| Trust: |
A legal, fiduciary relationship in which an institution or individual (the trustee) holds legal title to property with the responsibility for keeping or managing this property for the benefit of another person (settlor) or beneficiary. |
| Trust Agreement: |
A legal document that establishes a trust and outlines the rules and guidelines affecting its management and disposition. |
| Trust Fund: |
Property or assets held in trust. |
| Trustee: |
The individual or institution with responsibility for management of property placed in trust for the benefit of another individual. |
| Settlor: |
An individual who establishes a trust in order to transfer property or assets (also known as Settler, Trustor or Grantor) |
| Beneficiary: |
An individual named as the recipient of the income or principal of an estate or trust. |
| Heir: |
One who inherits from the estate of a person (settlor) who has died |
| Executor (male) or executrix (female): |
The institution (Waqf) or trustee (Waqf employee) appointed to control and protect an estate's assets, pay off any debts, and distribute property as directed by the settlor. |
| Inter-vivos trust (living trust): |
A trust created by a trust deed signed by a living person (settlor) |
| Testamentary Trust: |
A trust created by a will. |
| Irrevocable Trust: |
A type of trust that cannot be revoked or changed in any way. |
| Revocable Trust : |
A type of trust that can be terminated by the settlor (the opposite of an irrevocable trust). |
| Will: |
The legal statement of a person's (settlor's) wishes concerning the disposal of his/ her property after death. |
| Estate: |
The sum total of a person's (settlor's) assets. |
| Retail Client: |
An individual/ person or entity whose liquid assets do not exceed USD $1 Million and who may not necessarily posses the expertise and experience of financial dealing and markets in multi jurisdictions required to fully understand the benefits and drawbacks of the products marketed by Waqf Trust Services Limited and determine their relevance. |
| Wholesale Client: |
An individual/ person or entity whose liquid assets exceeds USD $ 1 Million and who fulfils the regulatory criteria to become a client and meets the regulatory requirements of Waqf Trust Services Limited including the necessary level of knowledge and understanding of financial dealings and markets in multi jurisdictions. |
