Hence funds have to be invested in a conservative way with a consistent growth and insulated from market risks The unique advantage with LIC is the contributions made by the company and interests credited by LIC are irreversible.This ensures highest level of safety for the total corpus and consistency in future contributions.The person, who supervises or takes over the management of a waqf, is called the mutawalli. He also distributes the benefits of the property according to the directions laid down in the waqf.A mutawalli has no beneficial interest in the property.The same thing is there in definition of representational assesse.Below is the extract of the definition of representational assesse For the purposes of this Act, “representative assessee” means in respect of income which a trustee appointed under a trust declared by a duly executed instrument in writing whether testamentary or otherwise [including any wakf deed which is valid under the Mussalman Wakf Validating Act, 1913 (6 of 1913),] receives or is entitled to receive on behalf or for the benefit of any person, such trustee or trustees Life Insurance Corporation of India offers its Group Gratuity Cash Accumulation scheme to enable employers to meet their gratuity liability in a very simple and efficient manner.Since Pakistan was part of British India until the middle of the twentieth century, the waqf system in this country preserved many of the characteristics of the situation in India.Before April 1959 the following waqf acts were in force: In 1959 the Government of Punjab promulgated the West Pakistan Waqf Properties Ordinance, which granted the government the right to dispossess a mutawalli.
The main motives for centralization of the waqfs were also similar to the rest of the Islamic world.
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The Muslim Law or Islam Law (or the Law of Allah) is a part of Family Law.
It is a personal law and a branch of civil law that is applied by courts in regard to family matters when the parties are muslims.