The document summarizes the rules of intestacy (inheritance without a will) in several jurisdictions including England & Wales, Scotland, Northern Ireland, the Republic of Ireland, and Spain. It explains that if someone dies without a valid will in Spain, the appropriate rules of intestacy applied are normally those of their country of origin, but Spanish rules may apply if they were domiciled in Spain. It then provides details on the inheritance rights of spouses and children under the intestacy laws of each location.
Muslim Personal Law Short Study Notes (LLB Part 2)zahinch
This document provides an overview of Muslim personal law topics including gift or hiba, Muslim Family Laws Ordinance, laws of inheritance, will, marriage, dower, dissolution of Muslim marriage, divorce, maintenance, parentage, legitimacy, acknowledgement, guardianship, and waqf. It discusses the essential elements and types of gifts in Islam. It summarizes the key features of the Muslim Family Laws Ordinance including arbitration councils, registration of marriages, rules around polygamy and divorce. The document then explains the laws of inheritance in Islam including heritable property, the different classes of heirs, and their fixed shares according to the Quran and hadith.
The document discusses the essentials of a valid Muslim marriage under Islamic law. It states that a Muslim marriage is a civil contract that requires: 1) a proposal and acceptance between the parties, 2) the parties must be competent (sane and have reached puberty), and 3) the consent must be free. It also outlines certain prohibited relationships that if married within, would make the marriage invalid or void. Examples include relationships of consanguinity (blood), affinity (by marriage), and fosterage. Polyandry and marrying more than four wives are also prohibited. [END SUMMARY]
- Divorce involves legally dissolving a marital union and terminating the legal obligations of marriage. It requires sanction from a court and can involve issues like alimony, child custody, and property distribution.
- In India, divorce laws vary by religion but generally allow divorce on grounds like adultery, cruelty, desertion, and mutual consent. The long-term effects of divorce on children can include psychological impacts and weaker academic and financial outcomes. Adults may experience depression, health issues, and social isolation after a divorce.
- Preventing divorce requires regularly showing affection, spending quality time together, maintaining physical intimacy, resolving conflicts respectfully, and learning healthy relationship skills. Official divorce rates in India are unknown but estimated to be low
Omega Wills provides will writing and estate planning services. This presentation discusses the importance of having a will and outlines some key reasons why. It explains what happens if you die without a will (intestacy) and how the government determines how your estate is distributed. The presentation covers inheritance tax planning, owning a family home, digital assets, funeral planning, probate services, and lasting powers of attorney. It emphasizes that a will allows you to decide who receives your assets and that without one, others may receive what you did not intend for them to have.
This document discusses Indian law on maintenance obligations. It examines who is entitled to maintenance under Section 125 of the Code of Criminal Procedure, which includes legally married wives, children, parents who are unable to maintain themselves. It also looks at who is obligated to provide maintenance, including husbands, fathers, and sons. The document outlines the criteria courts examine to determine maintenance orders, such as sufficient means and neglect or refusal to provide support. It also reviews the procedures for filing maintenance applications and enforcing orders.
The document summarizes the rules of intestacy (inheritance without a will) in several jurisdictions including England & Wales, Scotland, Northern Ireland, the Republic of Ireland, and Spain. It explains that if someone dies without a valid will in Spain, the appropriate rules of intestacy applied are normally those of their country of origin, but Spanish rules may apply if they were domiciled in Spain. It then provides details on the inheritance rights of spouses and children under the intestacy laws of each location.
Muslim Personal Law Short Study Notes (LLB Part 2)zahinch
This document provides an overview of Muslim personal law topics including gift or hiba, Muslim Family Laws Ordinance, laws of inheritance, will, marriage, dower, dissolution of Muslim marriage, divorce, maintenance, parentage, legitimacy, acknowledgement, guardianship, and waqf. It discusses the essential elements and types of gifts in Islam. It summarizes the key features of the Muslim Family Laws Ordinance including arbitration councils, registration of marriages, rules around polygamy and divorce. The document then explains the laws of inheritance in Islam including heritable property, the different classes of heirs, and their fixed shares according to the Quran and hadith.
The document discusses the essentials of a valid Muslim marriage under Islamic law. It states that a Muslim marriage is a civil contract that requires: 1) a proposal and acceptance between the parties, 2) the parties must be competent (sane and have reached puberty), and 3) the consent must be free. It also outlines certain prohibited relationships that if married within, would make the marriage invalid or void. Examples include relationships of consanguinity (blood), affinity (by marriage), and fosterage. Polyandry and marrying more than four wives are also prohibited. [END SUMMARY]
- Divorce involves legally dissolving a marital union and terminating the legal obligations of marriage. It requires sanction from a court and can involve issues like alimony, child custody, and property distribution.
- In India, divorce laws vary by religion but generally allow divorce on grounds like adultery, cruelty, desertion, and mutual consent. The long-term effects of divorce on children can include psychological impacts and weaker academic and financial outcomes. Adults may experience depression, health issues, and social isolation after a divorce.
- Preventing divorce requires regularly showing affection, spending quality time together, maintaining physical intimacy, resolving conflicts respectfully, and learning healthy relationship skills. Official divorce rates in India are unknown but estimated to be low
Omega Wills provides will writing and estate planning services. This presentation discusses the importance of having a will and outlines some key reasons why. It explains what happens if you die without a will (intestacy) and how the government determines how your estate is distributed. The presentation covers inheritance tax planning, owning a family home, digital assets, funeral planning, probate services, and lasting powers of attorney. It emphasizes that a will allows you to decide who receives your assets and that without one, others may receive what you did not intend for them to have.
This document discusses Indian law on maintenance obligations. It examines who is entitled to maintenance under Section 125 of the Code of Criminal Procedure, which includes legally married wives, children, parents who are unable to maintain themselves. It also looks at who is obligated to provide maintenance, including husbands, fathers, and sons. The document outlines the criteria courts examine to determine maintenance orders, such as sufficient means and neglect or refusal to provide support. It also reviews the procedures for filing maintenance applications and enforcing orders.
In this interactive workshop, David Hawks will share best practices for writing user stories, acceptance criteria, the INVEST approach, and breaking down user stories. Using these approaches you will be able to effectively convey your vision to the development team so they can output what you want.
The document discusses building a partnership with Quality Communication Solutions to help grow a business using their social media marketing and search engine optimization services. They position themselves as a small, personalized company that will create a strategic dual approach using social media, content creation, and SEO to boost website traffic and sales without aggressive sales tactics.
Thomson Reuters State of the Global Islamic Economy Report 2013Islamic_Finance
This groundbreaking report defines and provides a comprehensive view of the Islamic economy as well as its future potential to facilitate investments and industry growth.
The report is available for free download on https://www.zawya.com/islamic-finance/global-reports-2013/
The document discusses a Mudaraba-based working capital facility structure commonly used by commercial banks. In a Mudaraba, a Rab al-Mal provides capital to a Mudarib manager who invests it. Profits are shared according to a pre-agreed ratio while capital losses are borne solely by the Rab al-Mal. The facility allows banks to fix financing costs and rates of return in advance through incentive mechanisms while still complying with Mudaraba rules by assessing profit ex post. The accompanying agreement incorporates provisions to prevent moral hazards like underreporting profits.
Hinsdale South's AP Environmental Science Course and Environmental Concerns Club were able to donate to many different charities thanks to their TerraCycle work in the 2013-2014 school year.
A Critical Appraisal Of International Islamic Finance Cases Islamic_Finance
The document provides a critical analysis of international Islamic finance cases that were decided in English courts, as well as comparative cases from other jurisdictions. It analyzes several notable cases in detail, including the first Islamic finance case decided in an English court between Islamic Investment Company of the Gulf (Bahamas) Ltd. and Symphony Gems N.V. The analysis focuses on the legal frameworks and arguments used in the cases. It concludes with recommendations for resolving international Islamic finance disputes through international legal frameworks and proposes directions for future research.
ICD Thomson Reuters Islamic Finance Development Report 2013Islamic_Finance
This report is an annual barometer of the health and development of the Islamic Finance industry worldwide, based on the ICD Thomson Reuters Islamic Finance Development Indicator.
The Report is available for free download on https://www.zawya.com/islamic-finance/global-reports-2013/
This document provides information about estate planning. It discusses that estate planning involves having a definite plan for how one's property will be administered and distributed during their lifetime and after death. It has two components - building an estate through savings, investments, and insurance, and transferring the estate as one wishes after death. Estate planning is important so that a spouse and children or other beneficiaries are provided for. It is recommended to seek expert help with estate planning. A will is a legal document that states how a person's estate will be distributed after death. For a will to be valid, it must be in writing, signed, of sound mind, and have at least two witnesses.
My Article- Shariah Tax Planning In The UK by Riyazi Farookriyazi
The document discusses Shariah tax planning in the UK. It notes that inheritance tax of 40% is imposed on estates over £285,000. Several ways to reduce or eliminate this tax are described, including gifts to spouses or charities, lifetime transfers more than 7 years before death, and business property relief. More advanced techniques for larger estates worth over £1 million involve discretionary trusts and interest in possession trusts, declaration of trusts to share nil-rate bands between spouses, and offshore planning. Ensuring assets pass according to Shariah inheritance laws requires wills and trusts.
Estate Planning and Planned Charitable Giving PresentationGreg Laux
Greg Laux, an attorney with Kohnen & Patton LLP, gave a seminar on estate planning and planned charitable giving. He discussed what happens under Ohio law if someone dies without a will, including their probate and non-probate assets being distributed according to the Ohio statute of descent and distribution. He emphasized the importance of having a will to dictate the disposition of one's estate according to their own preferences. Laux also outlined the advantages and disadvantages of both having a will and not having a will.
The document discusses the importance of making a will and the legal requirements for wills to be valid. Some key points:
- 65% of adults in England and Wales do not have a will, often due to ignorance of laws, superstition about death, or putting it off.
- Having a valid will ensures your wishes are followed, provides for loved ones, and avoids disputes. It allows you to appoint executors and guardians.
- Legal requirements for a valid will include being over 18 years old (or younger for armed forces), sound mental capacity, being in writing and signed by the testator in front of two witnesses.
- If no valid will exists, the rules of intest
This document provides an overview of wills and estate planning. It discusses what a will is, the importance of having one, how to make a valid will, and what happens if you die without a will. Some key points covered include:
- A will allows you to specify how you want your property distributed after your death. It is important to have a will to ensure your wishes are followed.
- You can make a will at any time after age 18 if you have mental capacity. Wills must be in writing and properly witnessed to be valid.
- Dying without a will means your estate will be distributed according to provincial intestacy laws, which may not reflect your desires. It can also delay
This document provides an overview of wills and estate planning. It discusses what a will is, the importance of having one, how to make a valid will, and what happens if you die without a will. Some key points covered include:
- A will allows you to specify how you want your property distributed after your death. It is not mandatory but has many benefits.
- You can make a will at any time if you are mentally capable. It should be reviewed after major life changes.
- Wills must be in writing and properly witnessed to be valid. People with complex estates are advised to consult a lawyer to draft their will.
- If you die without a will, intestacy laws will determine how
This document provides an overview of wills and estate planning. It explains that a will is a legal document that outlines how a person wants their property distributed after their death. Key points covered include:
- What a will is and the different types of wills.
- The importance of appointing an executor to carry out the instructions in the will.
- What constitutes a person's estate and why it's important to have a will.
- When a will should be created and updated, such as after major life events like marriage or divorce.
- What happens if a person dies without a will, in which case intestacy laws determine how the estate is distributed.
An estate planning attorney in Alabama outlines the key differences between wills and trusts. Wills only control property that passes through probate, while trusts can control both probate and non-probate property if properly funded. While wills require court supervision during probate, trusts avoid this process but require more documentation and funding to remain effective over time. The attorney discusses various types of trusts used for disability and Medicaid planning. Overall, wills have lower upfront costs but take longer to administer an estate, while trusts are more complex but allow estates to pass privately without probate.
the year. In such cases, Zakah will only be
payable if the person remains Sahib-unNisab on the anniversary date of first
becoming so.
The 1st Ethical Charitable Trust is dedicated to encouraging social and religious cohesion in the UK by promoting a distinct British Muslim identity that is faithful to Islamic orthodoxy while also being in tune with British values. It aims to successfully articulate this vision to both Muslims and mainstream society. Historically, it has developed Shariah-compliant solutions to common legal and financial challenges for British Muslims and has widened its focus to civic engagement and strengthening community ties. The trust is entirely funded through donations from individuals and companies based
You can chat with our assistant to get help with your Islamic Will.
Learning Guides: We have detailed learning guides on Islamic Wills to help
you understand the concepts from basic to advanced level.
Tools: We have tools like inheritance calculator, property distribution
calculator, debt payment calculator etc. to help you plan your estate.
Updates: We keep updating our resources as per the changes in laws to
ensure you have latest information.
Support: You can contact our support team for any queries related to Islamic
Wills.
So in summary, Wassiyyah provides one-stop solution for all your Islamic Will
needs with reliable and updated information.
Presentation at k3 c womens ministry 180819Musyimi Law
This document provides an overview and summary of property rights, succession law, and matrimonial property law in Kenya. It discusses that the Kenyan Constitution guarantees equal property rights for women, both during and after marriage. Upon death, succession can be either testate (with a will) or intestate (without a will), with intestate succession following specific distribution rules. Matrimonial property includes the family home, household goods, and other jointly acquired property during marriage. Ownership is determined based on each spouse's contributions, whether monetary or non-monetary, and matrimonial property is divided upon divorce.
This document provides information about wills, trusts, and estate planning services from Liberty Wills and Trusts. It discusses the importance of having a will and different types of trusts. Key services include drafting wills and trusts, safekeeping of wills, administering deceased estates, and managing assets on behalf of clients. Costs for various services such as online wills, comprehensive wills, trust registration, administration and safe custody are outlined. The document aims to help clients understand their options for estate planning and protecting their wealth and wishes.
In this interactive workshop, David Hawks will share best practices for writing user stories, acceptance criteria, the INVEST approach, and breaking down user stories. Using these approaches you will be able to effectively convey your vision to the development team so they can output what you want.
The document discusses building a partnership with Quality Communication Solutions to help grow a business using their social media marketing and search engine optimization services. They position themselves as a small, personalized company that will create a strategic dual approach using social media, content creation, and SEO to boost website traffic and sales without aggressive sales tactics.
Thomson Reuters State of the Global Islamic Economy Report 2013Islamic_Finance
This groundbreaking report defines and provides a comprehensive view of the Islamic economy as well as its future potential to facilitate investments and industry growth.
The report is available for free download on https://www.zawya.com/islamic-finance/global-reports-2013/
The document discusses a Mudaraba-based working capital facility structure commonly used by commercial banks. In a Mudaraba, a Rab al-Mal provides capital to a Mudarib manager who invests it. Profits are shared according to a pre-agreed ratio while capital losses are borne solely by the Rab al-Mal. The facility allows banks to fix financing costs and rates of return in advance through incentive mechanisms while still complying with Mudaraba rules by assessing profit ex post. The accompanying agreement incorporates provisions to prevent moral hazards like underreporting profits.
Hinsdale South's AP Environmental Science Course and Environmental Concerns Club were able to donate to many different charities thanks to their TerraCycle work in the 2013-2014 school year.
A Critical Appraisal Of International Islamic Finance Cases Islamic_Finance
The document provides a critical analysis of international Islamic finance cases that were decided in English courts, as well as comparative cases from other jurisdictions. It analyzes several notable cases in detail, including the first Islamic finance case decided in an English court between Islamic Investment Company of the Gulf (Bahamas) Ltd. and Symphony Gems N.V. The analysis focuses on the legal frameworks and arguments used in the cases. It concludes with recommendations for resolving international Islamic finance disputes through international legal frameworks and proposes directions for future research.
ICD Thomson Reuters Islamic Finance Development Report 2013Islamic_Finance
This report is an annual barometer of the health and development of the Islamic Finance industry worldwide, based on the ICD Thomson Reuters Islamic Finance Development Indicator.
The Report is available for free download on https://www.zawya.com/islamic-finance/global-reports-2013/
This document provides information about estate planning. It discusses that estate planning involves having a definite plan for how one's property will be administered and distributed during their lifetime and after death. It has two components - building an estate through savings, investments, and insurance, and transferring the estate as one wishes after death. Estate planning is important so that a spouse and children or other beneficiaries are provided for. It is recommended to seek expert help with estate planning. A will is a legal document that states how a person's estate will be distributed after death. For a will to be valid, it must be in writing, signed, of sound mind, and have at least two witnesses.
My Article- Shariah Tax Planning In The UK by Riyazi Farookriyazi
The document discusses Shariah tax planning in the UK. It notes that inheritance tax of 40% is imposed on estates over £285,000. Several ways to reduce or eliminate this tax are described, including gifts to spouses or charities, lifetime transfers more than 7 years before death, and business property relief. More advanced techniques for larger estates worth over £1 million involve discretionary trusts and interest in possession trusts, declaration of trusts to share nil-rate bands between spouses, and offshore planning. Ensuring assets pass according to Shariah inheritance laws requires wills and trusts.
Estate Planning and Planned Charitable Giving PresentationGreg Laux
Greg Laux, an attorney with Kohnen & Patton LLP, gave a seminar on estate planning and planned charitable giving. He discussed what happens under Ohio law if someone dies without a will, including their probate and non-probate assets being distributed according to the Ohio statute of descent and distribution. He emphasized the importance of having a will to dictate the disposition of one's estate according to their own preferences. Laux also outlined the advantages and disadvantages of both having a will and not having a will.
The document discusses the importance of making a will and the legal requirements for wills to be valid. Some key points:
- 65% of adults in England and Wales do not have a will, often due to ignorance of laws, superstition about death, or putting it off.
- Having a valid will ensures your wishes are followed, provides for loved ones, and avoids disputes. It allows you to appoint executors and guardians.
- Legal requirements for a valid will include being over 18 years old (or younger for armed forces), sound mental capacity, being in writing and signed by the testator in front of two witnesses.
- If no valid will exists, the rules of intest
This document provides an overview of wills and estate planning. It discusses what a will is, the importance of having one, how to make a valid will, and what happens if you die without a will. Some key points covered include:
- A will allows you to specify how you want your property distributed after your death. It is important to have a will to ensure your wishes are followed.
- You can make a will at any time after age 18 if you have mental capacity. Wills must be in writing and properly witnessed to be valid.
- Dying without a will means your estate will be distributed according to provincial intestacy laws, which may not reflect your desires. It can also delay
This document provides an overview of wills and estate planning. It discusses what a will is, the importance of having one, how to make a valid will, and what happens if you die without a will. Some key points covered include:
- A will allows you to specify how you want your property distributed after your death. It is not mandatory but has many benefits.
- You can make a will at any time if you are mentally capable. It should be reviewed after major life changes.
- Wills must be in writing and properly witnessed to be valid. People with complex estates are advised to consult a lawyer to draft their will.
- If you die without a will, intestacy laws will determine how
This document provides an overview of wills and estate planning. It explains that a will is a legal document that outlines how a person wants their property distributed after their death. Key points covered include:
- What a will is and the different types of wills.
- The importance of appointing an executor to carry out the instructions in the will.
- What constitutes a person's estate and why it's important to have a will.
- When a will should be created and updated, such as after major life events like marriage or divorce.
- What happens if a person dies without a will, in which case intestacy laws determine how the estate is distributed.
An estate planning attorney in Alabama outlines the key differences between wills and trusts. Wills only control property that passes through probate, while trusts can control both probate and non-probate property if properly funded. While wills require court supervision during probate, trusts avoid this process but require more documentation and funding to remain effective over time. The attorney discusses various types of trusts used for disability and Medicaid planning. Overall, wills have lower upfront costs but take longer to administer an estate, while trusts are more complex but allow estates to pass privately without probate.
the year. In such cases, Zakah will only be
payable if the person remains Sahib-unNisab on the anniversary date of first
becoming so.
The 1st Ethical Charitable Trust is dedicated to encouraging social and religious cohesion in the UK by promoting a distinct British Muslim identity that is faithful to Islamic orthodoxy while also being in tune with British values. It aims to successfully articulate this vision to both Muslims and mainstream society. Historically, it has developed Shariah-compliant solutions to common legal and financial challenges for British Muslims and has widened its focus to civic engagement and strengthening community ties. The trust is entirely funded through donations from individuals and companies based
You can chat with our assistant to get help with your Islamic Will.
Learning Guides: We have detailed learning guides on Islamic Wills to help
you understand the concepts from basic to advanced level.
Tools: We have tools like inheritance calculator, property distribution
calculator, debt payment calculator etc. to help you plan your estate.
Updates: We keep updating our resources as per the changes in laws to
ensure you have latest information.
Support: You can contact our support team for any queries related to Islamic
Wills.
So in summary, Wassiyyah provides one-stop solution for all your Islamic Will
needs with reliable and updated information.
Presentation at k3 c womens ministry 180819Musyimi Law
This document provides an overview and summary of property rights, succession law, and matrimonial property law in Kenya. It discusses that the Kenyan Constitution guarantees equal property rights for women, both during and after marriage. Upon death, succession can be either testate (with a will) or intestate (without a will), with intestate succession following specific distribution rules. Matrimonial property includes the family home, household goods, and other jointly acquired property during marriage. Ownership is determined based on each spouse's contributions, whether monetary or non-monetary, and matrimonial property is divided upon divorce.
This document provides information about wills, trusts, and estate planning services from Liberty Wills and Trusts. It discusses the importance of having a will and different types of trusts. Key services include drafting wills and trusts, safekeeping of wills, administering deceased estates, and managing assets on behalf of clients. Costs for various services such as online wills, comprehensive wills, trust registration, administration and safe custody are outlined. The document aims to help clients understand their options for estate planning and protecting their wealth and wishes.
This document discusses common pitfalls in estate planning, wills, trusts, and estate administration. It notes that estate planning aims to arrange one's assets and affairs to provide maximum benefit during life and after death. When drafting wills and trusts, simplicity, liquidity, good governance, and flexibility are important. A will is crucial but must be properly drafted; if not, it can damage families and fortunes. Dying without a will leads to unintended consequences. Trusts can help preserve wealth and reduce taxes, but trust deeds are often poorly drafted. Improper management of trusts can also cause problems. Estate administration faces issues like disputed claims, insolvency, liquidity problems, and difficulties with various entities and institutions.
Getting married? This article briefly explores the legal implications of saying "I do" and the different marital regimes available to you and your partner.
Creating an islamic compliant trust a guide for south carolina muslim resid...scmuslim
This document provides guidance for Muslims in South Carolina on creating an Islamic compliant trust. It explains that a trust is similar to an Islamic waqf in that property is given to a third party to hold for the benefit of others. The document then discusses important considerations for Muslims in structuring a trust, including appointing a wali or guardian to ensure sharia compliance, using a discretionary trust structure, and whether to make the trust revocable or irrevocable. It also addresses how trusts work under South Carolina law and interactions with probate, wills, and estates.
At Price & Kelway we get the job done, expertly.
Our clients are businesses and individuals who value clear advice and affordable solutions. They trust our team of specialist solicitors to provide the best legal support, whenever and wherever it is needed.
And we deliver, every time
Our philosophy is simple. Clients deserve legal support which is clear, within budget and effective. So we promise three things:
- Solicitors who speak your language
- Value for money and no hidden charges
- Solutions
The document describes the benefits of a living trust over a will. It explains that a living trust avoids probate, which can be an expensive and lengthy legal process after death. A living trust also maintains privacy and allows assets to pass directly to beneficiaries without delay. The document provides an overview of the contents and benefits of the Heritage Living Trust documents, which establish a revocable living trust and provide instructions for estate settlement.
The document provides a quote from Ambrose Bierce stating that death is not the end, as there often remains litigation over the estate. This suggests that even after death, disputes can arise regarding the distribution of one's assets and estate.
The document discusses the importance of having a will and the consequences of dying without one. It notes that up to 70% of UK adults do not have a valid will. Dying without a will means that inheritance will be determined by intestacy laws, which may lead to unexpected inheritance and guardianship outcomes. The document encourages taking action now to engage a professional will writer and ensure your assets are passed to the people and causes you want through a will.
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Alexander Belyaev
Calculation of compliance cost in the fishing industry of Russia after extended SCM model (Veterinary and sanitary control of aquatic biological resources (ABR) - Preparation of documents, passing expertise)
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
1. Empowering through Partnership
The Sharı
-
‘ah accuracy of this guide has been
verified by the Al-Qalam Sharı
-
‘ah Scholar Panel.
1st Ethical
Charitable Trust
presents
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Preparing an
Islamic Will
YOUR GUIDE TO
In Partnership With:
DIY Islamic Will inside
Free
2. All praise is for Allah , Lord and
Sustainer of the Worlds. We praise
Him, seek His aid and beg of His
forgiveness. Indeed, Allah is the
One who gives life, and He is the
One who takes it, and to Him shall
we return.
www.1stethical.com www.alqalam.org.uk
Introduction
As Muslims, we are required to bear the anguish of losing a loved one with patience, to
beseech our Creator to be merciful to the soul of the deceased, and most importantly,
to remind ourselves of the temporary nature of this life, so that we may better prepare
ourselves for the next.
Whilst many Muslims are scrupulous in ensuring funeral rites are properly observed
whenever there is a death, there is much less emphasis given to ensuring the assets of
the deceased are distributed amongst the family in accordance with Qur`a-nic
requirements. This is a compulsory (fardh) obligation on the inheritors, and one best
achieved through preparing a legally valid Islamic Will.
This guide contains within it such a legally valid DIY Islamic Will template, which can be
completed reasonably easily and quickly. Before completing this DIY template, please
first read some important information on Sharı-‘ah, tax, ownership, family and legal
considerations.
Please note 1st Ethical Charitable Trust cannot take any liability stemming from the use
of this document. The contents herein are for information purposes only, and professional
advice should be obtained in case of query.
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3. The assets of the deceased should be
distributed according to the following
order of priority:
a) All funeral expenses should be paid. It
is perfectly acceptable (and often the
case) these expenses are met voluntarily
by one or more family members.
b) Any outstanding debts should be repaid.
c) Any bequests (wası-yyah) should be
honoured on condition (i) their value does
not exceed one-third of the value of the
remaining net assets (assets left after
deducting debts and funeral expenses),
and also on condition that (ii) the recipient
of the bequest is not an individual who is
entitled under Sharı-‘ah to receive a share
(e.g. the spouse, child, parent, etc. of the
deceased). Many Muslims choose to make
a bequest to charity as a means of ensuring
some good deeds continue to benefit
them even after their death (sadaqah
ja
-
riyah). Making a bequest is optional.
Please consider one of our four partner
charities, Islamic Relief, Muslim Aid,
Muslim Hands and Ummah Welfare Trust.
d) The remaining assets, after deducting
debts, funeral expenses and bequests (if
applicable) must be distributed according
to Qur`a-nic injunction. The actual
distribution depends entirely upon the
number of surviving family members, but
most likely involves parents receiving
one-sixth of the assets each, and a wife (in
the case of her husband passing away)
one-eighth, or a husband (in the case of
his wife passing away) one-quarter, with
the balance shared between the children
such that sons receive twice what
daughters receive.
Please note these guidelines do not apply
in all scenarios, and a scholar should be
consulted to determine specific shares.
Tax Considerations
Inheritance tax is payable at a rate of 40%
on all wealth, including the family home,
valued over £325,000 for a single person,
or £650,000 for married couples. All
wealth transferred to a spouse on death is
exempt from inheritance tax. Wealth
transferred to anyone else on death is only
exempt up to a limit of £325,000. This
limit can vary over time, and is applicable
for the tax year ending 5th April 2013.
This DIY Will template is therefore not
suitable for those who have wealth over
£325,000 (or £650,000 for a married
couple). Please see example below.
Sharı-‘ah & Tax Considerations
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Sajid is single, and has the
following assets:
1. House valued at £250,000
2. Personal Savings of £150,000
Does Sajid have to pay Inheritance Tax?
The answer is yes, as explained in the
table below:
Estate Value £400,000
Less Allowance £325,000
Net Estate £75,000
Tax Liability @ 40% £30,000
Please note that if Sajid was married, both
he and his wife could combine their
allowances, resulting in inheritance tax
only being paid on assets valued over
£650,000.
4. English Law Compliance
A Will must be legally valid so that it can
be enforced by the courts if the need
arises. Given Sharı-‘ah is not recognised
under English Law, the easiest way to
enforce Sharı-‘ah is to place wealth “under
trust”, but only after death has occurred,
not prior to death.
A trust is a distinct legal entity recognised
under English law. It is controlled by
trustees on behalf of beneficiaries, who
would typically be the family members.
Specific trustees can therefore be
nominated within the Will, who would be
legally required to follow Sharı-‘ah principles
when distributing assets to the beneficiaries.
Laws of Intestacy
The surviving family members of someone
who passes away without a Will tend to
divide wealth by mutual agreement. If
there is a dispute, the English courts
would ultimately decide who gets what,
according to the ‘laws of intestacy’, which
do not follow Sharı-‘ah principles. Those
who are concerned about a family dispute
over inheritance should therefore prioritise
the setting up of a Will.
Jointly Owned Assets
Many couples choose to own their homes
or other assets in joint names, usually held
under a “joint tenancy”. This means
upon the death of a partner, ownership of
the asset will automatically pass entirely
to the surviving partner, regardless of
what a Will may stipulate. This falls foul of
Sharı-‘ah principles, and changing jointly
owned assets to “tenants in common”
resolves this issue by allowing the Will to
determine who inherits from the share of
the partner who has passed. The Land
Registry website contains step-by-step
instructions on how to make this change.
www.landregistry.gov.uk
Guardianship
When preparing a Will, parents who have
minor children may wish to consider who
they would elect to look after their
children, if both parents were to pass
away whilst their children were still
young. Our DIY Will template allows
guardians to be nominated.
Clarifying Ownership of Wealth
Before Preparing A Will
During life, some parents fail to clarify
whether their home is owned jointly by
husband or wife, or solely by one of them,
or whether children are co-owners or
employees in the family business. This
type of uncertainty is Islamically incorrect
and also a leading cause of disputes after
death.
Please use the list of assets sheet after the
DIY Will template to clarify ownership of
wealth.
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£250K
5. Will Template Guidelines
PLEASE READ BEFORE COMPLETING THE DIY WILL TEMPLATE:
1. Only insert information in the white dotted box sections of the Will.
2. Please store this Will template in a safe place and inform family members of its location.
3. You will need to appoint Guardians to look after any minor children and Executors to
manage your estate after your death. Please ensure you have obtained consent from
prospective Guardians and Executors before you include their details. Should the
need arise for a Guardian to be appointed, they will need to consult a scholar over
Sharı-‘ah rules pertaining to guardianship.
4. Please note for married couples, a separate Will is required for both husband and wife.
5. If you wish to use this Will, please ensure the document is duly signed, dated and
witnessed in accordance with English Law and Sharı-‘ah principles.
6. A Will which is unsigned, or undated or not independently witnessed by TWO persons
will not be valid.
7. Please ensure the TWO witnesses are NOT family members, or married to family
members, not named Executors and Trustees of the Will, or married to them, and
finally are independent adults of sound mind.
8. Note your main assets and debts, along with details of bank account numbers, land
registry records, etc, in the ‘List Of Major Assets’ after the Will template.
THIS WILL IS ONLY SUITABLE FOR:
1. Those owning assets in England or Wales who want an Islamic Will valid under English Law.
2. Those whose individual assets are valued at less than £325,000 or, for married couples,
those whose joint assets are valued at £650,000 (40% inheritance tax may be payable
on any assets over this amount).
3. Those who expect their surviving family to amicably distribute their wealth upon
their death.
If any one of the above three conditions do not apply to you, please do not proceed
with using this template, and obtain professional advice.
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6. 1. REVOCATION
3. FUNERAL WISHES
I REVOKE all my previous Wills and testamentary dispositions.
2. DECLARATION OF FAITH
.........................................................................................
...................................................................................................................................................................................................................................................
The amount of ................................................................ absolutely for its general purposes and I direct that the receipt of the
Treasurer or other duly authorised officer shall be a sufficient discharge to my Executors.
The foregoing shall be taken from my Trust of Residue, such that its total does not exceed one third of said remainder of the value of my
total estate. Otherwise, each of the foregoing contributions shall be proportionally reduced to make the total within the “one-third limit”.
Any other bequests you may wish to make can be added here for example giving up to one third to charity.
Please delete as required.
I request my trustees to donate to insert name, address and Charity Registration number
insert amount
I bear witness that there is nothing worthy of worship but Allah, the One, the Merciful, Almighty God, Creator of the
Heavens and the Earth and all therein, God of Abraham, Moses, Jesus, Muhammed and all the Prophets, peace be upon
them. He is the One God and He has no partner. And I bear witness that the Prophet Muhammed is His servant and His
Messenger and the last of all the Prophets, peace be upon them all. I bear witness that Paradise is true, and Hell is true.
And I bear witness that the coming of the Day of Judgement is true, there is no doubt about it, and that Allah, Who is
exalted above all deficiency and imperfection, will surely resurrect the dead of all the generations of mankind; first and last
and those in between.
This is my counsel to my relatives and friends, my Muslim brothers and sisters, and all those who remain after me: that
they strive to be true Muslims and that they submit to their Creator, may He be exalted, and worship Him as He alone is to
be worshipped, fear Him and love Him and His Prophet Muhammed (peace be upon him) with a complete love that is
rivalled by nothing besides them. Let them obey Him and hold fast to His Sharı-‘ah. Let them spread and firmly establish
His religion of Islam, and let them die only in a state of complete submission to His will.
I remind them that no man and no woman dies before their time. The exact duration of each life span is precisely
determined before we are born, by the All-Powerful Creator, may He be exalted. Death is tragic only for the one who lived
out their life in self-deception without submitting to the Creator and preparing for the final return to Him. So, do not
preoccupy yourselves with my death, but instead make the proper preparations for your own. Maintain patience and
self-composure, as the religion of Islam requires. Islam permits male and female relatives to mourn for up to three days.
However, a widow is required to observe mourning for the duration of her ‘iddah (period of waiting). Wailing and
excessive lamentation is forbidden by the Creator, may He be exalted.
Finally, I ask all my relatives, friends and all others, whether they choose to believe as I believed or not to honour my beliefs:
I ask them to honour my instructions and wishes in this document and not to seek to alter or obstruct it in any way. Rather,
let them see that I am buried as I have asked to be buried, and let my assets be divided as I have instructed them to be divided.
I direct my Executors, surviving relatives and friends to ensure that I have a funeral strictly in accordance with
Islamic law, which must include ghusl (washing), jana-zah (funeral prayer) and dafn (burial). In particular I do
not wish for an autopsy to be performed on my body, and request that my body be released for burial
immediately upon death or as soon as is practical. In the event that an autopsy becomes a legal requirement,
I would wish that this is met through an MRI scan if my Trustees deem it appropriate. I would also like to be
buried in the Muslim Cemetery closest to the place of my death. I am aware that this is a serious obligation
and would request that you use your best endeavours to reach agreement over the fundamental matters
mentioned and compromise on others if you differ in opinion.
Last Will & Testament
Muslim Hands (No. 1105056), Muslim Aid (No. 295224), Islamic Relief (No. 1112111), Ummah Welfare Trust (No. 1000851)
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7. 4. GUARDIANSHIP
5. APPOINTMENT OF EXECUTORS AND TRUSTEES
6. RESIDUARY ESTATE
7. TRUSTS OF RESIDUE
8. STANDARD PROVISIONS
I GIVE all the residue of my estate (out of which shall be paid my funeral expenses and my debts) and any
property over which I have at my death any general power of appointment to my Trustees ON TRUST to sell,
call in and convert into money such parts as do not consist of money but with full power to postpone doing
so for as long as they see fit without being liable for loss (and such estate and property which currently
represents it is referred to in my Will as “the Trust Fund”).
MY TRUSTEES shall hold the Trust Fund ON TRUST absolutely to be distributed and where relevant invested in
accordance with Sharı-‘ah (Islamic Law), the interpretation and application of which my Trustees in their
absolute discretion shall determine provided that such distribution does not breach English Law in which
case my Trustees shall apply such modifications as are necessary to comply with English Law.
SUBJECT as below, the standard provisions of the Society of Trust and Estate Practitioners (1st Edition) shall
apply with the deletion of paragraph 5 and with the modification of paragraph 6 such that the Trustees have
the same additional powers as to the application of capital as they have as to the application of income.
NEITHER Section 33 Wills Act 1837 nor Section 11 and 22 Trusts of Land and Appointment of Trustees Act
1996 shall apply to this Will. MY TRUSTEES are requested to have regard to generally accepted Islamic
principles of investment and shall not be liable for the consequences of following such principles, nor for any
loss to the Trust Fund that may result from investing, or keeping the Trust Fund or any part of it invested, in
Islamic investments rather than non-Islamic investments. MY TRUSTEES shall not be obliged to insure any
part of the Trust Fund and shall not be liable for the consequences of not insuring any part of the Trust Fund.
I APPOINT my {relation} ............................................................................................................................
of .........................................................................................................................................
to be the Guardian of any of my children who are under the age of eighteen at the time of my
death but if {he/she} is unable or unwilling to act for any reason then I appoint
of ......................................................................................................................................
to be the Guardian
insert address
insert address
I APPOINT ..................................................................................................................................................
of
.........................................................................................................................................
to be the Executors and
Trustees of the Will
............................................................................................................................................
and ...........................................................................................................................................................
of
insert address
insert address
SIGNED by me on the:
(DD/MM/YY)
.......................................................................
SIGNED by
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.......................................................................
8. LIST OF MAJOR ASSETS
Please include Properties (include full postal address), Bank Accounts (include name of holder, name of
bank, sort code, account number), Jewellery / Diamonds / Watches etc (include details of where these are
stored), Any other valuable assets not mentioned above (please use additional sheets if required)
ASSET 1: ASSET 3:
ASSET 2: ASSET 4:
Note to Executors / Guardians:
When required, please visit www.direct.gov.uk for details on how to obtain a death certificate and probate.
Probate is a legal process which authorises the executors to access the wealth of the deceased.
CONCLUSION
Islam has placed great emphasis on distributing the wealth of a Muslim in a pre-determined manner upon
death. These principles have endured for over fourteen centuries and continue to play a vital role today, not
only in allowing Muslims to fulfil their religious obligations, but also in preventing wealth from being overly
concentrated in the hands of the few as well as ensuring womenfolk have guaranteed rights to their own wealth.
This DIY Will template is designed to make it much easier for British Muslims to put in place a legally valid
Sharı-‘ah-compliant Will. Please remember to leave a bequest to one of our partner charities when preparing
your will.
We pray the Almighty is pleased with this effort. Any errors contained herein are from us, whilst any
guidance is only from our Creator.
1st Ethical Charitable Trust is committed to empowering British Muslims to benefit society through
faith-based campaigns partnering with leading charities such as the RSPCA, Age UK, Salvation Army and
Islamic Relief. For further information, please visit www.1stethical.com.
Al-Qalam Sharı-‘ah Scholar Panel provides British Imams and Muslims with scholarly Islamic expertise on
legal and financial matters. For more information, please visit www.alqalam.org.uk.
SIGNED by the said ...................................................................................................................
in our presence and then by us in ‘his/her’ presence.
Signature of First witness
..................................................................
Name ........................................................
Address ......................................................
..................................................................
..................................................................
Occupation ................................................
Signature of Second witness
....................................................................
Name ..........................................................
Address ........................................................
....................................................................
....................................................................
Occupation ..................................................
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(print name in CAPITALS)