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WAKALAH (BASIC RULE of WAKALAH (:fountain_pen: Person's direct…
WAKALAH
BASIC RULE of WAKALAH
:fountain_pen: the rights and responsibilities of the transaction entered into by the agent shall line with the agent such as taking possession and delivery of the purchased asset. However, if the agent attributes the transaction to the principal, the rights and responsibilities of the transaction shall line with principal too.
:fountain_pen: Principal should commission the agency based on his free will without any pressure from others. An agent should not forced him.
:fountain_pen: Principal should know his agent, either by name or his physical appearance. Likewise, the agent should identify his principal either by name or his characteristics.
:fountain_pen: Agent should not be liable in the event of loss or damage of the asset except caused by his misconduct, negligence, or breach of specified terms.
:fountain_pen: If the agent is given remuneration, Shariah ruling of ijarah shall apply.
:fountain_pen: Person's direct performance of an action is legally recognized, it is valid for him to authorize another person to perform it by proxy and to depend upon another party to do it for him EXCEPT
:check: The object of an agency should be eligible for legal authorization such as in cases of financial matters.
:check:The object of an agency should not involve prohibited activities in Shariah or act of dishonesty such as theft and usurpation of property, trading impermissible commodities or conducting riba-based.
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TYPE OF WAKALAH
3. BINDINGNESS OF THE PARTIES
- Non-binding since the parties can revoke the contract anytime.
- but, agency contract can be binding if
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4. DURATION OF AGENCY CONTRACT
- There is no limit because of its bon-binding nature. Yet, scholars rule that an agency contract can be restricted to a certain period based on the agreement of both parties.
2. PAYMENT TO THE AGENT
- The principal can pay or not his agent, if pay, it under ijarah rule.
1. SCOPE OF THE AGENCY
- The contract can be either:
General wakalah: Principal says the agent, 'buy me a house', without specifying any condition
Specific wakalah: Principal identifies certain requirements such as price, features, mode of payment etc. (tell detail)
DEFINITION
:pencil2: LITERALY: derived from word wakala which means performing the task on behalf of other person, preservation and delegation of job to another
:pencil2: AAOIFI: wakalah is the act of one party delegtaing the other to act on its behalf in whta can be subject matter of delegation
:pencil2: TECHNICALLY: refers to a contract which muwakkil (principal) authorises a party as his wakil (agent) to perform task on his behalf.
LEGALITY
:pen: From the hadith,
It was narrated that Prophet SAW sent 'Amru Ibn Umayyah al-Damri as an agent to ask for the hand of Umm Habibah bint Abu Sufyan in marriage.
:pen: From Quran: generally says that the verses specify several types of agencies including appointing an agent to buy food, an agent to be the arbiter and an agent to collect for charity (zakah)