Mechanism of Al-Wa'Ad (Promise): Teory and Application in Islamic Banking in Malaysia/MECANISME D'AL-WA'AD (PROMESSE): THÉORIE ET APPLICATION DANS LES BANQUES ISLAMIQUES EN MALAISIE

Article excerpt


Contract according to Syariah Law can be defined as being "an expression of the matching between a positive proposal made by one of the contractors and the acceptance of the other contractor in a way which has an impact on the subject of the contract"3. There are standard requirements provides by the law in order to constitute a valid binding contract namely offer, acceptance, consideration, and intention to create legal relation. This requirement is more or less the same with the Islamic 'aqad' however it comes together with the package the prohibition of any element of uncertainty, interest, etc to make sure it complies with the syariah standard. Most of the conventional contract has ignored few aspects of the Islamic contract such as non-spot in the exchange of ribawi item, unjustified increase of premium, and conditional aqad which are totally prohibited. Therefore Islamic Banking in Malaysia has put strong effort to curb these problems and provides a way out by introducing many syariah compliance products and concepts and one of them is al-wa'ad which is the main concern on this article. As a result, by doing this research, it can help people to discover how far the concept of al-wa'ad had been applied in Islamic Banking in Malaysia by comparing its application among few banks including Islamic Bank as well as conventional banks with Islamic Banking window.

Key words: Al-Wa'ad (promise); Islamic Banking; Teory and application; Islamic transaction

Résumé: Contrat selon la syariah peut être définie comme étant «une expression de l'adéquation entre une proposition positive faite par l'un des contractants et l'acceptation de l'autre contractant d'une manière qui a une incidence sur l'objet du contrat». Il ya des exigences standard fournit par la loi afin de constituer un contrat valable à savoir offre, l'acceptation, la considération, et l'intention de créer des relations juridiques. Cette exigence est plus ou moins la même chose avec l'Organisation islamique pour «AQAD 'quoi qu'il arrive avec le paquet de l'interdiction de tout élément d'incertitude, intérêts, etc pour s'assurer qu'elle est conforme à la norme de la charia. La plupart du contrat conventionnel a ignoré quelques aspects du contrat islamique comme la non-lieu dans l'échange de point ribawi, l'augmentation injustifiée de la prime, et AQAD conditionnel, qui sont totalement interdites. Par conséquent, les banques islamiques en Malaisie a mis effort sérieux pour mettre fin à ces problèmes et fournit un moyen de sortir par l'introduction de nombreux produits de la charia et le respect des concepts et l'un d'eux est Al-Wa' ad qui est la principale préoccupation de cet article. En conséquence, en effectuant cette recherche, il peut aider les gens à découvrir dans quelle mesure la notion d'al- Wa'ad avait été appliquée dans les banques islamiques en Malaisie, en comparant son application entre quelques banques dont la Banque islamique ainsi que les banques classiques.

Mots-Clés: AL-Wa'ad (promesse); baques islamiques, théorie et applications, transaction islamique

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Al- Wa'ad is a term used currently which according to Islamic transaction means 'promise'. It is so interrelated with put option and call option but had been inserted with the element of Syara' and it is very much debated lately. The application of promise can be seen in several Islamic transaction concepts for example in sale and purchase, murabahah, syirkah mutanaqisah, ijarah, takaful etc. The Malaysian Accounting Standards Boards in its amendment to the Financial Reporting Standard i-1 2004 had mentioned about al- wa'ad when defining Ijarah Muntahia Bittamleek which reads as follows

Ijarah Muntahia Bittamleek is an Ijarah contract with an undertaking by the lessor to sell the Ijarah asset to the lessee and/or an undertaking by the lessee to purchase the Ijarah asset from the lessor by, or at, the end of the Ijarah period. …


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