Glossary

A B D F G H I J K M N Q R S T U W Z
There are 4 names in this directory beginning with the letter W.
Wa'ad
The expression of willingness and commitment by one party to perform a certain action in the future. Wa’ad is a unilateral promise binding only the promisor but not binding the promisee to accept the offer.

Wadiah
The deposit of funds or assets by a person with an Islamic bank. In this arrangement, the depositor deposits his funds or assets with the bank for safekeeping and, in most of the agreements, the bank charges a fee for the safe custody of the depositor’s funds.

Wakala
A contract under which one party appoints another to act as their agent or to manage an investment on their behalf.

Wakeel
Also known as wakil. The investment agent appointed under a Shariah-compliant agency agreement.