Wakala definition

Wakala means an investment agency arrangement whereby you appoint us as your agents to invest your funds in Shariah compliant activities with the aim of generating profit.

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Wakala means the Wakala transaction contemplated pursuant to this Agreement, wherein the Wakala Capital shall be invested by the Wakil, for and on behalf of the Muwakkil, on a restricted basis subject to the terms and conditions of this Agreement and the Application Form and in compliance with the rules and principles of Islamic Sharia, as interpreted by the Sharia Board.

Wakala means agency, or delegating duty onto another party. Under the concept of Al Wakala, the bank becomes your agent.

Examples of Wakala in a sentence

The Wakil shall not be liable in relation to any default, negligence or fraud of any person, firm or company with whom the Wakala Transactions are effected for the account of the Muwakkil.
As soon as reasonably practicable thereafter, the Wakil shall issue to the Muwakkil a Wakil Offer setting out in writing the terms of the proposed Wakala Transaction.
It is a condition precedent to the Wakil undertaking any obligation under this Agreement or undertaking any Wakala Transaction, that the Muwakkil opens and maintains an Account with the Account Bank at all times for the duration of this Agreement.
The Muwakkil notes and understands the guidance offered by the ▇▇▇▇▇’▇ Shariah Advisory and Supervisory Board that, if the Muwakkil accepts the ▇▇▇▇▇’▇ offer to repay on the Maturity Date the full Investment Amount less the Fee where the Wakala Transaction has generated a loss, the Muwakkil shall not be complying with ▇▇▇▇▇▇▇.
If the Wakil declines any request by the Muwakkil to encash a Wakala Transaction before its due maturity date, then the Wakala Transaction shall continue until its stated Maturity Date, as agreed by the parties in the Offer and Acceptance for that Wakala Transaction.
We accept your Wakil Offer and hereby enter into a Wakala Transaction with you under the terms of the Master Wakala Agreement and the Wakil Offer.
The Wakil may consider a request from the Muwakkil for premature encashment of a Wakala Transaction, but shall, subject to Clause 10.3 below, be under no obligation to accept any such request.
The provisions of the Master Wakala Agreement are incorporated into this Agreement mutatis mutandis.
The Muwakkil shall provide the Wakil with certified true original specimen signature(s) of the individual(s) authorized to sign this Agreement on its behalf and all other documents required in connection herewith as may be requested by the Wakil prior to entry into the first Wakala Transaction and as may be reasonably requested from time to time thereafter.
If the Wakil decides in its absolute discretion to accept any request by the Muwakkil for premature encashment of a Wakala Transaction, then the Wakil shall send a written notice to the Muwakkil in the form attached at Schedule 3 and the Wakala Transaction shall be subject to a revision of any Anticipated Profit Rate and administrative charges applicable to such a Wakala Transaction.

More Definitions of Wakala

Wakala means the Saving/Current/Call account above.

Wakala. An agency contract where the Customer (in his capacity as principal) appoints the Bank as his undisclosed agent to carry out an investment on his behalf or invest his fund in the Wakala Pool of the Bank either for a fixed fee and/or Performance Incentive.

Wakala means the contract that appoints someone to be the Participant’s agent for a certain fee.

Wakala an agency arrangement where one party (Principal) appoints the other party (Agent) to undertake a certain activity of the Principal’s behalf in accordance with the Shariah Compliance requirements;