Wakalah

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.

Total Fatwas : 182
No. Title
1 Can an Islamic Bank Share the Commissions Obtained by Its Correspondent Banks from Exporters on an LC?
2 Can the Guarantor Charge for the Guarantee?
3 Deposit And Financing Products Based On Tawarruq
4 International Commodity Murabahah
5 Depositing Gold with a Moneychanger and Authorizing Him to Sell It to Himself or Someone Else on Behalf of the Depositor
6 Is it Permissible to Charge a Fee for Cashing a Check in a Foreign Currency?
7 Maintenance Expenses: Maximum Allowable Amount
8 Can the Bank Give the Customer’s Representative the Documents Needed to Clear the Goods through Customs?
9 Can the Seller’s Agent for Collecting Payments Act as the Guarantor of the Buyer?
10 If the Customer Cancels the Documentary Credit, How is the Fee Calculated?

 

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