WA’D/Promise

This entry aims to analyze the concept of wa’d –promise– in the context of Islamic law and finance. It emphasizes the significance of wa’d through its dictionary meaning and usage in the Qur’an. The study discusses the binding nature of wa’d in Islamic jurisprudence and evaluates it in terms of haram, wajib, and mubah by explaining the differences between the impermissible promise and the unqualified promise. Additionally, the entry delves into the connection between promises and contracts, providing an explanation of unilateral and mutual promises, and discussing the legal implications of these concepts. It explores the application of promises in daily life under Islamic law, highlighting the provisions they are subject to, and differentiating between diyânî and qazâî provisions. It should be noted that promises do not inherently constitute contracts but may be related to them. The nature of this relationship is explored. Additionally, this paper examines the significance and implementation of promises in the Islamic finance industry. The use of promises in financial products and their role in Islamic financial institutions are also discussed.