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Definition of Wakala - Finance dictionary
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Wakala (For more, see the Vernimmen.com Newsletter, November 2006 )
This is an agency contract which generally includes expert's fees. Banks often use Wakala for large deposit accounts. The client has invested capital, it appoints an Islamic bank as its agent and pays an expert's fee to the bank for managing the fund.
Wakala (For more, see the Vernimmen.com Newsletter, November 2006 )
This is an agency contract which generally includes expert's fees. Banks often use Wakala for large deposit accounts. The client has invested capital, it appoints an Islamic bank as its agent and pays an expert's fee to the bank for managing the fund.
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Definitions of terms begining
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:
Wakala (For more, see the Vernimmen.com Newsletter, November 2006 )
This is an agency contract which generally includes expert's fees. Banks often use Wakala for large deposit accounts. The client has invested capital, it appoints an Islamic bank as its agent and pays an expert's fee to the bank for managing the fund.
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