Pendekatan Malaysia Terhadap Aplikasi Wa'd Dalam Produk Kewangan Islam

The wa’d-based products evolved in tandem with the advancement of theIslamic financial system wherein the basic unilateral wa’d is customized to suit thecomplex and demanding financial needs.The wide application of wa'd within the multifarious Islamic financial productsrender discussions amongscholars regarding its' validity. In Malaysiacontext, the Shariah Advisory Council of BNM and SC govern the operation of Islamic financial system. Accordingly, thispaper aimsto evaluate Malaysia’sapproach towards the application of wa’d by analysing the regulations in the PolicyDocuments and the Shariah Resolutions of those two regulatory bodies. This researchutilizes a qualitative design where the datawere collected through libraryresearch and analysed via content analysis and comparative method to form a concept paper. Then, the approaches were extracted and encapsulatedinto several main themes.The outcome of thisresearch is paramountto provide an overview of Malaysia’sapproach to the application of wa'd