Analysis of Wa'd in Sharia Banking Transaction from the Perspective of Indonesian Contract Law

Abstract

The objective of this research is to identify and analyze the concept of wa'd (agreement) from the perspective of Indonesian contract law, which specifically focus on the type of wa'd, that will create obligations for wa'id (a party who agreed) to fulfill his own agreement, and any legal protection to ma'ud (a party who take the agreement) as well. This is a juridical normative research which focuses on analyzing secondary data. Data will be analyzed and presented descriptively. This research finds that wa'd from the perspective of Indonesian contract law can be defined as a person's statement to do, to give, or not to do something to someone else. Not every agreement will bind a person who agreed. As mentioned in Fatwa of DSN Number 85/DSN-MUI/XII/2012 concerning wa'd, that depend on certain conditions. The only agreement that will bind a person is an agreement that has legal implications. It is a right for the receiver of agreement (ma'ud) and it creates an obligation to a person who made that agreement (wa'id), specifically if that agreement has been received by ma'ud and he met all the requested requirements from wa'id. Legal protection for ma'ud after he met all requested requirements from wa'id may be given both preventively or repressively. Preventively, legal protection has been regulated in Fatwa of DSN and in the agreement itself. While repressively, legal protection is conducted through litigations and non-litigations process on the basis of default or breach of contract.