Wakalah definition
Wakalah means agency. In this context, it refers to a contract between Company and the Participant where the Participant authorizes the Company to manage the fund on his/her behalf, which allows the Company to charge a Wakalah fee.
Wakalah refers to a contract where a party, as principal (muwakkil) authorizes another party as his agent (wakil) to perform a particular task on matters that may be delegated with or without imposition of a fee. In the context of the Company, We are appointed as an agent (wakil) to carry out the Takaful Business and a Wakalah fee (Ujrah) to be paid to the Company.
Wakalah means a contract in which a party (muwakkil) authorises another party as his agents (wakil) to perform a particular task, in matters that may be delegated, either voluntarily or with imposition of fee.
Examples of Wakalah in a sentence
We will manage Your takaful contributions by charging a Wakalah Fee as approved by the regulatory authorities under the principle of Wakalah, and subsequently continue to be placed into Takaful fund through General Risk Investment Account (GRIA).
More Definitions of Wakalah
Wakalah means a contract of appointment of an agent whereby a person appoints another to act on his behalf.
Wakalah means an agency contract in which a party mandates another party as the Customer's Agent to perform a particular task in matters that may be delegated voluntarily or with imposition of fee.
Wakalah means the contract where the Customer authorises the Bank as his agent/wakil to perform the Commodity Transaction
Wakalah means the contract of agency based on principle of Wakalah bi al-ujrah (or “Upfront Charge” or “Unallocated Contribution”) where the charge imposed upfront according to the percentage of Contribution paid as Participant appoints Us to manage Tabarru’ Fund. The amount will be deducted from Tabarru’ Fund.
Wakalah means agency which refers to a contract between the participants and Us where the participants authorise Us to act on their behalf to conduct the affairs of Takaful business which includes underwriting, investment, certificate servicing and claims processing. In performing the duties under the Wakalah contract, We may further engage another third party to perform the relevant tasks relevant for the Takaful business.
Wakalah means a contract in which a party (muwakkil) authorises another party as their agent (wakil) to perform a particular task.
Wakalah. , means a contract in which a party (muwakkil) authorises another party as his agent (wakil) to perform a particular task, in matters that may be delegated, either voluntarily or with imposition of fee.