A Letter to a Dear One — Page 100
100 Letter to a Dear One of the amount under consideration. The said document should then be witnessed and a repayment period should be fixed. The person taking the loan should formulate this document. If they are under age, etc. , then someone should act on their behalf. There are similar instructions about all pacts and contracts. It is directed that there should be no interest involved in all pacts and partnerships. ‘Interest’ means, one party lays a clause that in return of the usage of their money or goods they would receive a fixed amount of money or goods or would receive the money or goods loaned on a fixed rate. Indeed, a partnership based on the principles of business whereby both or all parties are equally responsible and have equal rights to receive profit and loss on a fixed rate, is admissible and is not objectionable. Islamic Law of Inheritance In Islam, the third way to prevent accumulation of wealth with a few is the Islamic system of inheritance. An adult Muslim has the choice to bequeath any portion of his estate in his lifetime or to spend it as he wishes. Once the bequest is made, he should remove any claims over that part of the property. He cannot have an arrangement whereby he benefits from that property during his lifetime and the property or estate is transferred after his death. He only has the right to make a bequest when in good health. In case of contracting a terminal illness, he cannot make a bequest, however, he can make a will. According to the [Islamic] rules, he cannot transfer more than a third of his estate, this rule is applicable even when giving to charity or for religious purposes. There is a restriction regarding this one-third share; it cannot be given to an heir. The obligatory outcome of doing so would result in that particular heir receiving a larger share of the estate in comparison to the other heirs. Therefore this is not allowed. It is not proper for a Muslim to deprive his natural heir from his inheritance or to lessen his share. The Shar ī ‘ah does not permit (although the Islamic Jurisprudence lays no such restriction) a person to give one heir a portion of his estate in his lifetime, unless various other heirs have received their fair share as well. The funeral arrangements of the deceased should be paid for from the estate, as should be any outstanding debts of the deceased be paid off. The remainder of the estate should be divided between the rightful heirs according to their appointed shares.