1. Shariah Advisory Council, Bank Negara Malaysia

Resolution:

The SAC, in its 2nd special meeting dated 18 June 2007, has resolved that the proposed deposit account which is based on wakalah bi al-istithmar contract is permissible, subject to the following conditions:

i. If the Islamic financial institution has breached any terms of agreement or has negligently invested in an instrument which has no potential to generate profit at the minimum rate (for example 5% per annum), the Islamic financial institution will have to pay compensation as much as the principal sum of investment plus the actual profit (if any); and

ii. If the Islamic financial institution invested in an instrument that is expected to generate profit at the rate of at least 5% per annum but failed to reach the targeted rate due to problems which are not attributable to the negligent conduct of the Islamic financial institution, such loss shall be borne fully by the customer.

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2) Dallah al-Barakah

(8/4) Investment through an Agent for a Specific Fee

It is permissible to give money to a person who has worked on a specific task by allocating a specific amount of profit for him on the basis that he has participated in a mudarabah partnership. He is entitled to receive a portion from the profit due to his capacity as an entrepreneur ( mudarib ). Likewise, it is also permissible to give a certain amount of money (commission/fee) or to allocate a determined ratio from the capital to someone who has performed his job on the basis of an agency contract ( wakalah ). That person – who acts as an agent ( wakil ) – has the right to receive his commission regardless whether the profit from the job is realized or otherwise. For such transaction, the rulings of wakalah with commission is applied and not the rulings of mudarabah.

It is also permissible for both the principal and the agent to agree on investing the assets whereby it is stipulated in the agreement that if the amount of profit reaches a certain limit, the agent shall be entitled to an additional amount apart from the allocated fee. This additional amount can be in the form of a certain percentage from the profit or a specific lump sum and this can be considered as a promise to accord an incentive. As for an agency contract to be valid, it depends on the specified determined and known fee.

Click here to view the arabic versionSource:

Qararat wa Tausiyat Nadawat al-Barakah lil-Iqtisad al-Islami (2010) (p60)

Aplikasi Wakalah Bi Al-Istithmar

1) Majlis Penasihat Shariah, Bank Negara Malaysia

Keputusan:

MPS pada mesyuarat khas ke-2 bertarikh 18 Jun 2007 telah memutuskan bahawa akaun deposit berasaskan kontrak wakalah bi al-istithmar seperti yang dicadangkan adalah dibenarkan, tertakluk kepada syarat-syarat berikut:

i. Sekiranya institusi kewangan Islam melanggar syarat perjanjian atau melakukan kecuaian dengan membuat pelaburan dalam instrumen yang sememangnya tidak berpotensi untuk menjana keuntungan pada kadar minimum (contohnya 5% setahun), institusi kewangan Islam akan membayar ganti rugi sebanyak nilai pokok pelaburan berserta keuntungan sebenar (jika ada); dan

ii. Sekiranya institusi kewangan Islam melabur dalam instrumen yang dijangka menjana keuntungan sekurang-kurangnya 5% setahun tetapi gagal mencapai sasaran tersebut berikutan masalah yang bukan berpunca daripada kecuaian institusi kewangan Islam, kerugian adalah ditanggung sepenuhnya oleh pelanggan.

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