wakala


wakala
International
A Sharia-compliant contract, under which one party appoints another to act as their agent or to manage an investment on their behalf. The investment manager will be considered an agent (wakeel) of the investors and will be entitled to a pre-agreed fixed fee, or a fee calculated as a percentage of the net asset value of the investment. The fee may be paid on account with a reconciliation made on a winding up of the investment. The investment manager may also be paid an incentive fee. Some Islamic scholars believe that it is not permissible to include two classes of shares within one fund because of the issue of risk sharing (sharik) between the classes of shares.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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