Wakala new alternative to Murabaha contracts

Islamic interbank lending is changing its sympathies from Murabaha contracts to Wakala. This is considered to be a stronger Sharia-compliant process. The International Islamic Financial Market (IIFM) is working on the establishment of standardized agreements in the use of Wakala contracts. Since Murabaha have come under increasing criticism from Sharia scholars as compliant instruments, Wakala is pointed out as a suitable alternative.

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