as-Salihin Trustee Berhad
as-Salihin Trustee Berhad
The trust company as-Salihin Trustee Berhad was formed under the Companies Act 2016 and is registered under the Trust Companies Act 1949. It was established to address the urgent need of the average Muslims to maintain, defend, and distribute their hard-earned assets in accordance with Syariah principles.
Services Offered
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Will writing (Wasiat)
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Executorship & state administration
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Administration of intestate estate
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Trust
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Jointly acquired asset agreement
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Pri-Hibah (Delaration of Hibah)
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Pri-TI (Takaful/Insurance Trust)
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Pri-Warisan
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Pri-Niaga
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Pri-EMAS (Golden Age Trust)
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Endowment (Waqf)
Will Writing (Wasiat)
A Wasiat is a declaration made by an individual during his lifetime about his property or beneficial interests in it, to be carried out after his death for the purposes of charity or some other intention permitted by Islamic Law.
Islam requires a Muslim to leave one-third of his properties to loved ones who are not entitled to Faraid, whether Muslims or not, or for charitable purposes in accordance with Syariah via a Wasiat.
Estate planning encompasses not just the distribution of your estate after your death, but also the proper management of your estate. The Wasiat gives you the option of naming a trusted person or a trust company to serve as executor/administrator of your estate and be in charge of its administration.
Executorship & State Administration
As-Salihin is a trust company that can be named as an executor. As-Salihin ensures that the estate's delivery is carried out correctly and smoothly. While some may believe that Wasiat-writing is merely a personal preference, selecting an executor is a serious matter that should not be taken lightly.
Administration of Intestate Estate
When a person dies without a Wasiat, he is considered to have died intestate, and an administrator or administrators must be named to administer his properties, that is, to collect his assets and liabilities and allocate any excess to his beneficiaries after full payment of his debts in accordance with Syariah principles.
Trust
A trust is a legal duty that arises when an individual or other legal entity (known as the settlor) transfers legal ownership of his properties to another person or persons (known as the trustees) for the benefit of the beneficiaries, which may be individuals or other legal entities.
When the assets are passed to the trustees, they become the legal owners of the trust assets. The beneficiaries are then ipso facto the beneficial owners of the trust properties. The trustees are responsible for managing the trust properties entrusted to them in compliance with the trust's terms and conditions.
Jointly Acquired Asset Agreement
Property obtained jointly by both husband and wife over the course of a legitimate marriage is known as Marital Property (harta sepencarian). As a result, if one of them dies, the surviving spouse is entitled to a part of the deceased spouse's assets prior to distribution in accordance with Faraid rules.
There are often situations where the beneficiary of the deceased does not agree to the claim of Marital Property by the spouse after the death of the spouse. To avoid the problem of unwanted family disputes occurring after death, as-Salihin prepared a document called the Joint Acquisition Asset Agreement which is an instrument of division of Marital Property.
Pri-Hibah (Declaration of Hibah)
Pri-Hibah is a declaration of Hibah by the owner of a particular asset, specifying that the asset is given to the beneficiary and that the asset is kept for the beneficiary's gain. It is a written agreement that lays out the terms and conditions on which the Settlor retains the properties.
Pri-Hibah at as-Salihin has the following characteristics:
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The declaration goes into effect right away (at the time the declaration is made).
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Only gifts to a child or grandchild from a parent or grandparent are revocable.
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It is not subject to Faraid, but rather to the Pri-Hibah's terms.
Pri-TI (Takaful/Insurance Trust)
PRI-TI is a Takaful/Insurance proceeds trust in which the owner appoints as-Salihin Trustee Berhad as an assignee and trustee ('Trustee') to obtain Takaful/Insurance proceeds (“Trust Fund”) by an Absolute Assignment. The Settlor would create a Trust Deed to specify the terms and conditions for the Trust Fund's administration.
Pri-Warisan
We are committed to assisting the community with the various roles and matters of estate management as a trust firm specialised in estate planning and worthy of being elected as an Executor. Closing bank accounts, settling the deceased's debts, including income tax payments, and submitting relevant documents to the High Court and relevant government authorities are all part of this process.
Estate administration is time-consuming and costly. When you subscribe to our Pri-WARISAN kit, which saves you money on estate administration, you can prevent inconveniences. All you have to do now is get in touch with us for more details on the kit and support from our Islamic Estate Planner.
Pri-Niaga
Pri-Niaga is a preparation in advance of such triggering events to ensure a smooth transition and succession of business interests.
Advantages of Pri-Niaga:
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Shareholders / business partners pre-agree on the selling price of shares.
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Heirs will be financially secure.
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The funding process for the acquisition of shares has already been decided.
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If the heirs are uninterested in the business, the remaining shareholders will buy their shares and take over the company.
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The business continues to work, and related suppliers and creditors may expect uninterrupted trade as long as the company operates.
Pri-EMAS (Golden Age Trust)
With Golden Age Trust, the Settlor appoints as-Salihin as Trustee and authorizes it to administer his movable assets for his own good and that of his loved ones in the event of any of the above-mentioned events.
Pri-Emas' main aim is to secure the Settlor's interests in terms of covering his regular expenditures, medical expenses, emergency costs, and other unexpected expenses until he recovers from his impairment or dies.
Endowment (Waqf)
Waqf is an irrevocable dedication of property rendered explicitly or indirectly, or a charitable contribution for the purpose of gaining value in Allah's eyes.
Waqf may be rendered to take place while the individual is alive or only after death with the use of a Wasiat. Only State Islamic Legislative authorities can serve as Trustees for Waqf, according to various Islamic Administration enactments across the world.
as-Salihin provides advisory services on the formation of Waqf in Wills, Life Trusts and PRI-TI.
Get professional advice
Contact our representative to receive personalized insurance advice and begin your journey with us today. Call Felicia Fong (+6019-7871313) to receive the best insurance advice for you and your loved ones.
