Publication:
Special legal features of the Islamic wa'd or pledge: comparison with the conventional law on promise within the sphere of Islamic finance
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Date
2011
SDG:
Abstract
The purpose of this paper is to theoretically assess the legal position of the Islamic doctrine of wa'd (or pledge) in relation to 'aqd (within the sphere of Islamic finance), and compare it with the conventional viewpoint, while discussing the several modes/means/usages in terms of applied Shariah. The paper utilizes a doctrinal approach to focus on the theoretical aspect of the concept while attempting to suggest practical adaptation and structuring, enabling smoother and more efficient use. The status quo was dependent on the wa'd being an operational instrument in today's world and further development in terms of bridging the understanding was the approach.
Keywords
Islam , Contracts , Finance
Citation
Wisham, I., Muneeza, A., & Hassan, R. (2011). Special legal features of the Islamic wa'd or pledge: comparison with the conventional law on promise within the sphere of Islamic finance. International Journal of Law and Management, 53(3), pp. 221-234.
Publisher
Emerald