Discretionary Trust

Question ID: 34654
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Is a Discretionary Trust shariah compliant? If yes…How do you go about it making it Shariah Compliant….What is the requirements?

Can all our Heirs be in a Trust as Trustees with both Parents……..The Heirs both male and female getting 24% equal share in the Trust and the Parents getting 2% each share so that upon the death of the parents only the parents share will be distributed according to Shariah and the heirs will retain their equal share.
The Parents are holding 2% each just so that they can utilise the funds and see to the affairs regarding the Trust while they are living with the permission of course of the Heirs. The Heirs decided that they will sign a document allowing the parents power and approval as long as the parents live….Is this Shariah Compliant.

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Asked on December 2, 2017 3:10 pm
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Yes.

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Answered on January 13, 2018 7:54 pm