On the business day prior to each periodic distribution date (i) the servicing agent will pay amounts reflecting the returns generated in respect of the relevant
wakala portfolio into the relevant transaction account; and (ii) for a
wakala/mudaraba series, the mudarib will also pay, in accordance with a pre-agreed profit sharing ratio, amounts representing the rab-al-maal's share of the returns generated in respect of the relevant mudaraba portfolio into the relevant transaction account.
Trade Products: Import Murabaha; Islamic Export Refinance;
Wakala Istithmar Pre Manufacturing;
Wakala Istithmar Post Manufacturing; Trade Services; Letters of Credit and Letters of Guarantee.
Al Madina Takaful saw a drop in
Wakala fees to OMR 3,847,574 from OMR 3,929,187 a year earlier.
The duration of the
Wakala is one week, so it is a handy tool for short-term liquidity management of Islamic banks.
The one-week
wakala contracts, offered to Islamic retail banks every Tuesday, will allow the banks to deposit excess funds with the central bank, which will invest their money in portfolios containing sukuk.
reflects the returns generated by the
Wakala Portfolio.
This is EXIM's first Sukuk issue and is structured as a five year
Wakala Sukuk priced at five year US Treasuries plus 140bps which will yield approximately 2.
In Malaysia, and perhaps worldwide, this is mainly done through the application of several nominate contracts such as
wakala bi ajr (remunerated agency), mudaraba (profit sharing), and ji'ala (reward).
The Old City of Nablus is the best starting point; we were there just a few months ago to inaugurate the renovation of the EU funded project Khan Al
Wakala which is only one of the many landmarks of the Old City," said EU Representative John Gatt-Rutter.
Islamic banking therefore uses various principles recognised as Sharia compliant such as Ijara (leasing), Musharaka (partnership) and
Wakala (agency agreement).
Bank Nizwa, Oman's first Islamic bank, continues to facilitate the development of the domestic Islamic interbank through the execution of
Wakala agreements, a press release said.
Bank Alkhair jointly led the sukuk program, which is based on the Islamic
Wakala structure.
