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Wakalah Contract
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Al-WAKALAH
CONTRACT
Definition
- protection or remedying on
behalf of others
- a contract where a person (muwakkil) authorizes another (wakeel) to do a certain well defined legal action on his behalf
What is
Wakalah ?
wakeel muwakkil
Illustration of al-wakalah
Illustration of al-wakalah
1
3
Pillars Of
Al-Wakalah
2
Pillars Of
Al-Wakalah
1. Wakeel (the authorized agent or trustee)
2. Muwakkil (authorizer,client or principal)
3. Muwakkal Bih ( Things or subject matter that is being entrusted for or the business deals involved)
4. Sighah - Ijab (Offer) & Qabul (Acceptance)
4
Types of Wakalah
- Wakalah bil khosoomah
-agency for taking up dispute
- Wakalah bi taqadhi al-Dayn
-agency for receiving debt
- Wakalah bi qabdh al-Dayn
- agency for taking possession debt
- Wakalah bil shira'
-agency for undertaking purchase
- Wakalah bil ba'i
-agency for undertaking sale
Scope of
Wakalah
Wakalah Muqayyadah
+
Wakalah Mutlaqah
Wakalah muqayyadah
(specific / restricted)
It is an agency contract in which the muwakkil appoints a person as wakil to perform a particular task with specific restriction or condition
Example :
Principal may instruct him to purchase a house at a certain known price, or within a certain time limit or based on installments
=
+
Wakalah mutlaqah
( general /unrestricted )
x
=
It is an agency contract in which the muwakkil appoints a person as wakil to perform a particular task without any specific restriction or condition
Example :
Assign an agent to purchase a house and he does not specify details of the house and payment
x
Islamic Financial Product
That Use Wakalah
a) exchange-based contracts such as murabahah, istisna`, and ijarah;
(b) partnership contracts such as musharakah and mudarabah;
(c) assurance contracts such as kafalah;
(d) murabahah to purchase order;
(e) ijarah muntahia bi tamlik; or
(f) tawarruq
Issue of Wakalah
Issue ; the Second Layer of Charging Fee in
Wakalah Model In wakalah takaful model