Source: Business Times
KUALA LUMPUR: Wasiyyah Shoppe Bhd expects to add between RM5 billion and RM8 billion of assets in inheritance managed by it in the year ending June 30, 2025.
Wasiyyah president and chief executive officer Ariffin Sabirin said this is based on the trend of increasing awareness among Muslims in Malaysia on the issue of wealth management according to sharia principles.
“God willing, I expect that we will be able to add more value to the assets in inheritance because in the 20 years since Wasiyyah was established, we have proven our ability to complete the distribution of more than RM45 billion in Muslim inheritance.”
He was speaking at the launch of Wasiyyah’s new branding by Malaysia International Islamic Financial Centre (MIFC) chairman Tan Sri Azman Mokhtar.
Also present was Wasiyyah chairman Datuk Ahmad Tajudin Abdul Rahman.
The rebranding is in line with the corporate restructuring implemented by Wasiyyah Holdings Bhd and announcement of the appointment of actor and entrepreneur Datuk Rosyam Nor as the company’s ambassador.
Ariffin said based on government statistics, there were more than RM90 billion in Muslim community estates that had been abandoned and failed to be managed by heirs due to various factors including family disputes.
“However, Wasiyyah itself has successfully finalisef about half of that amount through amicable settlements and in accordance with faraid law involving more than 100,000 of our service customers nationwide,” he added.
He expects many outstanding cases, including those due to too many heirs making claims, to be resolved harmoniously through the information campaign that Wasiyyah is actively implementing to assist the parties involved.
The sharia-compliant trust company will increase the series of enlightenment regarding the benefits of Islamic estate management.
“Our survey found that many people still do not understand and are confused by misinformation,” he said.
Wasiyyah also plans to venture abroad with Oman picked as the pioneer because the standard of the Islamic financial management system in the West Asian sultanate is recognised as the best in the world.
“We will allocate about RM1 million to open the first branch in the country at the earliest by the end of 2025 or by the first quarter of 2026 at the latest, with discussions currently in the final stages,” said Ariffin.
The expansion to Oman, he added, will serve as a benchmark before exploring many more countries in the West Asian region.
If Wasiyyah succeeds in establishing a strong foothold in Oman, he said, the opportunity for it to penetrate the market for sharia-compliant estate management services in other Muslim countries will be easier.