Al-Wakalah/Wikala Contract

• Shari'a compliant contract in which customer can authorize the Wakil (the Bank) to invest funds in Shari'a approved activities for profits.
• Contract of agency in which one person appoints someone else to perform a certain task on his behalf.  Such contracts are compiled with Islamic prohibitions against interest (riba), uncertainty (gharar) and gambling (maysir).More specifically, contract does not relate to any forbidden (haram) object (for example, alcohol, pork or impermissible financial instruments). 
• Literally, it means  Agency, representation, proxy, mandate, authorization, deleg ation, empowerment etc. 

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