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Binding Wa'd - Is it Permissible?

Here is some background information on wa'd as part of our Linkedin discussion, the reason we are highlighting this item is the fact that a variety of products/solutions are based on wa'd and we are bound to see more products coming into the market using this type of contract. The issue is mainly whether or not you can pay for a promise (or more broadly whether you can provide some type of consideration for a promise), since the wa'd in its simple form is no more than a unilateral promise.

The Binding Unilateral Promise (wa’d) in Islamic Banking Operations: Is it Permissible for a Unilateral Promise (wa’d) to be Binding as an Alternative to a Proscribed Contract?
Rafic Yunus Al-Masri
Assistant Professor, Islamic Economics Research Centre
Faculty of Economics, King Abdulaziz University
Jeddah – Saudi Arabia

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