First Trustees Limited, a subsidiary of First HoldCo Plc., has partnered with The Metropolitan Law Firm and Al-Ameen Trustees to host the 8th Annual Islamic Estate Planning Clinic in Abuja, bringing together leading Islamic legal, financial and policy experts.
The forum, themed “From Informality to Legacy: Structuring Islamic Wealth Transfer,” highlighted the urgent need for Nigerian families to move away from informal inheritance practices towards professionally structured, Sharia-compliant estate planning frameworks. Such systems, speakers said, can help ensure the smooth transfer and protection of wealth, prevent family disputes and preserve legacies for future generations.
Speakers emphasised the importance of adopting structured Islamic estate planning frameworks to support wealth preservation, reduce legal disputes and ensure compliance with both Shari’ah principles and Nigerian statutory law. They noted that the shift from informal arrangements to a structured legacy is not merely financial but a vital act of stewardship, allowing families to replace potential discord with clarity and peace of mind by formally documenting their intentions.
Rotimi Obende, representing the Managing Director of First Trustees Limited, described estate planning as a sacred duty. “Estate planning is more than documentation—it is stewardship. Informal arrangements expose families to avoidable risks. Structured, Sharia-compliant plans provide clarity, transparency, and true generational protection,” he said.
He added that regulated trustees play a critical role in ensuring the proper execution of wills and trusts, reinforcing public trust and accountability.
Delivering the keynote address, Isa Ali Pantami, former Minister of Communications and Digital Economy, cautioned against relying on verbal inheritance promises, which frequently lead to conflict and asset loss. He also urged the integration of modern technology, including blockchain, to securely store and access wills and estate documents while bridging traditional Islamic principles with emerging innovations.
Ummahani Amin, Managing Partner at The Metropolitan Law Firm, said Islamic inheritance law provides both structure and flexibility. “Individuals can allocate up to one-third of their estate through properly documented wills and trusts. Too many families suffer because intentions were never formally recorded,” she explained.
As discussions progressed, speakers agreed that with increasingly complex assets, including digital holdings, cross-border investments and business interests, informal inheritance practices are no longer sufficient.
Participants concluded that structured Islamic estate planning offers clear advantages, including legal certainty, tax efficiency, family unity and long-term wealth preservation.
No comments:
Post a Comment