The Status Of Nominees And Legal Heirs In The Statutory Laws Of Bangladesh With Reference To The Islamic Legal Principles

A nomination is a facility provided to depositors of commercial banks, insurance companies and other financial institutions in Bangladesh and it is essential for the account or policy holder to nominate one or more persons as a nominee under both the statutory laws of Bangladesh and the Islamic law. If a depositor opts for a nomination facility for his deposit, it will be very easy to claim the deposit amount in the event of the death of the depositor. The question arises as to the legal position or right of a nominee in a bank or financial institution or insurance policy, for example, whether a nominee could be regarded as the owner of the account or policy; or a mere trustee to receive the benefits accordingly from the bank or financial institution or insurer and to distribute them to the right beneficiaries. In this research, an attempt has been made to analyze and compare the legal position and the rights of the nominee under both the statutory laws of Bangladesh and the Islamic legal principles by adopting qualitative and analytical research methods.