Waqf, in Arabic language, means hold, confinement or prohibition. The word Waqf is used in Islam in the meaning of holding certain property and preserving it for the confined benefit of certain philanthropy and prohibiting any use or disposition of it outside that specific objective. This defini­tion accords perpetu­ity to Waqf, i.e., it applies to non-perishable property whose benefit can be extracted without consuming the property itself.

Protecting, growing and extending your wealth in the modern world is  demanding and complex. International boundaries, regulations and tax regimes make effective wealth management difficult to achieve on your own. It is this myriad of regulations that also provides the opportunity to achieve goals with the right help and expertise.

Tabarak is well qualified for the establishment, advisory and operation of Waqf and similar structures in a variety of jurisdictions. Our professionally qualified staff, working closely with tax and legal advisors, will assist in deciding what structure is best suited to your specific circumstances.

Tabarak offers a broad range of Shariáh compliant personal, corporate and charitable Waqf services that are designed to meet the financial needs of individuals and their families, institutions and their employees, and social organizations and their constituency.

Our eminent Shariáh Board ( Sheikh Nizam Yaquby, Dr.  Mohamed Ali Elgari and Mohammad Abdul Rahim Sultan Al Olama ) will oversee and approve our waqf activities. Our services cover: -

• Asset protection - for example in the case of matrimonial disputes
• Inheritance planning - particularly useful in countries with forced inheritance laws Estate planning - to prevent the dissipation of wealth by inheritors
• Mitigation of taxes – depending on individual circumstances Migration planning - when moving to a high tax area
• Probate planning - reduce delay and costs for international investors
  
  

Management of these Waqf services is offered in many different ways: -

• Discretionary: (a) Trustees have wide powers, assets not held for specific beneficiaries in specific proportions (b) Trustees can be guided by a letter or memo of wishes.
• Accumulation and Maintenance: Generally set up for the education of children who at 25 will become absolutely entitled to the assets or have a right to the interest
• Participating Interest In Possession: Beneficiary has the absolute right to the income of the Trust
• Short Form Trust: Permits settlor to add small sums on an ongoing basis

This service extends to providing a guide on likely costs involved in launching a Shariáh compliant product, including the cost of structuring, procuring a Fatwa and placing an appropriate Shariáh Board on the product.