Implications of the Kuwait TID v. Blom judgment on Wakala contracts
Wakala contracts are agency agreements that are widely used in Shari’ah compliant Islamic finance transactions. A wakala contract is formed when a principal, the muwakkil, appoints an agent, the wakeel, to undertake certain transactions on the principal’s behalf. An important characteristic of wakala contracts is that the muwakkil and the wakeel share in the profit and risk of loss of the transaction.
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Jurisdiction is an extremely important issue.
UAE: the standard of care for special care objects and equipment and the extent of liability of its custodian
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