Status and implications of promise (wa’d) in contemporary Islamic banking

Wa’ad or promise refers to undertaking by one party to do or not to do certain actions in future. Unlike a normal contract or `aqd, the rules governing wa`ad are less stringent as it is merely a promise thus is not binding. Under Shari’ah, due to the unilateral nature of the promise, the details of...

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Main Author:	Abdullah, Nurdianawati Irwani
Format:	Article
Language:	English
Published:	Emerald Group Publishing 2010
Subjects:	HG Finance HG1501 Banking KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh
Online Access:	http://irep.iium.edu.my/3079/ http://irep.iium.edu.my/3079/ http://irep.iium.edu.my/3079/ http://irep.iium.edu.my/3079/4/Status_and_implications_of_promise_%28wa%E2%80%99d%29_in_contemporary_Islamic_banking.pdf

id	iium-3079
recordtype	eprints
spelling	iium-30792012-04-30T00:35:56Z http://irep.iium.edu.my/3079/ Status and implications of promise (wa’d) in contemporary Islamic banking Abdullah, Nurdianawati Irwani HG Finance HG1501 Banking KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh Wa’ad or promise refers to undertaking by one party to do or not to do certain actions in future. Unlike a normal contract or `aqd, the rules governing wa`ad are less stringent as it is merely a promise thus is not binding. Under Shari’ah, due to the unilateral nature of the promise, the details of it are not as carved in stone as any other contract. The details such as time of delivery, the price, terms of payment and goods specific description are not as strict as applied in other contracts. Because of its flexibility, the wa’ad is now being noticed as a key alternative in structuring a lot of substitute products of a conventional bank. It is expected that the contract will grow more prominent in the next few years as demand for easy and flexible products increased. This paper, therefore attempts to analyze the status of promise from both Islamic and common law perspectives. Some illustrations of contemporary financial products structured based on wa`ad principle are discussed to shed some lights in understanding the issues surrounded the practice. Emerald Group Publishing 2010 Article PeerReviewed application/pdf en http://irep.iium.edu.my/3079/4/Status_and_implications_of_promise_%28wa%E2%80%99d%29_in_contemporary_Islamic_banking.pdf Abdullah, Nurdianawati Irwani (2010) Status and implications of promise (wa’d) in contemporary Islamic banking. Humanomics, International Journal of System and Ethics, 26 (2). pp. 84-98. ISSN 0828-8666 http://www.emeraldinsight.com/journals.htm?issn=0828-8666&volume=26&issue=2&articleid=1875997 10.1108/08288661011074891
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG Finance HG1501 Banking KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh
spellingShingle	HG Finance HG1501 Banking KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh Abdullah, Nurdianawati Irwani Status and implications of promise (wa’d) in contemporary Islamic banking
description	Wa’ad or promise refers to undertaking by one party to do or not to do certain actions in future. Unlike a normal contract or `aqd, the rules governing wa`ad are less stringent as it is merely a promise thus is not binding. Under Shari’ah, due to the unilateral nature of the promise, the details of it are not as carved in stone as any other contract. The details such as time of delivery, the price, terms of payment and goods specific description are not as strict as applied in other contracts. Because of its flexibility, the wa’ad is now being noticed as a key alternative in structuring a lot of substitute products of a conventional bank. It is expected that the contract will grow more prominent in the next few years as demand for easy and flexible products increased. This paper, therefore attempts to analyze the status of promise from both Islamic and common law perspectives. Some illustrations of contemporary financial products structured based on wa`ad principle are discussed to shed some lights in understanding the issues surrounded the practice.
format	Article
author	Abdullah, Nurdianawati Irwani
author_facet	Abdullah, Nurdianawati Irwani
author_sort	Abdullah, Nurdianawati Irwani
title	Status and implications of promise (wa’d) in contemporary Islamic banking
title_short	Status and implications of promise (wa’d) in contemporary Islamic banking
title_full	Status and implications of promise (wa’d) in contemporary Islamic banking
title_fullStr	Status and implications of promise (wa’d) in contemporary Islamic banking
title_full_unstemmed	Status and implications of promise (wa’d) in contemporary Islamic banking
title_sort	status and implications of promise (wa’d) in contemporary islamic banking
publisher	Emerald Group Publishing
publishDate	2010
url	http://irep.iium.edu.my/3079/ http://irep.iium.edu.my/3079/ http://irep.iium.edu.my/3079/ http://irep.iium.edu.my/3079/4/Status_and_implications_of_promise_%28wa%E2%80%99d%29_in_contemporary_Islamic_banking.pdf
first_indexed	2023-09-18T20:10:46Z
last_indexed	2023-09-18T20:10:46Z
_version_	1777407461891768320

Status and implications of promise (wa’d) in contemporary Islamic banking

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