Wakalah in Islamic banking refers to a contract in which one party (the principal) appoints another party (the agent) to act on their behalf for a specific purpose, such as managing investments or handling financial transactions.
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The term waqala meaning "agency" or "representation," reflects this relationship of trust and responsibility. In a wakalah contract, the agent is compensated for their services, typically through a fee, rather than earning interest,
which aligns with Islamic principles. Wakala deposits are one example, where a customer appoints a bank as an agent to manage funds and earn returns, in compliance with Shariah law.
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