Professional Documents
Culture Documents
DEFINITION
Literally
Agency, representation, proxy, mandate,
authorization, delegation, empowerment etc.
Technically:
The appointment of someone to take over the
appointers affairs on his/her behalf for the
purpose of accomplishment of certain tasks
EVIDENCE
Al-Quran
EVIDENCE
Reported by Sulayman bin Yasar that: The prophet
S.A.W sent Abu Rafi and a man of the Ansar to accept
(Qabul)his S.A.W marriage to Maimunah binti alHarith
on his S.A.W behalf while he was in Madinah before he
had left for Hajj (representative in Marriage)
Ijma:
The ummah had came to a consensus on the legitimacy
of Wakalah contract since there is a great need for it,
and individuals are also not capable of catering and
handling all his/her needs, matters and daily affairs on
their own without having to resort for the help of other
people.
Hence, it is permitted because it is one of the types of
cooperation on good deeds and fear of God ( Taawun
Alal Birri Wa Taqwa ) encouraged in Islam.
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PILLARS OF ALWAKALAH
1. Wakil
The authorized agent, representative, proxy,
trustee
2. Muwakkil
Authorizer, mandatory, client, principal
3. Muwakkal Bih
Things or subject matter that is being
entrusted for, or the business deals involved
4. Sighah
Ijab (Offer)
Qabul (Acceptance)
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FLOWS OF AL-WAKALAH
Ijab
(Offer)
Muwakkil.
(authorizer, mandatory,
client, principal)
Muwakkal Bih
(Things or
subject
matter)
Qabul
(Acceptance)
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Wakil
(authorized agent,
representative, proxy)
TYPES OF AL-WAKALAH
1.
2.
Wakalah
Muqayyadah
CONDITIONS OF ALWAKALAH
CONDITIONS OF ALWAKALAH
MODERN APPLICATION
In the contemporary application, wakalah
contract is widely used in structuring
various Islamic banking, capital market
and takaful fee-based products.
Application of wakalah contract includes:
Wakalah bi al-istismar (agency for
investment)
Sukuk
Letter of Credit (LC)
Murabaha
Takaful
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Mudarabah model
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