In a "Wakalah" contract, a person (the principal or "muwakkel") appoints a representative (the agent or "wakil") to undertake transactions on his/her behalf, that the principal does not have the time, knowledge or expertise to perform themselves — similar to a power of attorney agreement in conventional legal terms. Wakalah should be a non-binding contract for a fixed fee. The agent's services may include selling and buying, lending and borrowing, debt assignment, guarantee, gifting, litigation and making payments, and are involved in numerous Islamic products like "Musharakah", "Mudarabah", "Murabaha", "Salam" and "Ijarah".