WAKALA CONTRACT 2024

WAKALA AGREEMENT

Wakala in 2024 is defined by an Islamic contractual agreement in which one party, the principal (muwakkil), appoints another party, the agent (wakil), to perform a specific task on their behalf, which can range from conducting a transaction to managing an investment, under the principles of trust and agency in Shariah law.

Wakala arrangement allows the principal to delegate authority to the agent, who then acts within the scope of the defined duties, making decisions and carrying out actions that have legal implications for the principal, with the mutual agreement of both parties on the terms and conditions of the contract.

Wakala contracts are widely used in Islamic finance for various purposes, including investment management, trade transactions, and financial services, where the agent is compensated with a fee for their services, avoiding interest-based transactions and ensuring compliance with Islamic ethical standards.

The fee for the agent under a Wakala agreement can be fixed, variable, or a combination of both, depending on the nature of the task and the mutual agreement between the principal and the agent, reflecting the value of the services provided.

Wakala contracts provide flexibility and efficiency in Islamic financial transactions, facilitating access to markets and services that the principal may not have the expertise or capacity to engage in directly, enhancing the scope of Islamic financial services.

The termination of a Wakala contract can occur upon the completion of the assigned task, by mutual agreement, or if either party breaches the contract terms, with provisions for resolution in accordance with Islamic legal principles.

HALAL MORTGAGE   TAKAFUL INSURANCE   STUDENT INSURANCE   CAR INSURANCE   ICELAND   HOME INSURANCE   REAL ESTATE INSURANCE   LIFE INSURANCE   BUSINESS INSURANCE   TRAVEL INSURANCE   HAJJ UMRAH INSURANCE   FUNERAL INSURANCE   MOSQUE INSURANCE   AUSTRALIA INSURANCE   GERMANY INSURANCE   ISLAMIC CAR LOAN   ISLAMIC MICROFINANCE    WITHOUT INTEREST   BUSINESS LOAN   FOR WOMEN    TAKAFUL MORTGAGE   LOAN WITH POOR CREDIT   ISLAMIC DEBT CONSOLIDATION    DISABILITY LOAN   STUDENT LOAN   ISLAMIC LEASING    LETTER OF CREDIT   PERSONAL LOAN   FOR STARTUP    PRIVATE LOAN   CROWDFUNDING   CALCULATOR    FOR WEDDING   FOR EXPATRIATE   ISLAMIC INSURANCE    INDIA TAKAFUL   ISLAMIC HEALTH INSURANCE   USA TAKAFUL    CANADA TAKAFUL   UK TAKAFUL   FARMER LOAN   TAXI LOAN   RAMADAN LOAN   LIST OF ISLAMIC BANKS   ALBANIA   ALGERIA   AUSTRALIA    ISLAMIC COLLEGE SCHOLARSHIP BAHRAIN   BANGLADESH   BOSNIA-HERZEGOVINA    BRUNEI   CANADA   CHINA    DENMARK   DJIBOUTI   EGYPT    ETHIOPA   FRANCE   INDONESIA    IRAN   IRAQ   IVORY COAST    JORDAN   KAZAKHSTAN   KENYA    KUWAIT   KYRGYZSTAN   LEBANON    LIBYA   LUXEMBOURG   MALAYSIA    MALI   MAURITANIA   MOROCCO    NETHERLANDS   NIGERIA   NORWAY    FINLAND   ISRAEL   HONG-KONG   GHANA   RWANDA   GAMBIA   SIERRA-LEONE   SOMALIA   MYANMAR   ANGOLA   MAURITIUS   OMAN   PAKISTAN   PALESTINE    PHILIPPINES   QATAR   RUSSIA    SAUDI-ARABIA   SENEGAL   SINGAPORE    SRI-LANKA   SUDAN   SWITZERLAND    SYRIA   TAJIKISTAN   TANZANIA    CYPRUS   JAPAN   ARGENTINA   BRAZIL   AUSTRIA   SOUTH KOREA   MALDIVES   WAKALAH    WADIAH AMANAH    SUKUK    ISLAMIC CREDIT CARD    WAAD ISLAMIC HEDGING    MUSAWAMA    MURABAHA    QARD-UL-HASAN    BAI-SALAM    ISTISNA    MUDARABAH    IJARA    IJARAH-THUMMA-AL-BA    IJARAH-WA-IQTINA    IJARA-MAWSOOFA-BI-AL-DHIMMA    TAWARRUQ    MUSHARAKA    BAI-MUAJJAL-BAI-BITHAMAN-AJIL   BAI AL INAH    HAWALA    KAFALAS    RAHN   THAILAND   TUNISIA   TURKEY    U.A.E   UNITED-KINGDOM   U.S.A    UZBEKISTAN   YEMEN   AZERBAIJAN    INDIA   BELGIUM   GERMANY    IRELAND   ITALY   NEW-ZEALAND    SPAIN   SWEDEN    BULGARIA   KOSOVO   SOUTH-AFRICA    LONDON