The Court Case on Wakala Contract (Investment Dar v Blom Development Bank)

Assalamualaikum,

Dear Readers,

I am very grateful to share with you the recent case pertaining to wakala contract in the Hight Court Chancery Division in London on 11th November 2009. Interestingly, the Investment Dar in this case claimed that the wakala contract amounted to non-Shari’ah compliance because in reality they took deposit and interest. On the other hand the Blom Development counter claimed that the contract was approved by Shari’ah committee indicating the contract was indeed Shari’ah compliant. Although the learned judge was reluctant to discuss the legality of wakala contract from Islamic point of view, he nevertheless did mention that the contract was just a device for payment of interest under another disguise. Click here

Enjoy reading!!!!

Warm Regards
ZULKIFLI HASAN
DURHAM, UK

  • Al Hambra, Granada, Spain

    Comments (0)

    • Christopher Reply

      Thank you. It is a very intriguing decision.

      March 29, 2010 at 11:44 pm

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