Wa’ad (promise)

A Wa’ad, or promise, is a formal agreement where one party commits to performing a specific act in the future. In financial and legal contexts, it is used to denote an obligation that is binding once made, such as promising to buy or sell something later. Unlike contracts, Wa’ad is more flexible and often involves less formalities, but it still carries ethical and sometimes legal weight. It helps build trust by ensuring commitments are clear and can be relied upon, fostering responsible and transparent dealings, especially in Islamic finance.