Shariawiz
Shariawiz

Navigating the complexities of Shari'a-compliant financial planning in a non-Muslim country like the United States carries a set of dynamic challenges for the nearly 4.5 million Muslim Americans increasingly thinking about their and their loved ones' futures. With a projected number of 8.1 million Muslim Americans by 2050, making up 2.1% of the total population, it's more important than ever to secure this growing demographic's financial future. The challenges religious Muslim Americans face are both financial and deeply personal, intertwining faith and vastly different legal frameworks. However, the intricacies of Shari'a law, Islam's legal system, are yet to be systematized in the US.

Despite the rapid growth of the USA's Muslim population, which is expected to become its second-largest religious group by 2040, there's been a significant lack of accessible, affordable, and relevant Shari'a-compliant financial and legal services available. The problem becomes especially worrying when the national intergenerational wealth transfer of an estimated $84.4 trillion is considered. Whether affluent, middle-, or working-class, hiring specialized Islamic lawyers and advisors is expensive and often out of reach for many Muslims planning their families' finances and estates.

Beyond sheer numbers, the political and economic contexts Muslims live in, like the growing gender parity in the USA's working populations, are changing. Awad adds: "The Sharia is not static. Flexible at its core, it is alive and thrives on a demanding, dynamic diversity to keep searching for the truth – God's plan for ethical and moral existence here - and in the hereafter." Making uniquely culturally sensitive and religiously compliant legal services accessible to Muslim Americans is not merely a cautious step toward the future of Muslim Americans, it's a matter of justice and representing the particular legal demands of a growing minority.

Abed Awad, a world-renowned lawyer since 1998 and an Islamic law professor of 17 years, recognized these gaps in access throughout his career. With decades of experience in Islamic law and practicing law, Awad founded Shariawiz, a groundbreaking online platform that democratizes access to Shari'a-compliant estate and financial planning. His mission with the platform is straightforward and profound: "Protect your family, preserve your wealth, and fulfill your faith. It's a whole halal ecosystem," as Awad puts it.

Shariawiz provides a comprehensive set of tools designed to address the financial and legal needs of Muslim Americans. Estate planning and leaving what is due to others is a religious obligation according to Shari'a, and it's also the foundation of financial security. This includes drafting wills, creating healthcare directives, setting up living wills, medical proxies, trusts, and Islamic prenuptial agreements. The platform incorporates Shari'a-compliant solutions, like an Islamic Inheritance Calculator and family waqf, a 1,200-year-old Islamic structure that pools assets into a trust managed by a surviving spouse, with the stipulation that distribution only happens after their passing. This unique approach provides Muslim American couples with the tools to preserve the marital estate until the passing of the surviving spouse. In fact, Awad's solutions could be adopted by Muslim populations around the world owing to their scholarly and religiously airtight reasoning.

It also offers other financial planning tools tailored to the needs of Muslim Americans. Users can create saving plans for major life goals like homeownership, retirement, and even religious obligations like zakat and Hajj. One of its standout features is the legacy projection tool, which enables users to visualize the financial impact of different scenarios throughout their life such as unexpected death or retirement, and assures their assets are distributed according to Islamic principles. "Not only do I want to provide my community with Islamic Wills and trusts, I want to provide them with faith-fulfilling and Shari'a-compliant products that protect their families and understand the economics of living in the United States," adds Awad.

With every service abiding by the many tenets of Shari'a law— such as voluntary and mandatory charity (sadaqah and zakat)— and the many state-specific laws in the USA, Shariawiz permits Muslim Americans to accomplish their long-held religious traditions of Shari'a while remaining consistent with American Legal traditions.

Launched in 2021, Shariawiz has been awarded numerous awards and has been widely endorsed by major Islamic organizations, financial advisors, and the Muslim-American community at large for its affordability and accessibility. Unlike hiring private attorneys, which could set users back thousands of dollars, Shariawiz's streamlined approach makes these essential services available at a fraction of the cost. In just four years, the platform has seen thousands of satisfied users without a single complaint, pointing to the demand it meets and the reliability of its services.

This year, Shariawiz is set to expand its offerings to a new territory of Shari'a-compliant finance. The platform is moving towards providing Islamic products like retirement plans and investment tools, custom planned giving (sadaqah jariyah) services, and white-label financial advising software due for release in the next six months. With new innovations always on the horizon, Shariawiz remains rooted in its original mission to provide accessible and faith-fulfilling financial planning solutions for Muslim Americans.