The rise of Sharia-compliant estate planning in the GCC

The growing demand for Sharia-compliant estate planning across the Gulf Cooperation Council (GCC) nations was the focus of a recent roundtable conducted in Dubai by the Ocorian Private Client team, in collaboration with a select group of regionally based intermediaries. The discussions highlighted key trends, challenges, and opportunities shaping this sector, emphasising the convergence of Islamic jurisprudence with contemporary financial instruments, products and services.

From the complexities of reconciling Sharia principles with international wealth structures to the role of technology in enabling more tailored and transparent solutions, the findings from the roundtable offer valuable insights into how the region’s wealth management landscape is adapting to meet the needs of a new generation of investors, especially those who are seeking Sharia compliant solutions.

As the economies of the GCC surge forward on the back of robust investments in energy, technology and infrastructure, a new age of prosperity is dawning on the region. Saudi Arabia and the United Arab Emirates are seeing geometric growth in private wealth, underpinned by ambitious national visions for economic diversification. This rapid wealth creation is not only reshaping financial landscapes but also bringing about a dramatic shift in the region’s wealth management paradigm, putting a focus on Islamic principles within wealth management planning.

To policy makers and wealth managers, as well as high-net-worthindividuals (HNWIs) and family offices, the growing requirement and relevance of Sharia-compliant estate planning is a wake-up call. It reflects a growing trend where financial innovation must align with deep-rooted religious and cultural considerations in order to remain not only competitive but find appeal.

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