What is Faraid? Faraid is that section of the Islamic law that deals with the distribution of the estate of a deceased person among his heirs in accordance with Allahs (God) decree in the Holy Quran and according to the hadith or tradition of the Messenger of Allah (peace be upon him). What is an estate? Estate is all the assets and liabilities of a deceased person, which, according to Islamic law, may be inherited by the deceased persons heirs. What are the types of estates? - Immovable property such as a building, a piece of land, a plantation, etc. - Movable property such as money, shares, jewelry, equipment, vehicles, clothes, etc. - Money owed to a deceased person. - Property that has been mortgaged or pawned by a deceased person and that is redeemable. - Property purchased by a deceased person during his lifetime for which payment has been made by him but which has not been delivered to him until his death. - Mahr (Dowry) that has yet to be paid to a wife until the wifes death. - Other assets such as savings, employee provident fund money, shares, unit trusts, bonds and insurance policies approved by Islamic law. - All the aforesaid property in and outside the residence of a deceased person. - All other assets of material value. What is the basis of Faraid? Faraid is based on: Read more ► alfalahconsulting/2011/04/what-is-faraid.html #Islam #Muslim #Islamicfinance #faraid #Shariah
Posted on: Wed, 22 Jan 2014 01:11:10 +0000
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