Experts Urge Nigerians to Embrace Islamic Estate Planning

By Dipo Olowookere

Nigerians have been enjoined to consider subscribing to the Islamic Estate Planning irrespective of their religion, tribe or views because of the numerous benefits the system has.

At the Islamic Estate Clinic held on April 28, 2019 in Abuja, different speakers highlighted how Nigerians, both Muslims and non-Muslims can benefit from the system.

The event was put together by FBNQuest Trustees, a subsidiary of FBN Holdings, with Managing Director, Mr Adekunle Awojobi, hosting it. The clinic featured sessions facilitated by Dr. Bashir Umar, a renowned Islamic Financial Scholar.

The sessions covered Islamic Trust (Waqaf), Islamic Will (Wasiyyah), Zakat (Charitable Trust), Hibah and Takaful, among other asset preservation and wealth transfer principles. These enabled attendees understand the guidelines for distributing one-third of their assets (which Islam grants them control over), how to plan for non-heirs in line with Faraid laws and generally the importance of Sharia-compliant Estate Plans to Muslims, as highlighted in the Qur’an (and its interpretations in the Sunnah and Hadith).

Organisers explained that the event was hosted so as to share deep insights on the importance of estate planning and the provisions for this within Islam. The event was premised on the understanding that with increasing wealth comes complex estates, which require robust estate planning for asset protection and wealth transfer across generations.

The Islamic estate planning session brought together high net worth individuals, top industry players, investors, seasoned professionals and sector experts who together tackled the robust conversation on how the affairs of one’s assets should be administered and expert guidelines that come to bear in ensuring plans are made in keeping with the prescriptions of the Qur’an.

During the programme, FBNQuest Trustees used the occasion to educate the public on the relevance of distributing assets and generational wealth transfer in accordance with Islamic tenets.

Managing Director of FBNQuest Trustees, Mr Adekunle Awojobi, encouraged individuals to embrace estate planning to ensure that their assets are well preserved and transferred according to their wishes and that the legacies they are working hard to build can be preserved for generations to come.

He emphasised that Islamic estate planning ensures that individuals can plan for the future of their loved ones and favoured charities while fulfilling in entirety, the guidelines of the Qur’an where assets transfer is concerned.

“Estate planning is for everyone, regardless of religion, however, as the first and one of the leading providers of trust services in Nigeria, FBNQuest Trustees is particularly positioned to support Muslim Clients in their desire to leave a legacy that aligns with their beliefs,” Mr Awojobi said.

“Over the last 40 years, we have gained experience and developed expertise in Islamic Inheritance planning, among other types of Estate Planning solutions. We help guide individuals and families on wealth creation, preservation and transfer processes in line with their desires and beliefs,” he added.

FBNQuest Trustees said it remains committed to pioneering critical conversations such as this and helping Nigerians make sense of assets accrued in the course of their lives, without compromising their faith or values.