| Wakalah | (Takaful model) is a form of representative relationship between an operator and participant. - The contract of Tabarru' wherein the participant agrees to donate a pre-determined percentage of contribution to the fund to provide assistance to fellow participants
- The contract of Al-Wakalah wherein the participant authorises the Takaful company to conduct affairs of the fund on his/her baahalf
|
| Waqf | Lit: detention. Technically appropriation or tying-up of a property in perpetuity so that no propriety rights can be exercised over the usufruct. The Waqf property can neither be sold nor inherited or donated to anyone. Awqaf consists of religious foundations set up for the benefit of the poor. |
