Wa'd means a unilateral promise in Islamic finance — a binding commitment made by one party to do something specific in the future. Unlike a contract (which requires mutual agreement), Wa'd involves only one party making the promise.
For example, in Islamic mortgage products, a bank might make a Wa'd to sell a property to the customer at a predetermined price once certain conditions are met. The promise is binding on the promisor but not on the promisee.
Wa'd is widely used in structuring Islamic derivatives, hedging products, and currency exchange arrangements where traditional contracts would not be Shariah compliant.