The Unilateral Promise & its Application in Islamic Banking and Finance.

وعدہ بیع اورعصِر حاضر کی اسلامی بینکاری میں اس کا استعمال (ایک تحقیقی جائزہ)

Authors

  • Bashir Ahmed Ph.D Scholar, Islamic Learning Department, University of Karachi.
  • Dr. Muhammad Shahbaz Manj Assistant Professor, Department of Islamic and Arabic Studies, University of Sargodha, Sargodha https://orcid.org/0000-0003-3988-7692
  • Dr. Urooj Talpur Assistant Professor, Department of Economics, University of Sindh, Jamshoro.

Keywords:

unilateral promise, Wa’ad, contract (aqad), Islamic Financial Institution

Abstract

Abstract

Wa’ad means a promise give the impression of an expression of compliance of a person or a group on a

particular matter. There are two types of Promise: a unilateral Promise as well as Bilateral promise. This

division denotes the nature of binding and undertaking of the subject matter. It is fact the Wa’ad e Bay

(Promise to purchase or sale) plays a vital role in the transactions used by Islamic financial institutions.

Murabaha to purchase order, Ijarah Muntahia Bittamleek and Diminishing Musharaka are modes of Islamic

financial institutions where unilateral Promise is binding with special reference to the views from the Islamic

jurists. AAOIFI Shariah standards had mentioned about unilateral Promise and its application in Islamic

which reads as fellow: The promise given by the client in the Murabahah transactions 5/1 The promise given

by the client in the Murabahah transactions conducted by institutions is legally binding by virtue of item 3/5

of this Standard. This paper is aimed to discuss the binding nature of Wa’ad (Promise) in Shariah Law from

both angles; as Diyanata (moral) as well as Qada’a (legal), with the refrence of the modern Islamic financial

system.

Author Biography

Dr. Muhammad Shahbaz Manj, Assistant Professor, Department of Islamic and Arabic Studies, University of Sargodha, Sargodha

Ph.D Research Scholar , Islamic Learning , university of Karachi

Downloads

Published

2021-05-01