Wa'd (promise/undertaking) is used extensively in Islamic hedging arrangements. The structure of Wa'd enables each party under the Islamic hedging arrangement to be bound by its promise to execute a defined obligation at an agreed future time. The execution of such promise is conditioned upon the occurrence of a certain future event agreed to by the parties (the promisor and promisee). The use of Wa'd makes it possible for Islamic hedging products like Islamic profit rate swap, Islamic FX forward and Islamic FX option to perform the function of risk management tools that deliver similar economic effect as conventional hedging products.
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