In Islamic finance, wa’ad, or promise, refers to an obligation issued by one counterparty, such as a potential purchaser or purchase orderer in murabaha transactions, to another, and whereby the promisor undertakes towards the promisee to proceed with the contract. Shari’a considers a promise binding on the issuer unless an excuse (force majeure) comes forth and prevents fulfillment. In law, a promise is binding if it is pending on a cause and incurring the promisee costs and expenses.

For example, in murabaha to the purchase orderer, the promise of the purchase orderer may be binding or non-binding. Shari’a and mainstream modern Islamic finance practices grant the purchase orderer the option (khiyar) either to purchase the asset or reject it when offered thereto by the purchaser. However, some present-day shari’a scholars opine that the promise in this type of sale is binding on the purchase orderer.

Therefore, in murabaha to the purchase orderer subject to obligation, the promise is considered as an offer to buy, and the orderer is liable to bear any losses incurred by the seller due to reluctance by the promisor to take delivery. In contracts associated with no obligation, a promise constitutes a willingness to buy, not an offer.