Main Article Content
Abstract
It is reckoned that the key to competitiveness in any industry is research and innovation. Islamic finance industry – which is recognized as one of the fastest moving sector with an estimated annual average of 15% to 20% – has resorted to various approaches to cater for this pursuit. Wa‘ad which means a promise has turned out to be a vital tool, and it is gaining prominence as the industry players use it in conjunction with other Shariahcompliant products to achieve a desirable economic result. However, the application of wa‘ad together with an ‘aqad creates a polemic in the industry as the Muslim scholars are of different views with regards to the binding effect of wa‘ad. The majority of the classical views ruled that wa‘ad is not binding. However, the contemporary views inclined towards making wa‘ad as ‘aqad in terms of its bindingness. Thus, this article seeks to analyze this polemic by addressing the issue through a comparative study between a wa‘ad and an ‘aqad.
Keywords
Article Details
Copyright Notice
By submitting manuscripts to the Online Journal of Research in Islamic Studies (RIS), authors agree to transfer copyright to the journal. However, authors may republish their work or grant others permission to republish it; in which case it should be accompanied by a proper acknowledgment that the work was originally published in the Online Journal of Research in Islamic Studies (RIS). The journal adopt CC-BY-NC licence which authors may also share and distribute their article anywhere of non-commercial website, social media and repositories immediately on publication.
Authors may also reuse the Abstract and Citation information (e.g. Title, Author name, Publication dates) of their article anywhere at any time including social media such as Facebook, blogs and Twitter, providing that where possible a link is included back to the article on the journal site.