Wakala Contract

Linguistically Wakala means to entrust, to hold/keep. Under the Sharia'a it means to appoint somebody as authorised agent in matters that can accept such authorising. The Agency so created is permitted in order to help people perform necessary functions/permissible tasks which they may not be able to perform in person or on their own.

Definition and Sharia'a compliance aspects of the Wakala contract. Where is Wakala used? Why is Wakala used? How does Wakala compare with Mudaraba, Wakala and Takaful ?.