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WAKALAH - Coggle Diagram
WAKALAH
:check: APPLICATION :check:
The investor appoints the bank to be his agent.
The bank will invest the money/business delegated to him.
The principal and the expected returns are given back to the investor.
The surplus returns are either distributed to the bank as performance incentive or shared by the investor and bank according to the pre-agreed ratio.
The principal is returned to the investor with a waiver of the wakalah fee, and/or compensation in the event of the bank’s negligence.
:question: DEFINITION :question:
an agency contract, perform a task on behalf of others
asking another person as an agent to in charge with any dealings on one’s behalf
in matters that may be delegated, either voluntarily or with imposition of a fee.
non-binding contract
the principal or the agent may withdraw at any time by
mutual agreement
unilateral termination
discharging the obligation
destruction of the subject matter
the death or loss of legal capacity of the contracting parties
:star: MAIN FEATURES :star:
:warning: Condition related to the sighah (offer & acceptance)
:warning: Conditions related to the principal (muwakkil) & the agent (wakil)
:warning: Conditions related to the object of agency contract (muwakkal bih)
:silhouettes: PARTIES INVOLVE :silhouettes:
:silhouette: agent (wakil)
:silhouette: principal (muwakkil)