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Islamic Finance

  Islamic Finance   |   Terms
  • 221
  • February 17, 2023
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Restricted Agency

An agency contract (aqd al-wakalah) in which the principal (muwakkel) restricts the acts or discretion of the agent (wakil). For example, it may involve a principal requesting his agent to buy a car that has a specific color and model and at a price not exceeding a specific amount. In this case, the agent is not at liberty to buy any car but must adhere to the specifications dictated by the principal. Restrictions vary according to principals’ requirements, preferences, resources, etc.

In Arabic it is known as wakalah muqayyadah (وكالة مقيدة).


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