Binding Promise in the Banks’ Products and Its Implementation in Islamic Bank of Afghanistan: An Evaluative Study

Abstract

The research aims to identify the reality of Islamic banks in Afghanistan and the issue of promise, which is one of the conditions of some Islamic contracts offered in banks. This research focuses on" the binding promise in banking products and its applications in the Islamic Bank of Afghanistan." This study clarifies the concept of promise and related terms, its types, formulas, and actions involved in Islamic banks. The study then addresses the provisions related to the promise and the extent of legitimacy of its applications in Islamic banks, by mentioning the differences between ancient and contemporary scholars in its legal ruling and discussing their evidence. The study then provides an overview of the Islamic Bank of Afghanistan regarding the binding promise, followed by an explanation of the binding promise products, their importance, conditions of validity, and some contemporary examples in financing the Islamic banks in Afghanistan. The study also discusses the fatwas and decisions of the Sharia Board of the Islamic Bank of Afghanistan regarding the binding promise and its products, then deals with explanation and commentary on the decisions and their extent of legitimacy. The researcher used the inductive approach in collecting jurisprudential information from old and new sources, then the analytical approach where the researcher analyzed and evaluated the applied models of binding promise at the bank in light of Islamic jurisprudence, followed by the field methodology by conducting personal interviews with some members of the Sharia Board of the Islamic Bank of Afghanistan. The study reached important findings, including the promise being absolutely binding in Islamic banking financial transactions and obligation being one of the requirements of banking work. The binding promise and its products, as implemented by Islamic banks, including the Islamic Bank of Afghanistan, have not exceeded the bounds of Sharia in applying the binding promise and its products.