Islamic Inheritance in accordance with the Qur’an does not reflect the exemptions and reliefs available.
The Quran dictates that you can leave up to 1/3rd of your estate to Charity, the less fortunate or non-muslims. Sadaqa Jariya is one of the three deeds that continue after your death. It is the ceaseless charity to those less fortunate. This can be achieved through your Will.
The Qur’an specifically details the fixed inheritance shares. That a Muslim should not deprive an heir of their rightful inheritance.
Inheritance Tax is a 40% tax on your taxable assets at the date of death. You have two Nil Rate Bands before paying tax. Anything you pass to a spouse is free of tax. You can pass any unused parts of your Nil Rate Bands to them.
This is important to Islamic population as an Islamic Will distributes in fixed shares. Those does not allow a Muslim to fully benefit from these tax advantages. This could mean an estate has to pay much more tax than if they had a standard UK Will with everything passing to the spouse. An Islamic Will with a life interest may provide more tax advantages.
It is important to have a grasp of how UK inheritance laws work. As well as the exemptions and reliefs available to you.
Our Wills have been authenticated by Shaykh Sulaiman Gani, an Imam and a specialist Sharia scholar in the Fiqh of Islamic Inheritance.
We at Farani Taylor have experts in this field. We can explain the tax liability should you have a basic Islamic Will. Plus offer advice on what trust planning to utilise all available reliefs and bands.
We have been awarded a tender with the East London Mosque and London Muslim Centre to provide Islamic Wills to their members to assist them in fulfilling their Islamic duty.