The rules of wakala contract (agency)‎ in sharia law and its application in Islamic finance: a comparative study

Abstract EN

This study focus on the origination of Wakala contract in Islamic sharia beside to explain the important of this contract in the field of Islamic finance.

This study adapted the analytical approach through exposing the different views of four Islamic jurisprudential school and then compare it with the Sudanese Civil Transaction Act 1984 and other related enactments.

The study conclude with the numerus outcomes which is there’s shortcoming Sudanese Civil Transaction Act 1984 doesn’t provided for the investment wakala Wakala Bi Al-Istithmar as one of the wakala types according to its important in the field of Islamic finance, also civil transaction act which did not provide for this pillars of wakala which explained in the sharia law, and the definition of wakala is also not comprehensive.

Moreover the study recommended the necessity of adapted the definition of wakala in the Sudanese Civil Transaction Act 1984 according to the Hanbali School because is comprehensive definition.

As will appears in the AAOIFI definition, adapted the investment wakala Wakala Bi Al-Istithmar as one of the types of wakala in the Act to carry out the Islamic banks to implement this formula according to sharia law standards, Moreover the study recommend about the necessity of constitute workshops and public lectures for the researcher’s in the field of Islamic law and legal studies about awareness of the wakala contract and it significant in Islamic finance.