenience. The waqf is a totally different thing and it has its own set of rules and conditions. The waqf can also be done for a family and the family may lay down the conditions of the trust. We will be in a better position to study the conditions and then see if they all conform with the Shari`ah.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Ebrahim Salejee (Isipingo Beach)
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