Islamic Finance Law from A-Z
Wadia
Safe-keeping/resale of goods with a discount on the original stated cost
Wadi-ah
‘Amanah’ or deposit; the trustee is not responsible for loss except in the case of negligence on his part. If, however, the Am¯anah amount is used in business, with the permission of the owner, the amount becomes the trustee’s liability.
Wakalah
Agency; a standard Islamic practice wherein X (the wakil) acts as the agent of Y. In this capacity X may execute the affairs of Y. Wakalah is a widely applicable phenomena in Islamic practice which is often used in financial transactions: whenever a party cannot personally supervise a given affair, it deputizes another party to execute it on its behalf.
Wakalatul Istismar
Investment agency – fund management in which the investor gets all the profit or loss while the fund manager gets a pre-agreed service fee or commission that could be a lump sum amount or a certain percentage of the invested capital.
Waqf (pl. awqaf)
Retention of a property for the benefit of a charitable or humanitarian objective, or for a specified group of people such as members of the donor’s family. There are three kinds of Waqf in Islamic jurisprudence: religious Waqf, philanthropic Waqf and family Waqf. The Waqf property can neither be sold nor inherited or donated to anyone.
Wasiyyah
Will, testament, bequest. The statement of a Muslim in which he details the manner in which his wealth is disposed of after his death.
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