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The objective of the chapter is to discuss the role of wa’d (promise) to mitigate risk in different Islamic banking products. The chapter will illustrate the element of wa’d in different Islamic banking products in Malaysia.

The study has adopted the document review method to get information on different banking products. Moreover, it conducted semi-structured interviews with bankers to get in-depth information.

The study finds out that wa’d plays a vital role in structuring several products including retail products, trade financing products, and treasury products. Along with the unilateral wa’d there is a usage of double wa’d (wa’dan) in some product structures. In most of the products, wa’d is included as a risk mitigation instrument along with other major underlying Shari’ah contracts. Some Shari’ah issues are involved with these products namely the Shari’ah rulings related to wa’dan, “form over substance,” etc.

This is an in-depth field study which adds new knowledge on wa’d-based products. The experience of Malaysia might be a lesson for other countries to minimize risk in their Islamic banking products.

Maneno mengi yanayohusu haki za binadamu na haki za kiteknolojia hayajatafsiriwa katika lugha ya Kiswahili. Kwa hivyo, wataalamu wa teknolojia na watetezi wa haki za kidijitali hutumia maneno ya Kiingereza – hata bila utohozi – wanapozungumzia haki za kiteknolojia. Hali hii ya mambo inachangia udhoofu fulani katika utetezi wa haki za kidijitali kwani wanaojaribu kueleza jamii umuhimu wa haki hizi hulazimishwa kutegemea msamiati wa Kiingereza usiyo na msingi au viungo na lugha ya Kiswahili Katika makala hii, tutazungumzia umuhimu wa kukaribisha watu kutumia lugha za Kiafrika kwenye mtandao.

Kiswahili ni lugha ya Kiafrika inayozungumzwa katika eneo zaidi sana duniani. Karibu watu milioni mia moja na arobaini Afrika mashariki wanazungumza Kiswahili kama lugha yao ya kwanza au ya pili, miongoni mwao Wakenya na Watanzania, wenyeji wa nchi ambamo Kiswahili ni lugha ya kitaifa. Tena kuna historia ndefu ya kutumiwa kwa lugha ya Kiswahili katika uandishi, uchapishaji na ubunifu wa utamaduni wa kisasa. Kiswahili pekee yake ndiyo lugha ya asili ya Kiafrika inayotumika kama lugha ya maalum ya Umoja wa Mataifa za Kiafrika. Hata hivyo, kwa upande wa matumizi ya Kiswahili, hasa kwenye mada ya teknolojia, Kiswahili imewachwa nyuma.

Zaidi ya maneno rasmi, uwepo wa lugha za Kiafrika ni muhimu kuimarisha jumuiya za Kiafrika mtandaoni kwani lugha inalenga sana haki na utambulisho wa watu. Miradi za kutafsiri maneno za kiteknolojia katika lugha ya Kiswahili inahimiza jumuiya za Afrika Mashariki kuunda jamii inayosimamia matakwa yao vyema. Makala hii basi inazingatia umuhimu wa lugha kwenye kuunda jamii na katika hatua za kuondoa mbinu za kikoloni mtandaoni ili wenyeji wa Afrika Mashariki wajione mtandaoni kwa ujumla wao wote. Makala pia itazingatia semiotiki ya lugha katika ubunifu wa teknolojia, na umuhimu wa kutafsiri jamii ya lugha ya Kiswahili katika harakati za kuondoa ukoloni katika ubunifu huu. Lakini sio tu kwamba lugha ya Kiswahili ndio pekee inayoweza kuondoa mbinu za kikoloni mtandaoni, kwani pia lugha hiyo ina ishara za kutawalwa kwa jamii fulani. Bali makala hii inatumia mfano wa Kiswahili kuhimiza utumiaji wa lugha za kiasili au za kimama mtandaoni ili kulinda mustakabali wa kidijitali wa umma.

Umuhimu wa makala hii ni kuashiria jipya umuhimu wa lugha katika harakati za kuendeleza haki za kidijitali na hasa kuondoa mbinu za kikoloni kwenye teknolojia, swala lisilowahijadiliwa katika lugha ya Kiswahili.

This study aims to examine the relationship between talent development environment (TDE) variables of job focus and long-term development with the and workplace adaptation (WA) of Malaysian professional returnees as mediated by the organisational support.

A total of 130 respondents who are Malaysian professional returnees participated in this study. The hypotheses formulated for this study were tested using partial least square-structural equation modelling version 3.

The mediation analysis has revealed a significant relationship between job focus and long-term development on WA via organisational support. Six out of seven hypotheses were accepted. The finding also indicates that the long-term development construct has a strong impact on the WA of Malaysian professional returnees.

This study focused only on professional returnees from selected sectors of the National Key Economic Areas in Malaysia.

Organisational support mediating WA should be capitalised on by human resource development practitioners in public and private sectors to assist professional returnees in their WA through the talent development approach specifically on job focus and long-term development.

The findings from this study extend the knowledge of WA in the context of professional returnees in a developing country, Malaysia. The integration between the selected TDE variables and WA with the mediating function of organisational support adds new insights into the process of WA.

The purpose of this paper is to theoretically assess the legal position of the Islamic doctrine of wa'd (or pledge) in relation to 'aqd (within the sphere of Islamic finance), and compare it with the conventional viewpoint, while discussing the several modes/means/usages in terms of applied Shariah.

The paper utilizes a doctrinal approach to focus on the theoretical aspect of the concept while attempting to suggest practical adaptation and structuring, enabling smoother and more efficient use. The status quo was dependent on the wa'd being an operational instrument in today's world and further development in terms of bridging the understanding was the approach.

Before invoking the legal validity of wa'd in a court, it is important to view the practice of wa'd to be a dominant ideology utilized in Islamic finance. The first advocate who called for the practice of the binding promise in commutative financial contracts was probably Sheikh Mustafa Al‐Zarqa who adopted the position that if it was admissible, for the unilateral promise (wa'd) to be binding in donations, then, in his view, it was even more justifiable for the wa'd to be binding in commutative contracts. According to the preponderant opinion among Maliki scholars, a unilateral promise is as binding as a contract if the reason was mentioned in it or the contract was initiated based on the promise, a view shared by scholars such as Imam Bukhari. The other point of view, according to contemporary jurists such as Al‐Syntiqi and Dr Muhamed Sulaiman opine that a unilateral promise would not create any liability upon the promisor and it also does not confer any right to the promisee, although from religion point of view, it is recommended to fulfill it.

Fully understanding the modus operandi of a wa'd in key as today, wa'd has established itself within the domain of several transactions under Islamic banking and finance, such as replicating conventional short selling, structuring FOREX markets option and even operating in a double wa'd structure.

The paper would prove useful and informative on the theoratical aspect of the concept especially to students starting out in Islamic finance. For those already well versed or immersed in the field, the paper would certainly provide ideas and exploratory suggestions into the development of the concept in terms of enhancement.

The purpose of this paper is to analyse the status and implications of promise (wa'd) in Islamic banking practices and the extent of its enforceability in the court of law. The analysis highlights the concept of wa'd, its application and limitation in the present practices.

Analysis of conceptual nature and status of promise is made in the light of classical and contemporary juristic rulings (ijtihad and ifta'). Illustrations of three main Islamic banking products structured based on wa'd principle are discussed to shed some lights in understanding the issues surrounded the practice.

This study reveals that the usage of wa'd is allowed by contemporary jurists as a necessity for the interest of the contracting parties. The paper admits the importance of wa'd which has become an innovative tool in structuring many forward contracts that require flexibility with full commitment of the parties involved without jeopardising the basic principles and maqasid Al‐Shari'ah. The paper also highlights that the right of promissee is well protected in both Shari'ah and civil law, and also enforceable in the court of law.

The analysis of this study reveals that wa'd has direct implications in determining the Shari'ah compliancy of particular Islamic banking products in two aspects; first, promise‐ and other‐related undertakings are not integral to the main contract; second, the promise should not include a bilateral promise that is binding on both parties, unless if there is an option to cancel the promise which may be exercised by any of the parties. This research will be of interest to both incumbent and potential practitioners as well as researchers in the area of Islamic finance.

The paper presents an objective view on the implication of wa'd in Islamic banking practices based on facts and Shari'ah rulings. It will indeed be a material guideline to the industry player who directly adopts wa'd in many Islamic products.

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.

The purpose of this paper is to highlight the possibility of structuring an Islamic option which includes an element of risk sharing as opposed to risk transfer.

The approach adopted in this research involved a combination of a wa’ad (promise) and murabaha (cost plus sale) and examining if they could form a risk-sharing Islamic option. The payoffs were assumed to be dependent on bi-period outcomes.

The paper attempted to create a hybrid risk-sharing option by combining elements of both wa’ad (promise) and murabaha (cost plus sale). The results yielded are dependent on the eventual direction of the market (in-the-money, at-the-money and out-the-money). While the results are not definitive, they do provide arguments for the adoption of a risk-sharing, as opposed to a risk-transfer, methodology when it comes to structuring risk management instruments.

One of the major limitations of this research is the inability to assess the Shariah compliance of the proposed instrument. Shariah compliance is determined by a Shariah Supervisory Board, and every effort has been made to ensure that Shariah financial principles are adhered to in the creation of this structure.

The structure provides some interest arguments in the creation of risk management tools under a Shariah financial framework. The structure illustrates the benefits of having a risk-sharing mode over the conventional risk-transfer stances of most risk management tools.

The paper offers a new way of structuring a risk management tool in Islamic finance. It explores the highly debated area of derivatives in Islamic finance and proposes a new way of creating a risk management tool that involves some elements of risk sharing.

The study aims to consider wa’dan-based products in Islamic banks in Malaysia and discuss the validity of wa’dan in those products from the perspective of Shari’ah.

Case studies were conducted of three Islamic banks in Malaysia. Semi-structured interviews were carried out with bankers as well as Shari’ah scholars. The document analysis method was adopted to strengthen the findings.

The study shows that three Islamic banking products: Musyarakah Mutanaqisah (MM) home and property financing; Al-Ijarah Thumma Al-Bai’ (AITAB) vehicle financing; and Ijarah rental swap (IRS) use wa’dan in their product structures. After discussing the different views of the scholars, the study concludes that wa’dan should be allowed in the above-mentioned products because it is different from muwa’adah. In wa’dan, every single wa’d is separate from each other, as every one of them is related to different types of events. With regard to the issue of Shari’ah in MM home and property financing, it was concluded that wa’d from the customer to purchase the bank’s share is not a capital guarantee. Moreover, IRS is not a form of gambling but is in line with Maqasid al-Shari’ah.

The study is limited to three Islamic banks in Malaysia that focus on retail and commercial banking products. Therefore, the study excludes application of wa’dan in sukuk and some other Islamic derivatives that are not the practice of these three banks.

This empirical study adds new knowledge by developing the concept and practice of wa’dan. Wa’dan as an innovative tool for product development to overcome Shari’ah issues in conventional banking may be of interest to practitioners all around the world.

The present study compared Indian consumers' attitude (AT) toward and purchase intention (PI) from Western apparel brands, as a function of their Western acculturation (WA), consumer ethnocentrism (CE) in apparel consumption, consumer cosmopolitanism (CC) and country of residence (India vs the USA).

The sample included Indians residing in India and the USA, who were 19 years or older, and visited online or brick-and-mortar apparel stores. An online survey was administered through Amazon Mechanical Turk to collect the data. The data was analyzed through multi-group structural equation modeling.

WA engenders CE among Indian consumers, especially among Indians residing in India. WA and CC positively influence AT. CE did not have a significant negative influence on AT. Although a high CE lowers the PI, a high WA, CC and positive AT can translate into high PI.

The study did not use an experimental design. Therefore, causal relationships between the research variables could not be explained. Majority of the respondents were male. This might have confounded the findings with potential gendered effects.

Western apparel brands targeting Indian consumers in India and the USA should focus on projecting their cosmopolitan and pro-Indian image to target this population's cosmopolitan and ethnocentric outlook, thereby enhancing PI.

The study proposed and empirically tested a conceptual model indicating the relationship between some of the important predictors of Indian consumers' PI in the context of Indians residing in the USA and India.