The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance

Islamic laws cover all aspects of human behaviours and govern the Muslims ways of life. It is wider than the Western understanding of law and they regulate Islamic transactions. This paper demonstrates scope and application of Wa'ad (promise), Muwa'adah and Wa'dan (two promises) in...

Full description

Bibliographic Details
Main Authors:	Abdul Aziz Bello, Shafi'i, Hassan, Rusni
Format:	Article
Language:	English
Published:	Merit Research Journal 2013
Subjects:	HG Finance
Online Access:	http://irep.iium.edu.my/47011/ http://irep.iium.edu.my/47011/ http://irep.iium.edu.my/47011/1/Scope_and_Application_of_Waadan.pdf

id	iium-47011
recordtype	eprints
spelling	iium-470112016-03-08T05:53:12Z http://irep.iium.edu.my/47011/ The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance Abdul Aziz Bello, Shafi'i Hassan, Rusni HG Finance Islamic laws cover all aspects of human behaviours and govern the Muslims ways of life. It is wider than the Western understanding of law and they regulate Islamic transactions. This paper demonstrates scope and application of Wa'ad (promise), Muwa'adah and Wa'dan (two promises) in Islamic finance. Brief discussion on the definitions and legal principles of Wa‘ad, Muwa‘ada and Wa‘adanfrom perspectives of Islamic law as well as the concept of wa'ad under common law were reported in the paper. Furthermore the paper critically analyses the concept and pracrtice of wa'ad, muwa'adah and wa'dan in Islamic transaction (sale and purchase). Similarly, the concept and practice of wa'ad in Islamic banking system in Malaysia were also discussed. The application of wa'ad in islamic banking products were also explained such as the use of wa'ad for foreign exchange option, Islamic financial market and foreign exchange option for a multinational bank. The paper ended with some illustrations on the use of wa'ad for short selling in Islamic finance. Merit Research Journal 2013-05 Article PeerReviewed application/pdf en http://irep.iium.edu.my/47011/1/Scope_and_Application_of_Waadan.pdf Abdul Aziz Bello, Shafi'i and Hassan, Rusni (2013) The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance. Merit Research Journal of Accounting, Auditing, Economics and Finance, 1 (1). pp. 1-11. ISSN 2408-7068 http://www.meritresearchjournals.org/aaef/Content/2013/May/Bello%20and%20Hassan.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG Finance
spellingShingle	HG Finance Abdul Aziz Bello, Shafi'i Hassan, Rusni The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance
description	Islamic laws cover all aspects of human behaviours and govern the Muslims ways of life. It is wider than the Western understanding of law and they regulate Islamic transactions. This paper demonstrates scope and application of Wa'ad (promise), Muwa'adah and Wa'dan (two promises) in Islamic finance. Brief discussion on the definitions and legal principles of Wa‘ad, Muwa‘ada and Wa‘adanfrom perspectives of Islamic law as well as the concept of wa'ad under common law were reported in the paper. Furthermore the paper critically analyses the concept and pracrtice of wa'ad, muwa'adah and wa'dan in Islamic transaction (sale and purchase). Similarly, the concept and practice of wa'ad in Islamic banking system in Malaysia were also discussed. The application of wa'ad in islamic banking products were also explained such as the use of wa'ad for foreign exchange option, Islamic financial market and foreign exchange option for a multinational bank. The paper ended with some illustrations on the use of wa'ad for short selling in Islamic finance.
format	Article
author	Abdul Aziz Bello, Shafi'i Hassan, Rusni
author_facet	Abdul Aziz Bello, Shafi'i Hassan, Rusni
author_sort	Abdul Aziz Bello, Shafi'i
title	The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance
title_short	The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance
title_full	The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance
title_fullStr	The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance
title_full_unstemmed	The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance
title_sort	scope and application of wa‘ad, muwa'adah and wa'dan in islamic finance
publisher	Merit Research Journal
publishDate	2013
url	http://irep.iium.edu.my/47011/ http://irep.iium.edu.my/47011/ http://irep.iium.edu.my/47011/1/Scope_and_Application_of_Waadan.pdf
first_indexed	2023-09-18T21:06:54Z
last_indexed	2023-09-18T21:06:54Z
_version_	1777410993769414656

The scope and application of wa‘ad, muwa'adah and wa'dan in Islamic finance

Similar Items