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Glossary

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W

  • Wakalah,agency
    Absolute power of attornye: where a representative is appointed to undertake transactions on another person's behalf.

    In terms of Takaful operations, Wakalah refers to an agency contract, which may involve a fee for the agent.
  • Waqf,charitable trust
    Plural = Awkaf, Awqaf. An endowment or a charitable trust set up for Islamic purposes (usually for education, mosque or for the poor). It involves typing up a property in perpetuity so that it cannot be sold, inherited or donated.

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