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Do you need Shari’ah-compliant banking services?
Make sure sure your investments and will comply with Islamic law.
Nedbank strives to meet the individual needs of every client, so we are pleased to provide Shari’ah-compliant banking services to our clients who require them. Specifically, we offer access to Shari’ah-compliant investments and the drafting of Shari’ah-compliant wills in accordance with Islamic laws of inheritance, with succession planning as an optional value-added service.
What are Shari’ah-compliant investment funds?
There are several non-permissible sources of investment income that Muslims may not exploit under Islamic law, and Shari’ah-compliant investment funds include only those investments allowed by these guidelines. Non-permissible investments include any in the following fields
- Businesses that offer, as their core activities, interest-based money-lending transactions.
- Conventional insurance.
- Embryonic or stem-cell research and cloning.
- Alcohol, pornography, gambling, non-Halaal meat, nightclubs, or trading in gold and silver on a deferred basis.
Any asset proposed by fund managers is evaluated by the respective fund’s independent Shari’ah Supervisory Board. They issue Shari’ah certificates to attest to the compliance of the fund.
We offer Shari’ah-compliant funds from 2 investment houses: Old Mutual and Camissa Asset Management (previously known as Kagiso Asset Management).
A brief overview of Islamic inheritance
The Quran determines how stipulated portions should be administered among Islamic heirs. If a person does not have a will, the estate will be distributed according to the Intestate Succession Act, 81 of 1987. It is therefore essential for Muslim clients to have a Shari’ah-compliant will, to ensure their estate is finalised according to the law of Islam.
Nedbank clients get the peace of mind of knowing that their wills are Shari’ah-compliant
After funeral expenses, estate administration costs and liabilities are paid from the estate, the balance becomes the distributable portion of the estate and must be distributed according to Islamic laws of inheritance.
The person making a will has 2 options
- To bequeath the entire distributable portion in line with Islamic laws of inheritance.
- To bequeath at least two-thirds of the distributable portion of the estate in line with Islamic laws of inheritance and exercise free choice over how the remaining portion must be bequeathed. This bequest is known as a Wasiyyah. This provision allows for (but is not limited to) public benefit organisations, educational institutions, non-blood relatives and friends to be named as beneficiaries of the estate.
Marital regimes in South Africa
Islamic laws of inheritance are applied differently to the different marital regimes in South Africa. In the case of an antenuptial contract without accrual, the Islamic laws of inheritance are fully enforceable. But if a marriage includes an antenuptial contract with accrual, the Islamic laws of inheritance are not enforceable, because the accrual claim can be established only on divorce or death.
If the marriage is in community of property, the Islamic laws of inheritance cannot be enforced unless the spouses mass their estates. This means that on the death of the first spouse, the surviving spouse must decide whether to accept or repudiate the massing of the estates. If the surviving spouse decided on massing, the assets of the massed estates will be distributed in line with the Islamic laws of inheritance in the estate of the spouse who died first.
Certification for Shari’ah-compliant wills
Nedbank clients get the peace of mind of knowing that their wills are Shari’ah-compliant, because they are certified by either the Muslim Judicial Council (MJC) or the Islamic Council of South Africa (ICSA). However, clients must sign a consent form giving us the authority to seek this certification before we can submit their wills to either certifying body.
Explore Shari’ah-compliant investments
To learn more about Shari’ah-compliant investment options, speak to your financial planner or contact us on 080 2686 430. If you are a Nedbank Private Wealth client, please contact your wealth manager. If you are not yet a client, please complete this online contact form.
Draft a Shari’ah-compliant will
Our pricing policy on fees for drafting wills and safe-custody apply. If you want us to draft your will, please click here and complete the online application form. Click on Beneficiary options to indicate whether the will needs to be drafted according to Shari’ah law.
