HOW Singapore's Muslims can plan their financial future will be one of the key issues discussed at a conference later this month.
There will be particular focus on the latest ruling on revocable nominations, issued by the Islamic Religious Council of Singapore (Muis) earlier this year.
Previously, Muslims who bought insurance policies named their beneficiaries only in the form of an irrevocable nomination, which meant they could not change their minds without the consent of the beneficiary.
Revocable nominations were disallowed as they were viewed by Muis as part of the deceased's estate - which has to be distributed to specific parties as dictated by Muslim law. Now, Muis has determined that revocable nominations, too, are gifts.
Muslims now have three options: an irrevocable nomination, a revocable nomination or none at all when naming beneficiaries for their insurance policies, giving them alternative choices and new tools to adopt in estate planning.
The Aug 30 conference is organised by the Muslim Financial Planning Association. Legal and industry experts will discuss areas of Islamic trust, estate planning and investment.
The Muslim Financial Planning Association will launch a course leading to a Certificate In Islamic Estate Planning soon, which aims to give consultants a structured working knowledge of estate planning under Muslim law.