Outline 1. The Definition of Wakalah 2. Views of Ulama 3. Legal Basis of Wakalah 4. Terms and Condition 5. Financial Institution in the Application of Wakalah 6. Termination of Wakalah
The Definition of Wakalah Wakalah, it means protection (al-hifzh), sufficiency (al-kifaya), dependents (al-dhamah), or delegation (al-tafwidh). There are also other notions of Wakalah: 1. Wakalah, or wikalah which means submission, assignment, or a mandate. 2. The delegation of powers of wakalah, by a person as the first party to the other as the second party in the things represented (in this case the second party) just implement something limited to the power or authority given by the first, but if that power has been implemented according to the required, then all risk and responsibility for these commands are fully implemented into the first party or its wakalah.
Views of Ulama According to Ash Hashbi Shiddiqy, Wakalah the handover agreement, which the contract was one other person appointed as his successor in the act (tasharruf). According to Sayyid Sabiq, Wakalah the delegation of power by one person to another in the things that should be represented. Malikiyah scholars, Wakalah is the act of a person represents himself to others to perform acts which are the rights that the action was not associated with a power of wakalah after death, because if it is associated with the action after the death means it will form. According to the cleric said that Wakalah Syafi'iah is an expression that contains a delegation of something by one person to another so that other people should do what is authorized on behalf of the endorser
Terms and Conditions of Wakalah People who represent (Al- Muwakkil) People who are represented (Al-Wakil) Objects which are represented Shighat
Financial Institution in the Application of Wakalah 1. Transfer of money, such as: postal money order, transfer money via a bank branch, and transfer via ATM. 2. Import Letter Of Credit Sharia, such as: Wakalah bil Ujrah, Wakalah bil Ujrah and Qardh, Wakalah bil Ujrah and Mudharabah, Wakalah bil Ujrah and Hiwalah. 3. Export Letter Of Credit Sharia, such as: Wakalah bil Ujrah, Wakalah bil Ujrah and Qardh, Wakalah bil Ujrah and Mudharabah. 4. Islamic Mutual Funds Investment 5. Financing the Sharia Account 6. Takaful
Termination of Wakalah If either of the parties is insane in Wakalah akad. If the intent is contained in the contract execution Wakalah completed or terminated. Wakalah was decided by one party who do Wakalah both the authorizing party or parties who receive power. The loss of power or right of authorizing or authorizes an object.
References 1. Musjtari,DN dan Fitriyanti Fadia, 2010, Hukum Perbankan Syari’ah dan Takaful, Yogyakarta, Media Hukum FH UMY. 2. http://www.mui.or.id http://www.mui.or.id