Financial investment company Wahed has acquired online Islamic Wills providers iWill Solicitors and True Wills for undisclosed sums.
UK-based iWill Solicitors has advised on over 5,000 wills for the UK’s Muslim community. The firm was established in 2007 by managing director Haroon Rashid. IWill Solicitors will continue trading as usual. All personnel from iWill Solicitors will join Wahed.
True Wills is a UK-based Islamic Will writing service and was co-founded by qualified solicitor Mohamed Suleman and Shabeer Sheffa.
The acquisitions will see Wahed expand its financial services offering to include Wills alongside pensions and savings. It follows Wahed’s launch in January of its physical branch in London.
The Islamic Will, also known as Al Wasiyah, is a set of directives that take effect after death. Execution of the Will follows the settlement of final expenses and liabilities. Under Sharia law, a person may only leave one-third of their possessions to whomever they choose.
By law, the remaining two-thirds will be shared fairly among their closest family, the fixed inheritors.
Junaid Wahedna, the founder and chief executive of Wahed, said: “There is a huge level of demand in the UK for Islamic wills, so we’re thrilled that Wahed is now able to offer this vital service to our investors thanks to the acquisition of iWill Solicitors.
“Wills are a vital way to ensure your loved ones are looked after once you pass away in accordance with your faith, as well as allowing you to bequeath to charity, and so the planned addition of will-writing to the Wahed app is especially exciting to offer alongside our savings and pensions products.”