Picture this: A family in Dubai walks into the office of a therapist. A lot of its land is outside of the UAE, and both of its children live in different countries. The business is run from the UAE. When they first started talking ten years ago, they would have mostly talked about growth and asked which parts of the private markets were now open to them.
These days, the first questions are more likely to be about who gets what and whether the family’s faith will allow the plan to work.”Families used to just settle for Shariah-compliant planning, but now they actively look for it,” says Nazneen Abbas, Vise President at the Continental Group, where she helps families with succession. “They no longer want to do without faith or money planning.”
That trade-off was common for a long time. A wealthy Muslim family could use sophisticated planning to give their wealth the flexibility and underwriting power it needs to move around the world, or they could stick to a system that they were sure was in line with their understanding of Shariah. Most of the time, traditional tools got the job done first, while compliant options stuck to their guns and did less, so families chose one and were happy with the other.
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