The main objectives is to:
– Define a wakala agreement, and
– Apply a Wakala contract
What is Wakala?
A Wakala is an agency agreement whereby a representative (known as the Wakil) for commercial purposes with a capacity similar to a power of attorney.
Standards, templates, rules and regulations
AAOIFI FAS31: “Investment Agency (Al-Wakala Bi Al-Istithmar)” [English].
IIFM standard 5: Inter-Bank Unrestricted Master Investment Wakalah Agreement (UMW)
Inter-Bank Unrestricted Master Investment Wakalah Agreement (UMWA) [English] [Arabic] [French]
IIFM Wakala Operational Guidance Memorandum [English] [Arabic] [French]
Minor Amendments to the Inter-Bank Unrestricted Master Investment Wakalah Agreement [English]
Client Briefing (Clifford Chance LLP) [English]
Fatwas of Islamic products using Wakala
Fatwa on Meethaq Wakala Bil Istithmar Pronouncement [Arabic]
Fatwa: Mashreq Capital Protected Wakala Agreement [English & Arabic]