Book Three: Banking Transactions · Part Six: Commercial Transactions of Islamic Financial Institutions · Chapter Two: Special Provisions for Certain Types of Contracts and Obligations to which Islamic Financial Institutions are a Party: Section One: Promise to Contract: Article (475)
1. A promise to contract is an undertaking by one of the contracting parties to conclude a specified contract in the future. The undertaking binds only the promisor.
2. If the promisor fails to perform the promise without an acceptable excuse, the promisor shall compensate the promisee; compensation is limited to the direct actual damage suffered by the promisee.
Interpretation and application must be checked against the official text and current version.
