Wakalah (Agency) Literally, the term wakalah or wikalah is a noun of the word wakkala which has several meanings, including performing a task on behalf of others, preservation and delegation of a job to another. Technically: a wakalah refers to authorising another person to undertake any dealings on one's behalf. According to the AAOIFI Shari'ah Standard, Standard No. 23, Clause 2/1, wakalah is the act of one party delegating the other to act on its behalf in what can be a subject matter of delegation. The wakalah is basically a nonbinding contract, whereby the principal or the agent may withdraw at any time by a mutual agreement, unilateral termination, discharging the obligation, destruction of the subject matter and the death or loss of legal capacity of the contracting parties. See ISRA Islamic Financial System: Principles and Operations for further details.

Can an Islamic Bank Share the Commissions Obtained by Its Correspondent Banks from Exporters on an LC?
Can the Guarantor Charge for the Guarantee?
Deposit And Financing Products Based On Tawarruq
International Commodity Murabahah
Depositing Gold with a Moneychanger and Authorizing Him to Sell It to Himself or Someone Else on Behalf of the Depositor
Is it Permissible to Charge a Fee for Cashing a Check in a Foreign Currency?
Maintenance Expenses: Maximum Allowable Amount
* دفع العميل جزءا مقدما من ثمن البيع
Can the Bank Give the Customer’s Representative the Documents Needed to Clear the Goods through Customs?
Can the Seller’s Agent for Collecting Payments Act as the Guarantor of the Buyer?
If the Customer Cancels the Documentary Credit, How is the Fee Calculated?
There Are Two Common Ways to Execute a Murabahah Sale; Are They Both Legal?
Who Has the Right to Profits Earned on Investment of Funds Sequestered to Secure an LC?
Agency Contract: Minimum Selling Price And Maximum Credit Period
Agency: Role Declaration
Agent = Buyer = Seller
Agent As The Guarantor
Agent Assuming The Role Of A Surety
Agent: With Or Without Fees?
Appointing An Agent To Sell On Deferred Terms
Appointment Of Agents
Autonomous Agency Notice
Being The Agent Of An Exporter
Can a Mudarib Sell What He Owns to His Principal without Seeking the Principal’s Permission?
Can the Owner Hire an Agent to Manage the Leasing of His Property for a Specified Percentage of the Rent That Includes Maintenance and Insurance Costs?
Not Stating The Remuneration For The Agent
Stipulating Conditions In An Agency Contract
Tasks Of An Agent: Selling On Deferred Terms
The Dual Role Of Agent-Buyer
Is It Allowed That the Agent Guarantee to Collect the Sale Price Within a Specified Period And Hand It to KFH Administration During the Specified Period?
Changing a Check in a Foreign Currency; What Day’s Price Should Be Recorded?
Charging a Fee for Travelers’ Checks in a Foreign Currency
Guarantees As Separate Contracts in Musharakah, Mudarabah & Wakala
Resolution No: 13 (1/3)[1]: Concerning The Islamic Development Bank’s inquiries
Is It Allowed for KFH to Purchase a Commodity from a Company Which Has Already Promised to Enter into a Deal with a Buyer?
Is It Permissible for KFH to Purchase Goods Back from the Bank and Then Sell Them to the Same Customer Who Could Not Afford to Pay the Bank for It When the Commodity Arrived?
Is It Permissible to Buy Goods Which Are on a Ship at Sea by the Testimony of the Carrier and Then to Sell These Goods by Making the Carrier an Agent?
Will Shipping the Goods on the Request of the Purchase Undertaker Be Considered as Only Taking Possession Without Ownership?
What Are the Shariah Rules Governing Letter of Credit?
Is It Permissible to Appoint a Broker Who Would Be the Agent of Both the Buyer and the Seller at the Same Time? And What Is the Authorities of the Agent?
Is It Permissible in a Murabahah Contract for the Buyer to Receive the Commodity from the Source After Getting the Initial Approval from KFH?
What Are the Rules Regarding Conditions Governing Murabahah Contract?
What Is the Rule for Agency That Grants the Right of Disposal of a Particular Piece of Real Estate on the Condition That the Principal Would no Longer Have the Right to Dispose of It?
Is It Allowed to Buy Cars from an Agent on the Condition That the Agent Will Extend a Guarantee to Buyers for Possible Defects and Be Financially Responsible for the Buyers?
The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 139th Meeting
The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 165th Meeting
The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 154th Meeting
The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 150th Meeting
Conducting a Transaction on Behalf of another Person without Their Knowledge (1)
An L.C. Application Missing Details about the Goods to Be Purchased
Resolution No. 69: Collecting checks issued by local or overseas banks
Resolution No. 70: The Corporation collecting telephone, telex, water and electricity bills
Resolution No. 122 : Management of a stock portfolio
Resolution No. 151: the Corporation appointing the purchaser as an agent to determine and receive what he will eventually buy
Resolution No. 155: The permissibility of the Corporation charging commissions for selling or collecting back traveller’s checks
Authorizing the Buyer to Act as the Seller’s Agent in Buying from the Exporter and Selling to Himself
Can the Bank Sell the Murabahah Goods to the Purchase Orderer after They Are Loaded on the Ship?
Making the Original Seller the Bank’s Agent to Sell the Purchased Products to a Previous Prospective Customer
The Buyer Discovers a Defect in the Goods
The First Seller Demands Earnest Money from the Purchase Undertaker
The Murabahah Buyer Buys from One Department of the Bank and then Sells the Same Goods to Another Department
قرار رقم 132 (6/14) بشأن عقود الإذعان
تمويل رأس المال العامل من خلال الوكالة بالاستثمار
أخذ البنك عمولة مقابل الخدمات المصرفية
مسؤولية العميل عن التأمين في معاملات المشاركة
Double Guarantee in Murabahah
Engaging In Murabahah To Buy Shares
Murabahah Mudawarrah (Circulated Murabahah)
Murabahah Mudawwarah: Actual Or Constructive Possession
Murabahah: Guarantee by The Customer for Damages
Pre-murabahah Transaction
Pre-murabahah Transaction: Agency
Guarantee In A Murabahah Contract
Murabahah Transaction With A Foreign Company
When Does an Agent Record the Profit from Murabahah on Behalf of His Principal?
When the Purchase Undertaker Is a Distribution Agent for the Exporter
An Insurance Company Pledges to Collect Debts and to Pay the Debts It Can’t Collect
Transferring the Right to Benefit from Insurance to a Purchase Undertaker after the Sale
Shares Trading: Brokerage Fee
Appointing the Original Seller as an Agent, and Making Him a Guarantor for the Price
The Bank Acts as the Car Dealer’s Agent for Collecting Installment Payments from Customers with Accounts at the Bank
The Agent Buys the Good Back from the Principal
Discovering after the Sale that the Seller Was the Agent of the Real Owner
Can a Customs Clearing Agent Charge Different Fees Based on the Value of the Goods?
An Heir Asks the Bank to Buy the Shares of Certain Heirs in a House and Then Sell It to the Rest of Them; Can the Bank Reserve the Right to Sell to Another Buyer?
If the Bank Buys Goods from a Dealer, Can It Make the Dealer Its Agent to Sell The Goods to Others?
Can a Buyer of Insurance Sell the Policy to a Third Party?
Can an Islamic Bank Appoint an Employee of a Vendor from Which It Buys Goods to Receive the Goods on the Bank’s Behalf?
Can the Bank Appoint an Employee of a Supplier as the Bank’s Agent to Receive and Deliver Goods?
Can the Intermediate Seller Appoint a Supplier as Its Agent for Some Murabahah Procedures?
After Buying Real Estate, Is It Allowed to Appoint the Seller as an Agent to Lease It Out?
Is It Allowed to Appoint an Agent to Find Properties for Sale, Buy Them on Behalf of the Principal, and Collect the Rent on His Behalf?
Can a Lessor Stipulate that the Lessee Must Bear the Maintenance Costs?
Must the Owner’s Agent Reveal the Owner’s Name to the Lessee in a Lease Agreement?
Can an Equipment Owner Assign an Agent to Manage the Equipment Leasing to Other Parties for an Agreed Agency Fee?
Is It Allowed for the Buyer to Appoint the Seller as an Agent to Lease the Sold Commodity?
Is It Allowed for the Buyer to Appoint the Seller as an Agent to Look After the Real Estate It Has Purchased?
Is It Allowed to Appoint the Seller as an Agent to Safeguard the Purchased Commodity and Deliver It to Third Parties?
Is It Allowed to Appoint the Supplier as an Agent to Collect Earnest Money from the Client in a Murabahah Transaction?
Is KFH Considered a Mudarib or an Agent for Customers in a Currency Portfolio?
Is It Allowed to Sell a Share of Common Property That Has Been Leased Out?
Can an Islamic Bank Charge a Fee for Changes to the LC Made by Telex?
Can an Islamic Bank Charge Fees for Banking Services Rendered?
Can a Bank Take a Commission from Merchants Who Accept Its Debit Card for Payment?
Can Customary Practice Affect the Ruling on Some Financial Practices?
Is it Allowed to Consider the Seller as the Bank’s Agent When the Buyer Pays Using the Bank’s Credit Card?
Is it Allowed to Deposit Funds in a Conventional Bank in Exchange for Reduced Fees on Tawarruq Transactions?
Is It Allowed for a Company to Assign an Agent to Buy Shares of the Company on Its Behalf and Then Sell Them to Himself?
Is it Allowed for a Partner to Replace his Customer in a Foreign Currency Investment?
Is It Allowed to Simultaneously Act as an Agent and a Mudarib (Entrepreneur)?
What are the Obligations and Rights of the Wakil in Investments Funds?
Is It Allowed to Enter in a Murabaha Contract as an Agent?
What are the Shari‘ah Conditions to Invest in a Fund?
Is it Allowed to Purchase the Usufruct of an Industrial Lots and Sell it for Cash Payment or By Murabahah?
Is it Allowed to Get Paid as Partner and Manager in a Musharakah?
Is it Allowed to Sell for Undeclared Agent What he Bought as Agent?
What are the Rulings of the Investment Agency Contract?
What are The Shari‘Ah Rulings on the Stipulation in Wakalah Contract?
Is it permissible for KFH to appoint a financial institution as its agent to issue letters of credit on its behalf?
Is it permissible to enter into Murabahah investment deals using an investment Wakalah agreement?
What is the opinion on the appointment of KFH to serve as an agent for selling the commodity and receiving its price in a tawarruq deal?
Is it permissible after conducting a Murabahah contract to act as an agent for the same clients?
Is it Allowed to Participate in a Portfolio Where the Establisher Will Act as an Agent as well as a Principal on its Own Behalf?
Is it Allowed for KFH to Accept a Predetermined Amount for Each Insurance Policy for Being a Worker for the First Takaful Insurance Company?
What’s the Fatwa Committee’s Opinion Regarding Amendments Added to the ‘Debt Insurance Policy’ by the First Takaful Insurance Company?
What’s the Rule on the Structure whereby the Products are Supplied Based on a Purchase Order Issued by the Ministry of Health to KFH’s Agent Company?
Is it Allowed for The First Takaful Insurance Company to authorize KFH to market the ‘temporary travel insurance policy’ in return for a fee?

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