Updated: Jul 28, 2023
Succession planning for Muslims is the advanced Islamic estate planning to protect inheritors, wealth, businesses, and more. Most sole proprietor businesses die if succession planning is not done. There are many opportunities in the area of succession planning for Muslims that we will be exploring.
Succession planning in the Islamic and secular world is one of the most focused and high-impact areas in estate planning. Since estate planning is lacking in most countries, the importance and necessity of succession planning is by far the least concern area for most people. The primary reason is the lack of visualization of consequences that can rip the business apart right after a person die. Not having a succession plan in place is a big issue for the family members and inheritors.
Waqf has a large history starting from the pre-Islamic era, and it got picked until the 12th -13th century, and then after it declined until today for many reasons. There are huge opportunities in succession planning through creating Waqf. You can read more information HERE.