What is the status of a unilateral promise in Islamic banking contracts?
The Muslim jurists have allowed unilateral promises to be enforceable based on the principle that “the promise can be made enforceable at a time of need”. The unilateral promise that is given in a particular structure is independent of the underlying transaction and is not a condition for the enforcement of that particular structure. Hence, if the sale is without any condition, but one of the two parties has promised to do something separately, then the sale cannot be held to be contingent or conditional upon fulfilling of the promise. A sale will take effect irrespective of whether or not the promisor fulfills his promise.
