Who Owns a Trust
There is no Ownership in a Trust, a Trust exists in Law on its own, Trust is a essentially a Legal person and has following Parties:
- Grantor – Person that gives or grants -Customer
- Beneficiary – Person or Persons that get benefits of Trust – Customer – can be changed by Grantor anytime
- Trustee – Manager – IjaraCDC
- Investor – Bank, Insurance Co, Trust Co or Private
Since our transaction goes back to 1995, and in 1997 it was licensed to UBK, United Bank of Kuwait, who ran it under the Al-Manzil program until the first Gulf War when the US Government froze the Kuwaiti assets, at which time they closed shop in the USA. There were roughly $50 Million in transactions that they had funded and sometimes it took as much as 9 months for things to get signed, since they no longer operated in the US. So when we took over the program, we approached the Scholars and they agreed that this was an unforeseen incident and that some modification to the process for protection of the customer was permitted. So when we create the Trust, we create it with the customer being all three parties, the Grantor, Beneficiary, and Trustee, then IjaraCDC will get added as a Co-Trustee and will function as Trustee for the life of the transaction. If something should happen to IjaraCDC, Allah-hu-Alam (Allah Knows Best), then the customer can immediately take over the operation as a Trustee.