Trust and estates: Family matters
The last decade has seen a dramatic increase in the use of trusts by Islamic families and considerable efforts have been made by banks and independent trust companies alike to ensure compatibility of their products with the principles of Sharia law. But why has the trust, exported to common law jurisdictions over the past few centuries, suddenly found such favour in the Middle East? To understand the attraction, we first have to understand the nature of Sharia law and particularly the rules governing succession. The vast majority of countries apply a system of succession based upon a combination of residence, domicile and the location of the assets in question. A few, such as Lebanon, will drill down further and apply different rules to different religions.
Recent years have seen a boom in the use of the common law trust by Islamic families. Andrew Goodman explains its attraction to countries using Sharia law
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