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Wakalah - Coggle Diagram
Wakalah
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Definition
noun derived from the work wakala which has several meanings; performing task on behalf of others, preservation and delegation of a job to another.
technical term; wakalah refers to authorisisng another person to undertake any dealings on one's behalf
a contract, in which a muwakkil(principal) authorises a party as his wakil (agent) to perform tasks on his behalf. The agent may commence the task authorised to him voluntarily or with the imposition of a fee. According to the AAOFI Shariah Standard No.23 (Item 2/1/1), wakalah is the act of one party delegating the other to act on its behalf in what can be a subject matter of delegation
Wakalah is basically a non binding contract whereby the principal or the agent may withdraw at any time by a mutual agreement, unilateral termination, discharging teh obligation, destruction of the subject matter and the death or loss of legal capacity of the contracting parties.
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