RHB Islamic Bank and as-Salihin Trustee have signed an agreement to offer Islamic estate planning (IEP) such as will writing, declaration or joint income and administration of estates. It targets to get RM1.1 million (US$340,000) in sales by the end of the year. The IEP will initially target urban Muslims who have recently started their employment as well as those with children, said Jamelah Jamaluddin, RHB Islamic’s managing director.
Abdul Aziz Peru Mohamed, CEO of as-Salihin Trustee, said that the company focuses only on IEP and provides professional solutions in accordance with Shariah law. Writing a will costs between RM380 (US$117) and RM5,000 (US$1,544), he added.
Jamelah said that the bank aims to get more Muslims in the country to prepare their will through IEP as a way to protect their loved ones. The Shariah law of succession, or faraid, is only for legal heirs, but the IEP aims to cover those not directly included in the succession line as well.