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Islamic Finance

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  • December 17, 2020
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Temporary Wakalah

An agency contract (aqd al-wakalah) that has a time limit on its term. In other words, the contract (aqd) is subject to a time limit beyond which it automatically expires. As such, either party or both do not have to initiate revocation of the contract by themselves. Usually, a principal (muwakkel) seeks to place a time limit on the contract in order to restrain the agent (wakil) from taking on more work or tasks.

In Arabic it is known as wakalah muaqatah (وكالة مؤقتة).


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