 Integrating Family Waqf into an Inheritable Going Concern Business: An Instrument for the Sustainable Welfare of Exempted HeirsUmar Habibu Umar
Chapter Chapter 4 in Revitalization of Waqf for Socio-Economic Development, Volume II, 2019, pp 67-87 from Springer Abstract: Abstract Affording basic needs of the family members (orphans, widows, poor and needy) out of one’s wealth is a highly recommended practice in Islam. This paper presents how family waqf could be infused into an inheritable going concern business for sustainable welfare of the current and future generations of the family members who are exempted from the inheritance. The business as an estate left by a deceased becomes a family business since each heir is admitted into the business as a partner. Thus, the business becomes a family business. The paper shows that waqf could be infused into the business by the owner of the business before death or by way of will (bequest). In addition, the heirs could declare a portion of their wealth as waqf during the distribution on behalf of the deceased. Alternatively, the heirs could declare a certain portion of their net worth from the inherited business as waqf for the exempted heirs. The integration is expected to be sustained as long as the business remained a going concern. Consequently, the exempted family members (both current and future) welfare could be sustained endlessly. Date: 2019 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-18449-0_4 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-18449-0_4 Access Statistics for this chapter More chapters in Springer Books from Springer |
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