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Bilateral Promising

In Islamic finance, bilateral promising, or muwa'adah in Arabic, refers to a promise which is issued by a counterparty against...

Nonbinding Promise

In Arabic, it is originally known as a wa'ad ghair mulzim; a wa’ad (promise) in which the promisor (al-wa’ed) is...

Waad Ghair Mulzim

An Arabic term (وعد غير ملزم) that translates as nonbinding promise; a wa’ad (promise) in which the promisor (al-wa’ed) is...

Waad Mulzim

An Arabic term (وعد ملزم) that translates into binding promise; a wa’ad (promise) in which the promisor (al-wa'ed) is under...

Al-Muwa’adah

A proclamation by two persons of their intent to enter into a contract (aqd) in the future whose effects will...

Al-Wa’ad bil Ba’i

Arabic (الوعد بالبيع) for promise (wa’ad) to sell. It is usually embedded in exchange-based contracts/ commutative contracts (uqud al-mua’wadhah) such...

Al-Wa’ad bil Bay’

Arabic (الوعد بالبيع) for promise (wa’ad) to sell. It is usually embedded in exchange-based contracts/ commutative contracts (uqud al-mua’wadhah) such...

Forex Wa’ad

A structure that bears resemblance to a conventional option (khiyar taqlidi). However, this structure uses wa'ad (promise) in a specific...

Product Wa’ad

A type of wa'ad (promise) that constitutes, by nature and structure, a full-fledged Islamic finance arrangement which is used as...

Ancillary Wa’ad

A type of wa'ad (promise) that is embedded in, or associated with, an Islamic finance arrangement (contract). By nature, the...