Wakalah Concept

Wakalah FAQs

1. What is Al-Wakalah concept?

Wakalah concept refers to a contract whereby the Customer (Muwakkil) appoints Perbadanan TAIB as its agent (Wakil) and authorises Perbadanan TAIB to manage whole or any part of the Customer’s savings in business and investment provided that all such transactions are in conformity with Syariah principles.

2. What is the change?

The change is on the Syariah concept of identified products that were initially based on the Syariah concept of Wadi’ah Ad Dhamanah and Qardh.

3. When will the change take place?

The change of the underlying concept from Wadi’ah Yad Dhamanah and Qardh to Wakalah for the identified products will take effect from 1st March 2025 for new and existing account holders.

4. What products are affected by the change in concept?

Retirement Saver Ar-Rizq and Corporate Ar-Rizq

Term Deposit

5. How is the return distributed for these products?

The rate of return offered is based on expectations and is purely indicative. The actual rate of return can only be determined when the payment of return depends on the return on investment.

6. Why did Perbadanan TAIB proceed with the Syariah concept change?

The Wakalah concept will enable Perbadanan TAIB to provide its Customers with more value added to its products and services.

7. Will there be any changes in operation of my accounts?

There will be no changes to how you operate your accounts.

8. Will I be charged a fee for this change?

No, Perbadanan TAIB will not charge fee for this change.

9. Will Customers need to perform new aqad for Wakalah?

No, there is no requirement for you to perform new aqad if you agree with the change.

10. How will Customers be affected by this change?

There is no further action required if you agree with the change as it will be automatically converted on 1st March 2025. There will be no change to your existing Perbadanan TAIB Account number(s) and the operation of the Accounts.

If you disagree with this change, you may explore other deposit products available in Perbadanan TAIB before 17th February 2025.

11. How are my deposits being managed under Wakalah concept?

Your deposits or savings are managed with a high level of diligence and professionalism. Perbadanan TAIB only selects and monitors investment opportunities ensuring all decisions are made based on thorough analysis and sound judgment. While capital protection is not guaranteed, Perbadanan TAIB prioritise risk management make every effort to maximise returns while safeguarding your deposits.

12. Do I need to sign new agreement for this conversion?

No. By maintaining your account with us after the conversion, you would have deemed to have given your consent and agreement to the conversion exercise in accordance with General Terms and Conditions.

13. Who can I contact to know more about this change?

For more information, you can call our TAIB Call Centre at +673 2220299 or visit any of our branches.