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An example of a non-existent beneficiary is an unborn child. The beneficiaries must not be at war with the Muslims. Scholars stress that non-Muslim citizens of the Islamic state (dhimmi) can definitely be beneficiaries. The beneficiaries may not use the waqf for a purpose in contradiction of Islamic principles.
The beneficiaries are beneficial (or 'equitable') owners of the trust property. Either immediately or eventually, the beneficiaries will receive income from the trust property, or they will receive the property itself. The extent of a beneficiary's interest depends on the wording of the trust document.
A key technique to achieve capital protection without amounting to a loan is a binding promise to repurchase certain assets; e.g. in the case of Sukuk Al Ijara, by the issuer. In the meantime a rent is being paid, which is often benchmarked to an interest rate ( LIBOR is the most common though its use is criticized by some Sharia Scholars).
In law, an equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary". [1]
The post What Does a Revocable Beneficiary Mean for Estate Planning? appeared first on SmartReads by SmartAsset. When creating an estate plan, one of the most important decisions is choosing ...
A contract will be formed (assuming the other requirements for a legally binding contract are met) when the parties give objective manifestation of an intent to form the contract. Because offer and acceptance are necessarily intertwined, in California (US), offer and acceptance are analyzed together as subelements of a single element, known ...
Non-binding or nonbinding may refer to Nonbinding allocation of responsibility (NBAR) in a superfund; Non-binding authority in law; Non-binding arbitration; Non-binding constraint, mathematics; Non-binding opinion in patent law: International preliminary report on patentability objective; Non-binding opinion (United Kingdom patent law) Non ...
In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person , but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...