ISLAMIC

Administration of Estates

The appointed wasi (executor) will have an onerous duty to carry out the instructions of the testator in a professional and timely manner. The wasi in discharging the fiduciary duties is to ensure that the assets and income of the estate are protected, invested and duly accounted for.

The wasi being appointed must have:

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• Knowledge in legal, accounting, investment and taxation matters

• Experience in the administration of estates

• Continuity in the administration of the estate

• Time to manage the affairs of the estate; and

• Be able to act impartially between various parties and beneficiaries

Members of ATCM offering Islamic Private Trusteeship services are often appointed as wasi to carry out the instructions of the testator.