This publication is part of the journal ISRA International Journal of Islamic Finance (English Journal) (2011-2)
The application of unilateral promise (wa'd) in certain Islamic financial products, although recent, has witnessed spectacular development. It has been widely applied in products such as murabahah for a purchase orderer (murabahah lil amir bi al-shira’), leasing ending with ownership (ijarah muntahiyah bi al-tamlik), Islamic hire-purchase (ijarah thumma al-bay'), diminishing partnership (musharakah mutanaqisah), sukuk structures, and treasury products such as FX-i forward Islamic profit rate swaps. Some of these structures employ only one-way wa'd while others use two-way wa'd. Thus, it is important to examine principles of both unilateral promise (wa'd) and bilateral promise (muwa'adah) in order to identify whether structures that utilise two-way wa'd (wa'dan) comply with the rules of wa'd or whether they resemble the features of muwa'adah.
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