What is Wakala in Islamic Banking? Meaning Defination and Example.

Wakalah in Islamic banking refers to a contract where one party (the principal) appoints another party (the agent) to perform specific tasks or act on their behalf, in compliance with Islamic principles.

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The term waqala meaning "agency" is derived from this contract, where the agent carries out tasks with a degree of responsibility. In a Wakalah contract, the agent receives a fee for their services, while the principal retains ownership of the underlying assets.

A wakalah deposit is a common example where customers entrust their funds to the bank, and the bank acts as an agent to invest the funds on their behalf, providing returns in accordance with Islamic law.

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