This is the Software tool that automates the distribution of the shares of inheritance according to Islamic Shariah and constitutes an important component of well-in-demand Islamic Wealth Management Solutions. It caters to very possible scenario and gives solutions to all schools of Islamic Fiqh. It is exhaustively tested and authenticated by reputed experts and institutions.
| Why Al-Faraidh?
- The law of inheritance is among the most important laws of Islam
- It ensures the just division of property among the inheritors in a peaceful atmosphere.
- It results into the internal consolidation of the families and plays a great role in achieving the economic and familial objectives of Islam.
- Authentic and concise books on this subject in English and regional languages are very rare.
- This is an extensive and complicated science that demands expertise not only in the Islamic Jurisprudence but also in the basic Mathematics.
| Islamic Wealth Management
- Islamic Wealth Management is a growing market throughout Middle East.
- Islamic Wealth Management is part of the growing market of Islamic Banks.
- There is Huge Demand for the IT Solutions for Islamic Wealth Management
- Inheritance is an important constituent of Islamic Wealth Management.
- Alfaraidh can work as an important add-on to the wealth management solutions
| Property Estimation
- Islamic Shariah intends to ensure the correct and just distribution of even the tiny and negligible parts of the ownerships of the deceased among his/her relatives.
- This tool of the software helps in estimating accurately and precisely the exact size of the proprietorship of the deceased.
- Cash, Foreign currencies, investment, gadgets, households, movable and immovable property, receivable loans and all other types of ownerships are considered.
- Thereby ensuring the very accurate estimation of the leftovers so as to distribute them according to Islamic Shariah.
- Normally at the time of property distribution loans on the deceased are not considered.
- This part of software asks for the details of the direct loans, installments due on any purchase, advances due, taxes, zakath, fitrah, fidyah, maher dues, dues in the business transactions and other types of loans.
- The total loan is deducted from the estimated ownership before distribution.
- Software ensures that the total part of the willed property doesn’t exceed the one third of the total leftover. If the will is more than the one-third then according to the guidance of Shariah it is brought down to the maximum allowed value i.e. the one third of the estimated leftover.
- The one-third part, then, is distributed among the people in the same ratios as they were allotted in the will.
- If the will is made in favor of any body whose share is fixed in Islamic Shariah then according to the Shariah directive that part of will is rejected and suitable warning is given.
| Main Distribution
- The software asks a series of questions to know the relatives that were alive at the time of the death of the deceased.
- The software asks only about those relatives who are expected to get the share. For example the grandfather doesn’t get any share in presence of the father. So if father is reported to be present than the software won’t ask any question about grandfather
- After getting the details, the software automatically allots each of the relatives his/her due share.
- Along with sons and grandsons, queries are made about the great grandsons and great great grandsons (up to fourth generations). Similarly if they are not present queries are made about father, grandfather, great grandfather, great great grandfather etc. Relatives are traced up to the progeny of the full or half brothers of the great grandfather. And the shares are distributed among the nearest set of relatives that is present.
| Extraordinary situations
- Other then the normal situations the software caters to the extra ordinary and rare situations when the calculations become much different and quite complicated.
- In the absence of paternal relatives, some schools of Islamic Jurisprudence give shares to the maternal relatives called Zawil Arham.
- The division among Zawil Arham is very complicated because here the genders of not only the inheritors but also even their roots (father, mother, grandfather etc) make great difference. The shares are estimated after many layers of calculations. Al-Faraidh automatically carries out all the rounds of calculations.
| Withdrawal, Pregnancy, Missing Person etc.
- If any of the legal inheritors voluntarily withdraws from his/her share in exchange of something or nothing, a particular way of calculating the shares of the other inheritors is fixed by Shariah in such situations.
- The software employs this method of calculation and the share of each relative is found out.
- Like wise if any such woman is pregnant whose baby may effect the calculations than the baby is first considered to be a boy and the share of each relative is calculated; than the baby is supposed to be a girl and again the calculations will be repeated.
- The same case will be for a missing person. He/She will be first considered to be alive and than to be dead. Remainder will remain deposited.
- In such complex situations the software automatically repeat the calculation two, three or four times and after paying the least share the remaining part is kept deposited.
| All four Schools of Fiqh
- The software caters to all the four schools of Sunni Fiqh i.e. Hanafi, Shafii, Maliki and Hambali.
- The user gives his option about the Fiqh School at the beginning and all calculations are made according to the law of that school only.
After all the queries are made, the software carries out the calculations and automatically the report is generated. The report contains a detail table containing the exact size of the share of each inheritor. The report can be printed and the user can take it along for actual physical distribution of the property.