AAOIFI CPSS Practice Questions - AAOIFI Certificate Of Proficiency In Shari'ah Standards (CPSS) Exam

Under AAOIFI Shari'ah Standard No. 49, how does a unilateral promise (wa'd) generally differ from a bilateral sale?

A unilateral promise binds both parties exactly like a completed asset sale A unilateral promise always transfers ownership of the asset immediately AAOIFI treats wa'd and sale as identical concepts A unilateral promise is one party's undertaking and is not itself the completed exchange; a bilateral sale creates mutual sale rights and obligations

Correct Answer:

A unilateral promise is one party's undertaking and is not itself the completed exchange; a bilateral sale creates mutual sale rights and obligations

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