Tazkiya (Capital Legacy) Review - Halal Finance Products

Tazkiya is Capital Legacy's answer to a structural failure in South African Muslim estate planning. Its own headline statistics frame the problem: 75% of South Africans die without a valid will, and 90% do not plan for the costs of death. For Muslims the stakes are doubled, because dying intestate routes the estate through the Intestate Succession Act rather than the Quranic shares, and because the conventional tools for funding death costs, life policies and fee-indemnity plans, are riba- and gharar-tainted. Tazkiya packages the fix as four elements: the Islamic will, cover for legal fees, optional life and disability cover, and Shari'ah estate administration.

The will service drafts to the client's chosen school of thought, providing for the Islamic heirs, religious liabilities and obligations, and any wasiyyah within the permissible third, with the document held in safekeeping; both drafting and safekeeping are free to Takaful Fund members as part of the Legacy Services suite. The administration side is where Capital Legacy's core business shows: the published process settles burial and shrouding expenses, religious liabilities and debts, has the Islamic heirs confirmed by the relevant Muslim judicial body, pays wasiyyah, creates specified trusts, distributes the residue per faraid, facilitates retirement annuity and group life payouts, and can commence a monthly Widows Trust income where MyLegacy Cover is in place.

The Legacy Protection Plan is the financial engine. From R87.31 per month, it indemnifies the fees that erode estates, executor, testamentary trust, conveyancing attorney and non-estate asset administration, up to a Maximum Indemnity Benefit of R3,390,816 depending on the selected plan, with integrated cash benefits (Immediate Liquidity, Estate Overheads Protector, Estate Gap Cover) lifting the plan value to beneficiaries as high as R5,272,718, plus a R10,000 burial society benefit paid at once for burial rites. Extender benefits add MyLegacy Cover life cover up to R15 million and MyAbility impairment and critical illness cover up to R5 million, with a Benefactor option returning up to 12 months' contributions every five years as cash back. Crucially, all of this pays from a Family Takaful and Takaful Waqf Fund created by Capital Legacy as Takaful Fund Operator, which the site describes as keeping funds uncontaminated by interest or other undesired financial influences.

Governance is asserted but not itemised. The site states that all elements, the Family Takaful, the Trust and the Takaful Fund Operator, are reviewed regularly by an independent Shari'ah Supervisory Board whose members and trustees 'are recognised as market leaders and highly experienced Islamic scholars in SA', yet no names, no fatwa and no certification document appear anywhere public. For a first-of-its-kind takaful structure in a country without a takaful regulatory framework, that is a real gap, and it is the one question every prospective member should put in writing at the free consultation. Our assessment: the architecture is the best in the market, the numbers are refreshingly concrete, and the takaful routing is exactly right; complete the picture by obtaining the board roster and current Shariah certificate, and by confirming standalone will terms if you do not want the takaful plan.