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Islamic Finance

  Islamic Finance   |   Terms
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  • May 20, 2021
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Unrestricted Wakalah

An agency contract (aqd al-wakalah) in which the principal (muwakkel) does not place any restrictions on the acts or discretion of the agent (wakil). For example, it may involve a principal requesting his agent to buy an office building without going into any details as to its location, features, etc. In this case, the agent is at liberty to buy whatever he finds to be in the interest of his principal.

In Arabic it is known as wakalah mutlaqah (وكالة مطلقة).


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